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Exam (elaborations)

ESB Certification Exam Review Questions and Answers

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ESB Certification Exam Review

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  • July 9, 2024
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  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
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ESB Certification Exam Review

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? - answer $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? - answer
$87,500

TRUE OR FALSE: Mortgage Payments are Long Term Liabilities - answer True

Equipment is considered ... - answer a long term asset

ROI is calculated by ... - answer Net Profit / Cost of Investment X 100

Run Rate is calculated by ... - answer 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? - answer $72,000

Which of the following is a variable expense? - answer 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? - answer 10

How does an entrepreneur determine his / her selling price? - answer selling price =
cost X desired profit margin + cost

TRUE OF FALSE: Equity = Assets + Liabilities - answer False

________ is the owner's remaining value after all liabilities have been deducted. -
answer 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? - answer 234

TRUE OR FALSE: Fixed Costs change depending on the volume of production. -
answer False

Which 2 types of information may be found on a profit and loss statement? - answer
Revenue / Expenses

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