Exam (elaborations)
ESB 01 QUESTIONS WITH CORRECT ANSWERS 2024
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Exam of 3 pages for the course esb at esb (ESB 01)
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ESB 01What is entrepreneurship? - answer Starting a business to make a profit
How does the U.S. Small Business Administration define a small business? - answer A
business with 100 to 1,500 employees
Sole Proprietorship - answer Only one individual can be the owner and is personally
responsible for the business and all its liabilities
Partnership - answer At least two individuals share the management, profit, and liability
of a business
Corporation - answer A legally defined type of business ownership in which the
business is considered a "person" under the law, and limited liability is granted to the
business owner(s)
You need to create a legal structure for your small business. Your two startup partners
are also from the United States. You have plans to grow a little but stay small, with no
more than 20 future shareholders. You do not want to be personally responsible for
business liabilities.
Which Best your needs? - answerS-Corporation
CEO - answerThis person is in charge of the overall management of the business
CFO - answerThis person manages a company's finances
COO - answerThis person manages a company's operations (ex. Manufacturing, sales,
marketing, and technology)
CIO - answerThis person develops the policies and structures that protect the
company's data
Manager - answerThis person has authority over employees and gig workers and is
ultimately responsible for their work
Piece Work - answerAn IT office needs a financial specialist to prepare tax statements
and other documents a few times a year
Commission - answerAn educational company needs someone to make sales of their
product and only wants to pay them for each sale
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