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ESB v2 Practice Flashcards | StudBud
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ESB v2 Practice
ESB v2 Practice
22 terms
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StudBud Administration
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This quiz will serve as a resource for ESB v.2
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
One advantage of a corporation as compared to a sole proprietorship is:
Corporation has a partnership agreement
A corporation has fewer shareholders
A corporation provides limited liability for its owners.
A corporation is easier to set up and requires less paper work
2
The most successful salespeople..
Tell customers what they want to hear
Support people after the sale
Don't have to make many sales calls
Know how to listen and ask questions
3
Social, economic, and political factors that could impact your business are called:
Industry dynamics,
mass market
carrying capacity
business environment
4
Which of the following is a work protected by copyright?
compositions
Articles of maufacture
food
movies
5
The four functions of a small business are
advertising, promotions, public relations, and sales
research, development, marketing, and sales
recordkeeping, accounting, auditing, and finance
marketing, operations, human resources, and finance
6
Which of the following is a risk to entrepreneurship?
Applying your own experience
Loss of investment
Fulfilling a passion
Generating wealth over time
7
If the operating expenses are $5,000 and the gross profit per unit is $5, the number of break-even units is:
1000
10
100
10000
8
Which of the following is the greatest opportunity of entrepreneurship?
Generating wealth over time
Long hours
Loss of investment
Working with customers
9
Profit is beneficial to entrepreneurs because:
profit builds wealth and financial independence
profit is a barrier to international trade
profit is the answer to one of the fundamental questions of economics
profit is the equilibrium quantity on a supply and demand curve
10
An experienced person who volunteers to provide free guidance, tutoring, and suggestions to younger individuals is a:
mentor
employee
entrepreneur
intrapreneur
11
Which of the following is not a source for obtaining secondary data:
chamber of commerce
government statistics
annual business reports from other companies
interviews about your product
12
The stages of a product life cycle are:
vertical and horizontal
space, materials, people, and money
introduction, growth, maturity, and decline
intensive, integrative, and diversification
13
Taxes pay for:
All of the above
The national guard
Unemployment insurance
Roads
14
A credit union is an organization that makes profit from interest loans to members
False
True
15
A patent is the exclusive right to make, use or sell a device or process?
False
True
16
A mission statement should include:
safe workplace and fair emplyment policies
Social responsibility
Why a company exists and guides a company´s work and actions
leadership and teamwork abilities
17
After a self assessment, an entrepreneur has learned that he knows nothing about accounting. What should he/she do?
Go get a job and work for someone else
Enroll in a beginning level business accounting course at a local college
Buy an existing business that is already successful
Buy a franchise for a well known brand
18
Pauline’s Pooch Palace gives $1 from every dog grooming to the local animal shelter. This is an example of
fair trade
philanthropy
business ethics
sustainable design
19
Differentiators are unique characteristics that distinguish your business from other businesses
True
False
20
Which options are the three C's that must be addressed in all types of business plans? (Choose three)
Coffee, Cups, Capital
Cookies, Cupcakes, Customers
Concept, Customers, Capital
Cats, Credit, Chairs
21
The initials SWOT means:
strengths, weaknesses, opportunities, threats
strenghts, weaknesses, offers, threats
strengths, weaknesses, opportunities, time
22
A trade barrier is a limit on the quantity of a good that can be imported into a country
False
True
