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ESB Domain 1 Post Assessment Flashcards | StudBud
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ESB Domain 1 Post Assessment
ESB Domain 1 Post Assessment
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1
Which is a characteristic of a business opportunity?
Seller is required to help buyer find an ideal location for the business
The buyer only pays the buyer fee after 5,000 products have been sold
The initial buyer fee is at least $1000
The buyer has a guaranteed profit of at least 10% of the seller's original
2
What is a disadvantage of an S corporation?
They have high taxation rates
There are strict qualification requirements for becoming an S corporation
There is a limited number of allowed S corporations
They are subject to double-taxation
3
Sarah works at an auto shop. She performs car repairs. Which best describes the role Sarah plays at the auto shop?
Chief Operating Officer (COO)
Stakeholder
Chief Financial Officer (CFO)
Employee
4
Joey opened a restaurant. He paid a large amount of money and he only sell products that are licensed by someone else
Franchise
Network marketing
Dealership
Licensing
5
Billie manages the budget for a toy company. He also handles other financial matters. What is his role in the company?
Chief Financial Officer (CFO)
Chief Operating Officer (COO)
Employee
Stakeholder
6
It is becoming more and more common to sell products .....
through storefronts
through wholesaling
at markets
online
7
Factors that aid in determining whether or not a business opportunity is viable include market size, skillset, and .....
location
marketing costs
relationships
employees' skillsets
8
What must happen before someone can use someone else's patent?
They must apply for permission to use the patent through legal channels
They must obtain ownership of the patent
They must sign a confidentiality agreement or non-disclosure agreement (NDA
They must get written approval from the owner of the patent
9
A non-profit has a ........ status
non-exempt
tax exempt
tax liable
low tax
10
See below:
Resource maturity
Exit plan
Pivot or persist
Survival
11
Brandon's band recently produced a new song. Which intellectual property law protects the band's song from being stolen?
trademark
copyright
patent
trade secret
12
Sharon owns a law firm and recently began earning more money and is doing well. In which business life cycle stage is
Existence
Survival
Take-off
Success
13
Knowing a process has been tested and work is important. As a result, a company may want to use .... materials
copyrighted
patented
trade secret
trademarked
14
Franchises will generally have higher......., but they offer ongoing support and training.
taxes
training costs
bankruptcy rates
start-up costs
15
See question below:
Hourly
Salary
Piece work
Equity
16
What are two advantages of selling digital products?
Digital products are not taxed
Digital products tend to have a higher value
Delivery is instantaneous and inexpensive
Not needing physical storage, inventory, or additional employees
17
What are two disadvantages of entrepreneurship?
May not get paid or have enough to pay employees
Higher income tax
Not having a promised paycheck
Having to work around employees' schedules
18
When considering the reliability of management for a business opportunity what else should one consider at this time?
The employees' skillset
The cost of the product
One's own skillset
The cost of management
19
Network marketers make their money through ........
equity
hourly pay
salary
commissions
20
To use copyright or trademark materials you must get permission. Which two are required legally before you can use?
Sign a trade agreement
Sign a licensing agreement
Become the copyright or trademark owner
Pay a licensing fee
21
Rose ordered cookies from an out of state bakery. She received them a week later. What type of product did Rose order?
wholesale
market
digital
physical
22
Kelly wants to purchase a new rug for her home. She visits a home decor store and purchases. This is a..... transaction
Physical
Digital
Business-to-consumer (B2C)
Business-to-business (B2B)