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ESB Certification Exam Review Questions and
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ESB Certification Exam Review Questions andanswers 2023
James owns a restaurant with beginning cash balance of $5,000, $30,000 in
sales, $2,000 in utilities, $6,000 in loans and $4,000 in marketing. What is
James ending cash balance? - -$24,800
-Shelly owns a car dealership. She just received a shipment of teslas and
paid $70,000 for each one and wants to make 25%. What should her selling
price be? - -$87,500
-TRUE OR FALSE: Mortgage Payments are Long Term Liabilities - -True
-Equipment is considered ... - -a long term asset
-ROI is calculated by ... - -Net Profit / Cost of Investment X 100
-Run Rate is calculated by ... - -Current Revenue for one month X 12
-Michelle owns a bakery shop. Her revenue at the end of last month was
$6,000. What is Michelle's run rate? - -$72,000
-Which of the following is a variable expense? - -commission payments
-Anthony owns a bike shop. His monthly cost is $2,750.00. Each bike costs
$275.00. How many bikes does he have to sell to break even? - -10
-How does an entrepreneur determine his / her selling price? - -selling price
= cost X desired profit margin + cost
-TRUE OF FALSE: Equity = Assets + Liabilities - -False
-________ is the owner's remaining value after all liabilities have been
deducted. - -Equity
-Peter owns a barber shop. His total monthly cost is $3,500.00. He charges
$15.00 per hair cut. How many hair cuts must his shop perform to break-
even? - -234
-TRUE OR FALSE: Fixed Costs change depending on the volume of
production. - -False
-Which 2 types of information may be found on a profit and loss statement?
- -Revenue / Expenses
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