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ESB Certification Exam Study Guide Perfectly Solved!!
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ESB Certification Exam Study GuidePerfectly Solved!!
Domain 1 Lesson 1Answer -
The key objective of a small business owner is to generate ____Answer - profits
Entrepreneurs are willing to take on new opportunities and unknown ____ to grow
their businesses rapidlyAnswer - risks
Tangible items that require pick-up or delivery are ____ productsAnswer - physical
When a ____ purchases an item from a business, it is a business-to-consumer
transactionAnswer - customer
____ are for-profit corporations with limited liabilityAnswer - S corporations
____ are ideal for international businessesAnswer - C corporations
The ____ oversees daily operational and administrative functionsAnswer - Chief
Operating Officer
A ____ votes on the management of a companyAnswer - stockholder
____ employees are paid a fixed amount each pay periodAnswer - Salary
Businesses can compensate employees for work they produce when being paid by
____Answer - piece work
Businesses can offer ____ in addition to a lower salaryAnswer - equity
During the ____ stage of the business life cycle, a company is regularly taking on
new customers and starting to generate a consistent incomeAnswer - survival
The owner may decide to sell their ownership in the company during the ____
stageAnswer - exit plan
The five elements of the design thinking process are ____Answer - empathize,
define, ideate, prototype , and test
____ allows one to see and experience a customer's perspectiveAnswer - Empathy
The design team creates multiple inexpensive versions of a product, known as
____Answer - Minimum Viable Products
Name benefits of a franchiseAnswer - less risk involved, tested operational
processes, or recognized brands
No ownership, no US federal taxesAnswer - Non-profit
Best for international business even with being double-taxedAnswer - C corporation
, ESB Certification Exam Study Guide
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Easy to create but comes with unlimited liabilityAnswer - Sole proprietorship
Lower tax rate that prevents the company from being double-taxedAnswer - S
corporation
Ideal for a single owner seeking low riskAnswer - LLC (limited liability company)
Shared financial backingAnswer - Partnership
Creates the companyAnswer - Founder
Oversees company financesAnswer - CFO
Owns stock in the companyAnswer - Stockholder
Reports to the board of directorsAnswer - CEO
Oversees daily operational and administrative functions Stakeholder Has a vested
interest in the success of the companyAnswer - COO
Has a vested interest in the success of the companyAnswer - Stakeholder
Non-cash compensationAnswer - Equity
Set rate of pay for hours workedAnswer - Hourly
Usually found in sales rolesAnswer - Commission
Set amount of pay in a given periodAnswer - Salary
List the correct order of the business life cycle stagesAnswer - 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?Answer - 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?Answer - 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?Answer - Survival
List the correct order of the design thinking processAnswer - Empathize, Define,
Ideate, Prototype, Test
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