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ESB Certification Exam Study Guide/234 Questions with Accurate Answers/A+ Scores!!
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ESB Certification Exam Study Guide/234Questions with Accurate Answers/A+ Scores!!
Domain 1 Lesson 1 - -
-The key objective of a small business owner is to generate ____ - -profits
-Entrepreneurs are willing to take on new opportunities and unknown ____ to
grow their businesses rapidly - -risks
-Tangible items that require pick-up or delivery are ____ products - -physical
-When a ____ purchases an item from a business, it is a business-to-
consumer transaction - -customer
-____ are for-profit corporations with limited liability - -S corporations
-____ are ideal for international businesses - -C corporations
-The ____ oversees daily operational and administrative functions - -Chief
Operating Officer
-A ____ votes on the management of a company - -stockholder
-____ employees are paid a fixed amount each pay period - -Salary
-Businesses can compensate employees for work they produce when being
paid by ____ - -piece work
-Businesses can offer ____ in addition to a lower salary - -equity
-During the ____ stage of the business life cycle, a company is regularly
taking on new customers and starting to generate a consistent income - -
survival
-The owner may decide to sell their ownership in the company during the
____ stage - -exit plan
-The five elements of the design thinking process are ____ - -empathize,
define, ideate, prototype , and test
-____ allows one to see and experience a customer's perspective - -Empathy
-The design team creates multiple inexpensive versions of a product, known
as ____ - -Minimum Viable Products
, -Name benefits of a franchise - -less risk involved, tested operational
processes, or recognized brands
-No ownership, no US federal taxes - -Non-profit
-Best for international business even with being double-taxed - -C
corporation
-Easy to create but comes with unlimited liability - -Sole proprietorship
-Lower tax rate that prevents the company from being double-taxed - -S
corporation
-Ideal for a single owner seeking low risk - -LLC (limited liability company)
-Shared financial backing - -Partnership
-Creates the company - -Founder
-Oversees company finances - -CFO
-Owns stock in the company - -Stockholder
-Reports to the board of directors - -CEO
-Oversees daily operational and administrative functions Stakeholder Has a
vested interest in the success of the company - -COO
-Has a vested interest in the success of the company - -Stakeholder
-Non-cash compensation - -Equity
-Set rate of pay for hours worked - -Hourly
-Usually found in sales roles - -Commission
-Set amount of pay in a given period - -Salary
-List the correct order of the business life cycle stages - -Existence,
Survival, Success, Take-off, Resource maturity, Pivot or persist, Exit plan
-Michael owns a small but profitable tech company. He has been
approached by a larger company that wants to purchase his business. In
which business life cycle stage is Michael? - -Exit Plan
, -Bill just started a new graphic design business. He is advertising online and
trying to gain customers. He just finished working with his first client. In
which business life cycle stage is Bill? - -Existence
-Stephanie started a new flower shop last year. She has a good customer
base and money coming in. In which business life cycle stage is Stephanie? -
-Survival
-List the correct order of the design thinking process - -Empathize, Define,
Ideate, Prototype, Test
-During which stage of the design thinking process will the design team
create multiple inexpensive product versions? - -Prototype
-During which stage of the design thinking process is a problem statement
formed? - -Define
-Which stage of the design thinking process involves learning about
customers' challenges? - -Empathize
-Domain 1 Lesson 2 - -
-____ is the amount of loss one is willing to take when making an investment
decision - -Risk tolerance
-Having a ____ mindset means believing that one can accomplish anything
through hard work - -growth
-An example of an ____ risk is a natural disaster - -environmental
-A business opportunity is an ____ that lets a buyer start a business - -
investment
-A ____ needs to be obtained to use a brand name on products - -license
-The five factors that determine the viability of a business opportunity are
____, relationships, cash flow management, management skillsets, and
passion - -market size
-A business plan helps a business achieve short-term and long-term ____ - -
goals
-A lean canvas should only be ____ long - -one page
-The ____ summary creates the first impression of a business plan - -
executive
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