Exam (elaborations)
ESB Certification Test Questions with solutions 2024
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ESB Certification Test
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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 business - 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) - answeris 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 - answerA 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) - answerThis 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) - answerThe 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 - answerUsing money from investors to finance a project in exchange
for shares in the company. Can be used to raise working capitals.
equity financing - answermoney 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 - answerwork paid for according to the amount produced.
, Salary - answerA fixed regular payment, typically paid on a monthly or biweekly basis
but often expressed as an annual sum.
Hourly - answerwage based on the amount of time worked (Minimum wage).
Commission - answerAn amount paid to an employee based on a percentage of the
employee's sales.
Business cycle - answer1. Existence
2. Survival
3. Success
4. Take- Off
5. Maturity
Elements of the design thinking process - answer1. 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) - answerHighest ranking employee in the company;
Reports to the board of directors.
Chief Financial Officer (CFO) - answerCreates budgets, analyzes financial data, and
forecast company profits. (Finances)
Chief Information Officer (CIO) - answerDevelops polices and structures to protect
company data. (Technical)
Chief Operating Officer (COO) - answerOversees the day to day administrative
functions of business. (Communications)
Lean Canvas - answerA single-page business summary template created by Ash
Maurya.
Pitch Deck - answerA 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 - answerA 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 - answerA 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.
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