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ESB|234 Certification Exam Study Guide Review Questions Which Have Been Correctly Answered $8.49   Add to cart

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ESB|234 Certification Exam Study Guide Review Questions Which Have Been Correctly Answered

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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 Tangible items that require pick-up or delivery are ____ product...

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  • May 30, 2024
  • 23
  • 2023/2024
  • Exam (elaborations)
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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



Tangible items that require pick-up or delivery are ____ products - ✔ ✔ physical



When a ____ purchases an item from a business, it is a business-to-consumer transaction - ✔ ✔
customer



____ are for-profit corporations with limited liability - ✔ ✔ S corporations



____ are ideal for international businesses - ✔ ✔ C corporations



The ____ oversees daily operational and administrative functions - ✔ ✔ Chief Operating Officer



A ____ votes on the management of a company - ✔ ✔ stockholder



____ employees are paid a fixed amount each pay period - ✔ ✔ Salary

,Businesses can compensate employees for work they produce when being paid by ____ - ✔ ✔ piece
work



Businesses can offer ____ in addition to a lower salary - ✔ ✔ equity



During the ____ stage of the business life cycle, a company is regularly taking on new customers and
starting to generate a consistent income - ✔ ✔ survival



The owner may decide to sell their ownership in the company during the ____ stage - ✔ ✔ exit plan



The five elements of the design thinking process are ____ - ✔ ✔ empathize, define, ideate,
prototype , and test



____ allows one to see and experience a customer's perspective - ✔ ✔ Empathy



The design team creates multiple inexpensive versions of a product, known as ____ - ✔ ✔ Minimum
Viable Products



Name benefits of a franchise - ✔ ✔ less risk involved, tested operational processes, or recognized
brands



No ownership, no US federal taxes - ✔ ✔ Non-profit



Best for international business even with being double-taxed - ✔ ✔ C corporation



Easy to create but comes with unlimited liability - ✔ ✔ Sole proprietorship

, Lower tax rate that prevents the company from being double-taxed - ✔ ✔ S corporation



Ideal for a single owner seeking low risk - ✔ ✔ LLC (limited liability company)



Shared financial backing - ✔ ✔ Partnership



Creates the company - ✔ ✔ Founder



Oversees company finances - ✔ ✔ CFO



Owns stock in the company - ✔ ✔ Stockholder



Reports to the board of directors - ✔ ✔ CEO



Oversees daily operational and administrative functions Stakeholder Has a vested interest in the success
of the company - ✔ ✔ COO



Has a vested interest in the success of the company - ✔ ✔ Stakeholder



Non-cash compensation - ✔ ✔ Equity



Set rate of pay for hours worked - ✔ ✔ Hourly



Usually found in sales roles - ✔ ✔ Commission

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