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esb test Question and answers verified to pass 2024 C-Corporation: - correct answer • Shareholders are not personally responsible for business liabilities. • Taxed twice business pays at the corporate level, and shareholders pay on income received. A separate tax return is required for the...

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  • August 23, 2024
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  • 2024/2025
  • Exam (elaborations)
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  • esb test question and answers verified to pass 20

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esb test
C-Corporation: - correct answer ✔• Shareholders are not personally
responsible for business liabilities.
• Taxed twice business pays at the corporate level, and shareholders pay on
income received. A separate tax return is
required for the business.


S-Corporation: - correct answer ✔• Shareholders are not personally
responsible for business liabilities.
Taxed once only the shareholders pay on profits received. A separate tax
return is required for the business.


Sole Proprietorship: - correct answer ✔One owner maximum.
The owner is personally responsible for business liabilities. No personal
liability protection.
• Taxed once--you pay on profits in your personal tax return. Separate tax
return not needed.


Limited Liability Company (LLC): - correct answer ✔• Members are not
personally responsible for business liabilities.
An LLC can choose how to be taxed by filing form 8832 with the IRS. An LLC
can elect to be taxed as a Sole
Proprietorship, Partnership, S Corp, or C Corp. An LLC is not recognized
globally; you may be taxed as a corporation in
other countries.


CEO - correct answer ✔The highest-ranking employee in the
company; reports to the board of

, directors.


CFO - correct answer ✔Creates budgets, analyzes financial
data, and forecasts company profits.


CIO - correct answer ✔Develops policies and structures to
protect company data.


COO - correct answer ✔Oversees the day-to-day
administrative functions of a
business; second in command.


1. Existence - correct answer ✔The business introduces itself to the market
and attempts to catch the attention of potential customers.


2. Survival of the Fittest - correct answer ✔Focus shifts to revenue,
expenses, and growth. Cashflow is the major issue.


3. Success - correct answer ✔Company is stable and profitable.


4. Takeoff - correct answer ✔Expansion strategies are implemented, and
investment is balanced with potential.


5. Maturity - correct answer ✔The business is separate from the owner with
responsibilities delegated to staff. A business in this stage usually
commands a considerable share of the market and may even be a household
name.

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