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ESB Certification Exam Study Guide Questions and Answers Graded A+ 2024
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ESB Certification Exam Study Guide Questions and Answers Graded A+ 2024 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 Ta...

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  • July 9, 2024
  • 15
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • esb certification exam study guide questions and a
  • the key objective of a small business owner is to
  • entrepreneurs are willing to take on new opportuni
  • are for profit corporations with limited liab

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ESB Certification Exam Study Guide
Questions and Answers Graded A+ 2024


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

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