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ESB Certification Exam Review Rated 100% Correct!!
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ESB Certification Exam Review Rated100% Correct!!
James owns a restaurant with beginning cash balance of $5,000, $30,000 in sales,
$2,000 in utilities, $6,000 in loans and $4,000 in marketing. What is James ending
cash balance? Answer- $24,800
Shelly owns a car dealership. She just received a shipment of teslas and paid
$70,000 for each one and wants to make 25%. What should her selling price be?
Answer- $87,500
TRUE OR FALSE: Mortgage Payments are Long Term Liabilities Answer- True
Equipment is considered ... Answer- a long term asset
ROI is calculated by ... Answer- Net Profit / Cost of Investment X 100
Run Rate is calculated by ... Answer- Current Revenue for one month X 12
Michelle owns a bakery shop. Her revenue at the end of last month was $6,000.
What is Michelle's run rate? Answer- $72,000
Which of the following is a variable expense? Answer- commission payments
Anthony owns a bike shop. His monthly cost is $2,750.00. Each bike costs $275.00.
How many bikes does he have to sell to break even? Answer- 10
How does an entrepreneur determine his / her selling price? Answer- selling price =
cost X desired profit margin + cost
TRUE OF FALSE: Equity = Assets + Liabilities Answer- False
________ is the owner's remaining value after all liabilities have been deducted.
Answer- Equity
Peter owns a barber shop. His total monthly cost is $3,500.00. He charges $15.00
per hair cut. How many hair cuts must his shop perform to break-even? Answer- 234
TRUE OR FALSE: Fixed Costs change depending on the volume of production.
Answer- False
Which 2 types of information may be found on a profit and loss statement? Answer-
Revenue / Expenses
TRUE OR FALSE: Customer Retention Rate is the percentage of existing customers
who remain customers after a given period. Your customer retention rate can help
you better understand what keeps customers with your company. Answer- True
TRUE OR FALSE: Customer Retention Rate can also signal opportunities to
improve customer service Answer- True
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