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ESB Questions and Answers 100% Correct | Updated 2024
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ESB Questions and Answers 100% Correct | Updated 2024
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ESB Questions and Answers 100% Correct |Updated 2024
ESB Practice Exam 1
What is entrepreneurship? - ANSWER Setting up a business with the aim to
make a profit.
B2B - ANSWER Purchases requiring a tax exemption certificate; wholesale
flooring distributor
B2C - ANSWER motorcycle repair shop; chain of local grocery stores
S - Corporation - ANSWER offers many of the same benefits as a c corporation,
but better for small businesses. 100 shareholders maximum allowed. all must be
US citizens or residents. shareholders are not personally responsible for business
liabilities.
c-corporation - ANSWER best if the company plans to someday sell stock to the
public; can issue shares to founders, employees, and investors. unlimited owners
(aka shareholders) allowed. shareholders are not personally responsible for
business liabilities. taxed twice - business pays at the corporate level, and
shareholders pay on income received. a separate tax return is required for the
business
sole proprietorship - ANSWER best if you need an easy set-up. you may still
need a dba or business licenses to operate legally, but no other paperwork one
owner maximum. the owner is personally responsible for business liabilities. no
personal liability protection. taxed once - you pay on profits in your personal tax
return. separate tax return not needed
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