ESB Practice Test 2 questions with correct
answers
In general, which characteristics define a "small" business? - Answer - fewer than
1,500 employees
- less than $35.5 million revenue
classify each of the following as either physical or digital - Answer PHYSICAL:
- bakery in your community
- hair salon that makes appointments online
DIGITAL:
- online store that dropships camping gear
- bookstore on amazon that sells ebooks
you need to create a legal structure for your small business. you have plans for it to
grow and hope in the future to sell shares to the public. your startup partners are
citizens of Mexico and Japan. you do not want to be personally responsible for
business liabilities.
which legal structure should you set up for your business? - Answer c-corporation
match each business management role to its corresponding description
1. the highest ranking employee in the company; reports to the board of directors
2. creates budgets, analyzes financial data, and forecasts company profits
3. develops policies and structures to protect company data
, 4. oversees the day-to-day administrative functions of a business; second in
command. - Answer 1. CEO
2. CFO
3. CIO
4. COO
You own a lawn care business. You have employees who work long hours laboring
in good weather, often exceeding 40 hours per week. They also work short hours
when the weather is bad, sometimes they can't work at all. You do all of the sales
for your business.
Which two types of compensation would be appropriate for these landscape
employees? - Answer salary
hourly
match something idk. The stages in a business life cycle i guess
1. existence
2. survival of the fittest
3. success
4. take-off
5. maturity - Answer 1. the business introduces itself to the market and attempts to
catch the attention of potential customers.
2. focus shifts to revenue, expenses, and growth. cashflow is the major issue.
3. company is stable and profitable.
4. expansion strategies are implemented, and investment is balanced with potential.
5. 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.
answers
In general, which characteristics define a "small" business? - Answer - fewer than
1,500 employees
- less than $35.5 million revenue
classify each of the following as either physical or digital - Answer PHYSICAL:
- bakery in your community
- hair salon that makes appointments online
DIGITAL:
- online store that dropships camping gear
- bookstore on amazon that sells ebooks
you need to create a legal structure for your small business. you have plans for it to
grow and hope in the future to sell shares to the public. your startup partners are
citizens of Mexico and Japan. you do not want to be personally responsible for
business liabilities.
which legal structure should you set up for your business? - Answer c-corporation
match each business management role to its corresponding description
1. the highest ranking employee in the company; reports to the board of directors
2. creates budgets, analyzes financial data, and forecasts company profits
3. develops policies and structures to protect company data
, 4. oversees the day-to-day administrative functions of a business; second in
command. - Answer 1. CEO
2. CFO
3. CIO
4. COO
You own a lawn care business. You have employees who work long hours laboring
in good weather, often exceeding 40 hours per week. They also work short hours
when the weather is bad, sometimes they can't work at all. You do all of the sales
for your business.
Which two types of compensation would be appropriate for these landscape
employees? - Answer salary
hourly
match something idk. The stages in a business life cycle i guess
1. existence
2. survival of the fittest
3. success
4. take-off
5. maturity - Answer 1. the business introduces itself to the market and attempts to
catch the attention of potential customers.
2. focus shifts to revenue, expenses, and growth. cashflow is the major issue.
3. company is stable and profitable.
4. expansion strategies are implemented, and investment is balanced with potential.
5. 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.
