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ESB Practice Test Question and answers already passed 2024
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ESB Practice Test Question and answers already passed 2024 A welding shop owner rents space in a building and need $5000 in supplies to complete a large project for a new customer. The bank has turned down a personal loan request. The welding shop owner does not want to share ownership of the busin...

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  • August 23, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • esb practice test
  • esb practice test question and answers already pas

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ESB Practice Test #3
A welding shop owner rents space in a building and need $5000 in supplies to
complete a large project for a new customer. The bank has turned down a
personal loan request. The welding shop owner does not want to share
ownership of the business by selling equity shares to raise the funds needed
for these supplies. What is the most practical source of funding for the
materials needed to complete this customer's job?
Asking for an advance payment from the customer whose large order is the
reason materials are needed.
3 multiple choice options




The owner of a gas station on one side of town wants to retire and offers to
sell the station to a competitor located on the other side of town. The
competitor agrees to cash out the seller, merge the two businesses, and
continue operating both locations. This is an example to which exit strategy?
Harvesting
3 multiple choice options




A business is legally structured as a C Corporation. What are the tax
implications for this structure?
The corporations pays taxes and each of the shareholders pays taxes.
3 multiple choice options




A charter fishing boat has an ending cash balance of ($20,000) in May. For
the month of June, the company forecasts the following inflow and outflow of
cash: Cash Sales $500,000, Accounts Receivable collected $350,000, Asset

, sales $55,000, Direct materials and labor $(200,000), Overhead $(320,000),
Selling & Administrative costs $(110,000), Asset purchases $(70,000), and
Dividend payment $(100,000). What will be the company's beginning cash
flow in July?
$85,000
3 multiple choice options




Which characteristic would be beneficial to an entrepreneur?
Doesn't give up easily
3 multiple choice options




What is one characteristic of an entrepreneur?
Responsible
3 multiple choice options




How would a prospective entrepreneur benefit from a personality self-
assessment?
It can identify strengths and weaknesses in the entrepreneur's leadership
style.
3 multiple choice options




An automotive mechanic has noticed that a local major competitor has several
vehicles parked outside his garage waiting for service. The mechanic learns
that many people complain about the long wait. Which variable should be
used by the automotive mechanic to attract these customers?

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