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ESB Certification Exam Study Guide latest updated (Graded A)
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Domain 1 Lesson 1 - Answer- The key objective of a small business owner is to generate ____ - Answer- profits Entrepreneurs are willing to take on new opportunities and unknown ____ to grow their businesses rapidly - Answer- risks Tangible items that require pick-up or delivery are ____ p...

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  • March 30, 2023
  • 15
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • domain 1 lesson 1
  • esb
  • esb certification exam study guide latest updated graded a
  • the key objective of a small business owner is to generate
  • entrepreneurs are willing to take on new opportunitie

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  • ESB
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ESB Certification Exam Study Guide
latest updated (Graded A)
Domain 1 Lesson 1 - Answer-

The key objective of a small business owner is to generate ____ - Answer- profits

Entrepreneurs are willing to take on new opportunities and unknown ____ to grow their
businesses rapidly - Answer- risks

Tangible items that require pick-up or delivery are ____ products - Answer- physical

When a ____ purchases an item from a business, it is a business-to-consumer
transaction - Answer- customer

____ are for-profit corporations with limited liability - Answer- S corporations

____ are ideal for international businesses - Answer- C corporations

The ____ oversees daily operational and administrative functions - Answer- Chief
Operating Officer

A ____ votes on the management of a company - Answer- stockholder

____ employees are paid a fixed amount each pay period - Answer- Salary

Businesses can compensate employees for work they produce when being paid by
____ - Answer- piece work

Businesses can offer ____ in addition to a lower salary - Answer- equity

During the ____ stage of the business life cycle, a company is regularly taking on new
customers and starting to generate a consistent income - Answer- survival

The owner may decide to sell their ownership in the company during the ____ stage -
Answer- exit plan

The five elements of the design thinking process are ____ - Answer- empathize, define,
ideate, prototype , and test

____ allows one to see and experience a customer's perspective - Answer- Empathy

, The design team creates multiple inexpensive versions of a product, known as ____ -
Answer- Minimum Viable Products

Name benefits of a franchise - Answer- less risk involved, tested operational processes,
or recognized brands

No ownership, no US federal taxes - Answer- Non-profit

Best for international business even with being double-taxed - Answer- C corporation

Easy to create but comes with unlimited liability - Answer- Sole proprietorship

Lower tax rate that prevents the company from being double-taxed - Answer- S
corporation

Ideal for a single owner seeking low risk - Answer- LLC (limited liability company)

Shared financial backing - Answer- Partnership

Creates the company - Answer- Founder

Oversees company finances - Answer- CFO

Owns stock in the company - Answer- Stockholder

Reports to the board of directors - Answer- CEO

Oversees daily operational and administrative functions Stakeholder Has a vested
interest in the success of the company - Answer- COO

Has a vested interest in the success of the company - Answer- Stakeholder

Non-cash compensation - Answer- Equity

Set rate of pay for hours worked - Answer- Hourly

Usually found in sales roles - Answer- Commission

Set amount of pay in a given period - Answer- Salary

List the correct order of the business life cycle stages - Answer- Existence, Survival,
Success, Take-off, Resource maturity, Pivot or persist, Exit plan

Michael owns a small but profitable tech company. He has been approached by a larger
company that wants to purchase his business. In which business life cycle stage is
Michael? - Answer- Exit Plan

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