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ESB Certification Practice 1 Question and answers correctly solved 2024 $12.99
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ESB Certification Practice 1 Question and answers correctly solved 2024

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ESB Certification Practice 1 Question and answers correctly solved 2024 Define Entrepreneurship - correct answer Setting up a business with the aim to make a profit. Categorize B2B (business to business) vs B2C (business to consumer) - correct answer B2B: "Wholesale flooring distributor" a...

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  • August 23, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • esb certification practice 1
  • esb certification practice 1 question and answers

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  • Esb
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ESB Certification Practice 1
Define Entrepreneurship - correct answer ✔Setting up a business with the
aim to make a profit.


Categorize B2B (business to business) vs B2C (business to consumer) -
correct answer ✔B2B:
"Wholesale flooring distributor" and "purchases requiring a tax exemption"


B2C:
"Chain of local grocery stores" and "motorcycle repair shop"


You need to create a legal structure for your small business. You would like
some of the benefits enjoyed by large corporations, but do not want to be
taxed twice. You have four partners who will be shareholders. None of you
plan to sell your ownership shares to the public, but do want to be protected
from business liabilities.


Which legal structure should you set up for your business? - correct answer
✔S-Corporation


Identify the foundational concepts of entrepreneurship and small business
ownership.


For each statement about owners of equity in a business, select true of false. -
correct answer ✔True:
"A partner owns equity" and "founders own equity."


False:

, "All stakeholder owns equity" and "contractors own equity."


Identify the foundational concepts of entrepreneurship and small business
ownership.


Complete the sentence about company roles and responsibilities by selection
the correct option from each drop-down list. - correct answer ✔An example
of "Piece Work" compensation is paying field laborers for the amount of fruit
they pick.


A "Salary" employee receives a set amount of pay each month without
overtime compensation for extra hours worked.


Employees most affected by minimum wage laws are compensated "Hourly."


An employee who is paid a percentage of a sale is paid by a "Commission."


Place that stages of the business life cycle in the correct order. - correct
answer ✔Stage 1: Existence


Stages 2: Survival of the Fittest


Stage 3: Success


Stage 4: Take-off


Stage 5: Maturity

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