Exam (elaborations)
ESB Certification Test Questions and Answers 2024
- Course
- Institution
ESB Certification Test
[Show more]
Seller
Follow
Pogba119
Content preview
ESB Certification TestEntrepreneurship - answer Setting up business with the aim to make profit.
B2B (business-to-business) - answer Sells products and services directly to other
businesses. Normally requires a sales tax exemption certificate from the buyer.
B2C (business-to-consumer) - answer Sells products and services directly to
customer for personal use.
Small buisness - answer A small business is when a business has less than 35.5
million dollars in revenue, and fewer than 1,500 employees.
S corporation(Small businesses) - answer is a legal structure with 100
shareholders(U.S. citizens only) MAX, who are not responsible for Liabilities. And they
are only taxed once, and there is a separate tax return for the business.
C Corporation (Companies) - answer is a legal structure used for when the company
plans to sell stock to the public. It has unlimited shareholders (not responsible for
liabilities) that are taxed twice (corporates level and income received). A separate tax
return is required for business.
Sole Proprietorship - answer A business owned by one person that legally needs a
DBA or business license. The owner is responsible for liabilities, no separate tax
needed (taxed once).
Limitied-Liability Company (LLC) - answer This is best for businesses concerned
about liability protection. It has unlimited owners who aren't responsible for liabilities,
and can choose how they want to be taxed. LLCs cannot go public.
Equity (business) - answer The amount an owner(s) would receive if their ownership
interests in a business (stock) were sold. (The money the owner has left over)
Equity Funding - answer Using money from investors to finance a project in
exchange for shares in the company. Can be used to raise working capitals.
equity financing - answer money raised from within the firm, from operations or
through the sale of ownership in the firm (stock or venture capital). Advantage: there's
no obligation to repay the money acquired.
Piece work - answer work paid for according to the amount produced.
, Salary - answer A fixed regular payment, typically paid on a monthly or biweekly
basis but often expressed as an annual sum.
Hourly - answer wage based on the amount of time worked (Minimum wage).
Commission - answer An amount paid to an employee based on a percentage of the
employee's sales.
Business cycle - answer 1. Existence
2. Survival
3. Success
4. Take- Off
5. Maturity
Elements of the design thinking process - answer 1. Empathize: Research users
needs
2. Define: State your users needs and problems
3. Ideate: Challenge Assumptions and create idea
4. Prototype: Create solutions
5. Test: Try your solutions
Cheif Executive Officer (CEO) - answer Highest ranking employee in the company;
Reports to the board of directors.
Chief Financial Officer (CFO) - answer Creates budgets, analyzes financial data, and
forecast company profits. (Finances)
Chief Information Officer (CIO) - answer Develops polices and structures to protect
company data. (Technical)
Chief Operating Officer (COO) - answer Oversees the day to day administrative
functions of business. (Communications)
Lean Canvas - answer A single-page business summary template created by Ash
Maurya.
Pitch Deck - answer A slide presentation for potential investors that summarizes the
key items of a business. The goals is to get investors attention. It is a highly visual slide
presentation, and 10 to 20 slides.
Business Plan - answer A multi-page document describing and detailing a business.
The goal is to get investors to buy in. It is text based, and has 10 to 100 pages.
Balance Sheet - answer A summary of business assets (what the business owns)
and liabilities (what the business owes). Mortgage and bank loans are liabilities.
Equipment is long term assets, and inventory are current assets.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Pogba119. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72841 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now