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Esb Test Questions And Answers With Verified Solutions Already Passed !!!
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Esb Test Questions And Answers WithVerified Solutions Already Passed !!!
C-Corporation: - ANSWER✔✔ • 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.
S-Corporation: - ANSWER✔✔ • Shareholders are not personally responsible for
business liabilities.
Taxed once only the shareholders pay on profits received. A separate tax return is
required for the business.
Sole Proprietorship: - ANSWER✔✔ 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.
Limited Liability Company (LLC): - ANSWER✔✔ • Members are not personally
responsible for business liabilities.
An LLC can choose how to be taxed by filing form 8832 with the IRS. An LLC can
elect to be taxed as a Sole
Proprietorship, Partnership, S Corp, or C Corp. An LLC is not recognized globally;
you may be taxed as a corporation in
other countries.
, CEO - ANSWER✔✔ The highest-ranking employee in the
company; reports to the board of
directors.
CFO - ANSWER✔✔ Creates budgets, analyzes financial
data, and forecasts company profits.
CIO - ANSWER✔✔ Develops policies and structures to
protect company data.
COO - ANSWER✔✔ Oversees the day-to-day
administrative functions of a
business; second in command.
1. Existence - ANSWER✔✔ The business introduces itself to the market and
attempts to catch the attention of potential customers.
2. Survival of the Fittest - ANSWER✔✔ Focus shifts to revenue, expenses, and
growth. Cashflow is the major issue.
3. Success - ANSWER✔✔ Company is stable and profitable.
4. Takeoff - ANSWER✔✔ Expansion strategies are implemented, and investment
is balanced with potential.
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