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