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ESB Questions and Answers 100%Solved
A business has gross sales of $300,000, sales returns of $5,000, cost of goods sold of $40,000,
operating expenses of $80,000, and taxes of 30%. What is the pre-tax profit? ✔✔$175,000
Which three factors affect a person's credit? ✔✔Lines of credit being used, amount owed on
existing loans, payment history on loans and accounts
Mac decided he wants to add a new brand of computers to his computer store. This will require
more space and more inventory. Mac wants two short-term loans: One for inventory and one for
operational expenses. Why is it likely a bank would approve the first loan but not the second?
✔✔The operational expense loan has no collateral
Which of the following are considered variable costs? (Two) ✔✔Credit card processing,
inventory
Toni runs a pet supply business. She ships products she orders from suppliers directly to
customers. Which of these costs is a variable cost for Toni? ✔✔Shipping
Which of these costs is most likely a fixed cost? ✔✔Exam fees
,Bonnie owns a bakery to where she only uses locally grown ingredients. Recently, a new $15 per
hour minimum wage has passed and, as a result, she has had to raise her prices substantially. Due
to this, many customers are threatening to leave. Which two factors are contributing to her
increasing prices? ✔✔Labor laws, higher material costs
Missy runs a bowling supply shop. She has a sign that says cash-paying customers get 3% off.
What is the most likely reason for this? ✔✔to offset credit card processing fees
A window washer has taken out a $ 5,000 loan for 12 months with a simple interest rate of 5%.
How much interest will be paid for this loan? ✔✔$250
Xavier runs a coffee retail shop. His coffee inventory value was $1,000 to start the year. He
bought 1000 bags at $8 per bag and sold $7,500 worth of coffee bags during the year. What is the
ending inventory value? ✔✔$1,500
Stacy runs a gardening supply store, Her beginning cash balance was $3,000. Her equipment
costs were $3,600. Her loan payments were $4,800. Her other expenses were $15,000. Her total
cash sales were $23,500. What is her ending cash balance? ✔✔$3,100
Maxine is projecting her cash flow budget for the coming month for her photography business
.She charges $70 per session and is anticipating 20 sessions. Her beginning cash balance is
$2,000. She is anticipating $900 in rent and $600 in supplied. What is her projected ending cash
balance? ✔✔$1,900
Shea runs a carpet cleaning business. The average cost to Shea per cleaning is $30. Shea charges
$60 per cleaning. Shea's fixed plus variable costs per month total $1,500. How many carpet
cleanings does Shea need to do per year to break even? ✔✔600
Loni wants to open a nail salon. Loni figured out that she can average charging $30 per session.
Each session she does will cost her $10 in supplies. Over the first year, she has projected $24,000
in rnt and $50,000 in other expenses. The business cost her $15,000 to start. How many sessions
does she need to do in the first year to break even? ✔✔4,450
Bart wants to open a burrito house. Bart will average charging $7 per burrito. Each burrito costs
$3 to make. It will cost $30,000 for Bart to start the business, $36,000 in first-year rent, and
$30,000 in first-year operating expenses. How many burritos does Bart need to sell in the first
year to break even? ✔✔24,000
, Online Networking ✔✔ Each day, Donnie posts the progress of her new building to Facebook as
a countdown to opening her business. What type of networking is Donnie using?
Increase of service ✔✔Ophelia discovers her competitor's turnaround time is double her
turnaround time. What should Ophelia's new marketing strategy be to woo back her customers?
Which three things are defined when doing a self-assessment? ✔✔Risk tolerance, strengths, and
weaknesses
Which description best fits an entrepreneur? ✔✔Willing to take risks
After a self assessment, Julie realizes she has no clue how to figure out whether her restaurant is
profitable. What should Julie do? ✔✔Get some basic accounting knowledge
Which is considered to be the largest risk of being an entrepreneur? ✔✔loss of money
Which two characteristics best describe entrepreneurs? ✔✔Creative and adaptable
Which is considered to be a great immediate benefit of being an entrepreneur? ✔✔More
schedule control
Courage ✔✔A willingness to take risks despite possible losses
Value achievement ✔✔The desire to succeed over the desire of money
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