ESB V2 Certification Questions and Answers Already Passed

ESB V2 Certification Questions and Answers Already Passed _______ is measured by how well the product or service successfully serves its users' purpose. ✔✔Quality What are two examples of direct distribution channels ...

ESB V2 Certification Questions and Answers Already Passed _______ is measured by how well the product or service successfully serves its users' purpose. ✔✔Quality What are two examples of direct distribution channels? ✔✔E-commerce sales and door-to-door sales Indirect distribution channels use _______ to sell their products to the end customers. ✔✔Middlemen The first stage of the product/market fit is the ________ stage. ✔✔Idea The second stage of the product/market fit is the ________ stage. ✔✔prototype The third stage of the product/market fit is the ________ stage. ✔✔launch The fourth stage of the product/market fit is the ________ stage. ✔✔traction The fifth stage of the product/market fit is the ________ stage. ✔✔monetization The sixth and final stage of the product/market fit is the ________ stage. ✔✔growth The first step of creating a quality control process is to _____________. ✔✔Set quality standards The second step of creating a quality control process is to _____________. ✔✔Establish the method of testing product quality The third step of creating a quality control process is to _____________. ✔✔Review the internal quality testing results The fourth step of creating a quality control process is to _____________. ✔✔Refine and improve quality methods and measures as needed. Sarah is a(n) ________ because she performs tasks while abiding by company policies and receives a wage for her work. ✔✔Employee Sharon is in the ________ stage because she is earning more money, and the company's finances are doing well. Because she is not yet preparing to finance future growth, she is not yet in the take-off stage. ✔✔Success Knowing a process has been tested and works well is valuable to companies as they can assume it would work just as successfully for their company. As a result, companies may want to use __________ materials. ✔✔Trade secret A written document that details how a business will be structured, managed, run, and grown. ✔✔Business plan A brief overview of a business plan, the products and services that will be provided, the funding needed, and financial projections. ✔✔Pitch deck Covers problems and solutions, value propositions, marketing channels, key metrics, costs, and revenue without all of the business plan details. ✔✔Lean canvas ___________ involves solving problems in the best way by considering various potential solutions to the problem. ✔✔Critical thinking _________________ bring new and unconventional ideas to the table and finding creative and new solutions to the way things are done. ✔✔Creativity and innovation ______________ is working with others toward a common goal. ✔✔Collaboration ______________ is coming up with solutions to solve a problem. ✔✔Problem solving _____________ is working towards achieving a goal without someone directing and ensuring it is being done. ✔✔Personal agency ______________ involve decision-making based on morals and doing the right thing. ✔✔Ethical practices _____________ involve preventing and removing any corruption and unethical behavior that could harm a business, the community, or the environment. ✔✔Social responsibilities What must happen before one can use someone else's patent? ✔✔They must obtain ownership of the patent With ________, it is easy to target a specific geographic location. ✔✔Newspaper marketing What is the formula for selling price? ✔✔(cost * desired profit margin) + cost What is the formula for calculating Customer Acquisition Cost (CAC)? ✔✔(Marketing expenses + Sales expenses)/ number of new customers in the period What is the formula for calculating Customer Retention Rate (CRR)? ✔✔[(Ending number of customers in a period - new customers gained in a period)/Starting number of customers in a period] * 100 ___________ is the owner's remaining value after all liabilities have been deducted. ✔✔Equity What is the formula for calculating equity? ✔✔Assets - Liabilities What is the formula for calculating assets? ✔✔Liabilities + Equity A(n) _____________ shows what a company owns (both assets and liabilities.) ✔✔Balance Sheet A(n) _____________ shows the total revenues and expenses for a specific period of time. ✔✔Income Statement What is the formula for calculating net income? ✔✔total income - COGS - expenses What is the formula for calculating gross profit? ✔✔income - COGS What is the formula for calculating income tax expense? ✔✔gross profit * tax rate What is the formula for calculating the break-even point? ✔✔Total monthly cost/selling price What is the formula for calculating ending cash balance? ✔✔Total cash - total costs A ________ is used to identify the amount of cash a company is spending each month. ✔✔burn rate What is the formula for calculating the burn rate for a company? ✔✔Month starting balance - month ending balance A __________ is used to make projections about a company's future performance. It usually uses a specific period (usually a month). ✔✔Run rate What is the formula used to calculate the run rate for a company? ✔✔Current revenue * 12 ___________ is used by businesses to show how much their investment is earning. ✔✔Return on Investment (ROI) What is the formula used to calculate ROI? (hint: the first part is used to calculate net profit) ✔✔(value of investment - cost of investment/cost of investment) * 100 __________ is where an owner uses their own savings to fund a business. ✔✔Bootstrapping The ____________ makes it easier for small businesses to get loans. It reduces the risk for lenders, etc. ✔✔Small Business Administration (SBA) _____________ loans must be paid back within 25 years. ✔✔real estate ____________ loans must be paid back within 10 years. ✔✔equipment and inventory __________ do not have to be paid back. They commonly come with restrictions/guidelines on how the money can be spent. ✔✔grants ___________ are wealthy individuals willing to finance a business for an equity stake in the business in return. ✔✔Angel investors ___________is done by sharing your startup business on an online platform where you can presell your products. The $ from the pre-sell orders can be used as capital for your business. (some websites require a processing fee and/or you meet your full financial goal to access the $ you raise) ✔✔Crowdfunding Identifies it as a Creative Commons license. ✔✔CC Credit must be given to the creator. ✔✔BY Adaptations must be shared under the same terms. ✔✔SA Only noncommercial uses of the work are permitted. ✔✔NC No derivatives or adaptations of the work are permitted. ✔✔ND _________ licenses use abbreviations in their names to describe what is and isn't permitted. ✔✔Creative Commons __________ is usually the first step in the Sales Process. It involves finding potential customers, determining if they have a need for your product, and whether they can afford it. ✔✔Prospecting ___________ involves listening to the potential customers' concerns and addressing them. ✔✔Handling Objections _________ is getting the decision from the customer to move forward. ✔✔Closing __________ is demonstrating how your product meets the needs of the potential customer. ✔✔Presentation __________ is researching the market and tailoring your sales promotion to the customer. ✔✔Preparation ___________ is making first contact with the customer. ✔✔Approach ______________ involves keeping in contact with the customer for retention, repeat business, and referrals. ✔✔Follow-up Which sales channel has been opened to manufacturers because of digital tools. ✔✔Direct-toconsumer In the business life cycle, _________ is when the business introduces itself to the market and attempts to catch the attention of potential customers. ✔✔existence In the business life cycle, _________ focuses shifts to revenue, expenses, and growth. Cashflow is a major issue. ✔✔survival of the fittest In the business life cycle, _________ is when the company is stable and profitable. ✔✔success In the business life cycle, _________ is when expansion strategies are implemented, and investment is balanced with potential. ✔✔takeoff In the business life cycle, _________ is when the business is separate from the owner with responsibilities delegated to staff. A business in this stage usually commands a considerable share of the market and may even be a household name. ✔✔maturity Which form of advertising is the most dominant medium? ✔✔Television Advertising