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Get ready to pass the Entrepreneurship and Small Business (ESB) v2 Exam 2 with this verified question set, complete with correct answers. Covers essential topics such as business operations, marketing, finance, startup strategies, and risk management. Aligned with Certiport’s ESB v2 objectives, this resource is perfect for students in business, entrepreneurship, or career and technical education programs. Graded A and 100% updated for 2025.
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In general, which two characteristics define a "small" business? (Choose two) ✔✔Fewer then 1,500 employees
Less than $35.5 million revenue
Classify each of the following businesses as either Physical or Digital. ✔✔Physical:
Digital:
You need to create a legal structure for your small business. You have plans for it to grow and hope in the future to sell shares to the public. Your startup partners are citizens of Mexico and Japan. You do not want to be personally responsible for business liabilities.
Which legal structure should you set up for your business? ✔✔C-Corporation
Match each business management role to its corresponding description.
To answer, move each role from the list on the left to its description on the right. ✔✔COO:
Oversees the day-to-day administrative functions of a business; second in command.
CIO: Develops policies and structures to protect company data.
CFO: Creates budgets, analyzes financial data, and forecasts company profits.
CEO: The highest-ranking employee in the company; reports to the board of directors.
Existence: The business introduces itself to the market and attempts to catch the attention of potential customers.
For each statement about the Design Thinking Process, select True or False. ✔✔True:
False:
Which of these is a characteristic of a successful entrepreneur mindset? ✔✔Doesn't give up
easily
Which is one of the greatest risks of being an entrepreneur? ✔✔Financial instability
What is a primary benefit of starting a new business without purchasing a franchise or buying an existing business? ✔✔Developing your own rules
A rancher is preparing to retire. He is considering selling half of his land and giving the other half to his children. He hears that development for a ski resort was just approved on land adjacent to his property.
Which viable business opportunity does the retiring rancher foresee? ✔✔An increase in land value
Complete the sentence about business documents by selecting the correct option from each dropdown list.
A is a multi-page document describing and detailing a business.
A slide presentation for potential investors that summarizes of the key items of a business is called a.
A is a single-page business summary template that was created by Ash Maurya. ✔✔Blank 1: Business Plan
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