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ESB Practice Exam 1 Test Questions and Answers 2024
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ESB Practice Exam 1 Test
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ESB Practice Exam 1 TestWhat 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 - answerbest 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
Limited Liability Company (LLC) - answerpopular choice for business concerned about
liability protection. unlimited owners (aka members) allowed. no shareholders. llcs
cannot go public. 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;
ypu may be taxed as a corporation in other countries.
owners of equity - answerfounders, partners, and shareholders
an example of ______ compensation is paying field laborers for the amount of fruit they
pick - answerpiece work
a _______ employee receives a set amount of pay each month without overtime
compensation for extra hours worked - answersalary
employees most affected by minimum wage laws are compensated - answerhourly
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