Esb Practice Test Study Guide Questions And Correct Answers

You need to determine what is necessary for securing funds from an investor. For each item, select trueif it is necessary for securing investment funds or false if it is not i.A demonstration of product/market fit ii.Financial data about profits, expenses, and financial projections iii.A good explanation of your team's knowledge, skills, and abilities iv.A plan detailing how you will use the funds to grow or improve your operations {Ans: i. True ii. True iii. False iv. False}You make and sell designer necklaces. The financial information for one necklace is as follows: i.Sales price for each necklace - $180.00 ii.Cost to produce one necklace- $134.50 What is the return on investment (ROI) for one necklace? {Ans: 34%}Product based or service based a.Hair salon= b.Fruit stand c.Grocery store d.Group fitness classes {Ans: a.Hair salon=service b.Fruit stand =product c.Grocery store = product d.Group fitness classes = service}You decide to open a coffee shop. You need to determine your monthly fixed costs and variable costs. Which two costs are fixed? {Ans: -Rent -Insurance}What are the characteristics of an entrepreneurial mindset? {Ans: Business knowledge, Finanancial knowledge, and organizational skills}Which two types of information does an income statement provide?