ESB Certification Exam Study Guide Questions and Answers 2023
21 views 0 purchase
Course
ESB
Institution
ESB
ESB Certification Exam Study Guide Questions and Answers 2023
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
Tangibl...
esb certification exam study guide questions and answers 2023
the key objective of a small business owner is to generate profits
are for profit corporations with limited liability s corporat
Written for
ESB
All documents for this subject (1055)
Seller
Follow
Dreamer252
Reviews received
Content preview
ESB Certification Exam Study Guide
Questions and Answers 2023
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Dreamer252. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $20.09. You're not tied to anything after your purchase.
