ESB Certification Exam 2024/2025, Exams of Nursing

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ESB CERTIFICATION EXAM 2024/

One can expect their sales volume to be ______ when they are in product/market fit. [Elements of the Product/Market Fit Hypothesis] - ANSWER ✔✔high Product/market fit is making a product or ________ that many people want. [Elements of the Product/Market Fit Hypothesis] - ANSWER ✔✔service A business must provide customers with quality products to maintain customer __________. [Performance and Quality Criteria] - ANSWER ✔✔satisfaction A Minimum Viable Product (MVP) is a _________ used to test ease-of-use and functionality to help determine the user's experience and ultimately improve the user's experience with the product. [Performance and Quality Criteria] - ANSWER ✔✔prototype In which stage should one develop a value hypothesis? - ANSWER ✔✔Launch In which stage do sales gain momentum? - ANSWER ✔✔Traction In which stage is a Minimum Viable Product (MVP) created? - ANSWER ✔✔Prototype In what stage does one find their product/market fit? - ANSWER ✔✔Growth In which stage does one start to earn revenue? - ANSWER ✔✔Monetization

In which stage does one develop a concept for a product or service? - ANSWER ✔✔Idea Which two aspects of a product do Minimum Viable Products (MVPs)test? - ANSWER ✔✔a. Ease-of-use b. Functionality Label the items as either a product or a service. Use P for product and S for service. - ANSWER ✔✔a. P Muffins b. S AC repairs c. P Toilet paper d. P Jewelry e. S Web designs f. P Couch g. S Guitar lessons No ownership, no US federal taxes - ANSWER ✔✔Non-profit Best for international business even with being double-taxed - ANSWER ✔✔C corporation Easy to create but comes with unlimited liability - ANSWER ✔✔Sole proprietorship Lower tax rate that prevents the company from being double-taxed - ANSWER ✔✔S corporation Ideal for a single owner seeking low risk - ANSWER ✔✔LLC Shared financial backing - ANSWER ✔✔Partnership Creates the company - ANSWER ✔✔Founder

Oversees company finances - ANSWER ✔✔CFO Owns stock in the company - ANSWER ✔✔Stockholder Reports to the board of directors - ANSWER ✔✔CEO Oversees daily operational and administrative functions - ANSWER ✔✔COO Has a vested interest in the success of the company - ANSWER ✔✔Stakeholder List the correct order of the business life cycle stages: - ANSWER ✔✔a. Existence b. Survival c. Success d. Take-offe. Resource maturity f. Pivot or persist g. Exit plan List the correct order of the design thinking process. - ANSWER ✔✔a. Empathize b. Define c. Ideate d. Prototype e. Test Ellie owns a tumbling gym. She compiled a list of nearby competitors.Classify each of the following businesses as either direct or indirect competition. - ANSWER ✔✔a. Direct competition Cheerleading gym b. Indirect competition Martial arts center c. Indirect competition Trampoline park d. Direct competition Gymnast training center Tom runs a car repair shop with dependable employees. Recently he has seen an increase in customers needing work done. He knows that he needs to replace one of the lift machines but is struggling to finance it. There are other repair shops in the neighborhood. Identify the SWOT analysis elements. - ANSWER ✔✔a.

Strength Dependable employees b. Opportunity Increased customers c. Threat Repair shop competitors d. Weakness Small budget Which market segment shares a customer's age, gender, and ethnicity? - ANSWER ✔✔Demographic Which market segment shares a customer's location? - ANSWER ✔✔Geographical Which market segment anticipates a customer's needs? - ANSWER ✔✔Behavioral Which market segment shows how a customer views the world? - ANSWER ✔✔Psychographic