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ESB Certification Exam Study Guide Questions and Answers Grade A+
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1|Page | © copyright 2024/2025 | Grade A+ESB Certification Exam Study Guide
Questions and Answers Grade A+
Domain 1 Lesson 1
✓
The key objective of a small business owner is to generate ____
✓ profits
Entrepreneurs are willing to take on new opportunities and unknown ____ to
grow their businesses rapidly
✓ risks
Tangible items that require pick-up or delivery are ____ products
✓ physical
When a ____ purchases an item from a business, it is a business-to-consumer
transaction
✓ customer
____ are for-profit corporations with limited liability
Master01 | October, 2024/2025 | Latest update
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✓ S corporations
____ are ideal for international businesses
✓ C corporations
The ____ oversees daily operational and administrative functions
✓ Chief Operating Officer
A ____ votes on the management of a company
✓ stockholder
____ employees are paid a fixed amount each pay period
✓ Salary
Businesses can compensate employees for work they produce when being
paid by ____
✓ piece work
Businesses can offer ____ in addition to a lower salary
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ equity
During the ____ stage of the business life cycle, a company is regularly taking
on new customers and starting to generate a consistent income
✓ survival
The owner may decide to sell their ownership in the company during the ____
stage
✓ exit plan
The five elements of the design thinking process are ____
✓ empathize, define, ideate, prototype , and test
____ allows one to see and experience a customer's perspective
✓ Empathy
The design team creates multiple inexpensive versions of a product, known
as ____
✓ Minimum Viable Products
Name benefits of a franchise
Master01 | October, 2024/2025 | Latest update
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✓ less risk involved, tested operational processes, or recognized brands
No ownership, no US federal taxes
✓ Non-profit
Best for international business even with being double-taxed
✓ C corporation
Easy to create but comes with unlimited liability
✓ Sole proprietorship
Lower tax rate that prevents the company from being double-taxed
✓ S corporation
Ideal for a single owner seeking low risk
✓ LLC (limited liability company)
Shared financial backing
✓ Partnership
Master01 | October, 2024/2025 | Latest update
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