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ESB Certification Exam Study Guide Correct answers latest update
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ESB Certification Exam Study GuideDomain 1 Lesson 1 - correct answer
The key objective of a small business owner is to generate ____ - correct answer profits
Entrepreneurs are willing to take on new opportunities and unknown ____ to grow their businesses
rapidly - correct answer risks
Tangible items that require pick-up or delivery are ____ products - correct answer physical
When a ____ purchases an item from a business, it is a business-to-consumer transaction - correct
answer customer
____ are for-profit corporations with limited liability - correct answer S corporations
____ are ideal for international businesses - correct answer C corporations
The ____ oversees daily operational and administrative functions - correct answer Chief Operating
Officer
A ____ votes on the management of a company - correct answer stockholder
____ employees are paid a fixed amount each pay period - correct answer Salary
Businesses can compensate employees for work they produce when being paid by ____ - correct answer
piece work
Businesses can offer ____ in addition to a lower salary - correct answer equity
,During the ____ stage of the business life cycle, a company is regularly taking on new customers and
starting to generate a consistent income - correct answer survival
The owner may decide to sell their ownership in the company during the ____ stage - correct answer exit
plan
The five elements of the design thinking process are ____ - correct answer empathize, define, ideate,
prototype , and test
____ allows one to see and experience a customer's perspective - correct answer Empathy
The design team creates multiple inexpensive versions of a product, known as ____ - correct answer
Minimum Viable Products
Name benefits of a franchise - correct answer less risk involved, tested operational processes, or
recognized brands
No ownership, no US federal taxes - correct answer Non-profit
Best for international business even with being double-taxed - correct answer C corporation
Easy to create but comes with unlimited liability - correct answer Sole proprietorship
Lower tax rate that prevents the company from being double-taxed - correct answer S corporation
Ideal for a single owner seeking low risk - correct answer LLC (limited liability company)
Shared financial backing - correct answer Partnership
Creates the company - correct answer Founder
, Oversees company finances - correct answer CFO
Owns stock in the company - correct answer Stockholder
Reports to the board of directors - correct answer CEO
Oversees daily operational and administrative functions Stakeholder Has a vested interest in the success
of the company - correct answer COO
Has a vested interest in the success of the company - correct answer Stakeholder
Non-cash compensation - correct answer Equity
Set rate of pay for hours worked - correct answer Hourly
Usually found in sales roles - correct answer Commission
Set amount of pay in a given period - correct answer Salary
List the correct order of the business life cycle stages - correct answer 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? - correct 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? - correct answer
Existence
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