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Business ESB 5011 Certification Exam Study Guide Questions and Answers Latest Updated A+ Graded.
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Business ESB 5011 Certification Exam Study Guide Questions and Answers Latest Updated A+ Graded.
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Business ESB 5011 Certification Exam StudyGuide Questions and Answers Latest Updated A+
Graded.
Domain 1 Lesson 1
The key objective of a small business owner is to generate ____
Correct Answer -profits
Entrepreneurs are willing to take on new opportunities and unknown
____ to grow their businesses rapidly
Correct Answer -risks
Tangible items that require pick-up or delivery are ____ products
Correct Answer -physical
When a ____ purchases an item from a business, it is a business-to-
consumer transaction
Correct Answer -customer
____ are for-profit corporations with limited liability
Correct Answer -S corporations
____ are ideal for international businesses
Correct Answer -C corporations
The ____ oversees daily operational and administrative functions
Correct Answer -Chief Operating Officer
,A ____ votes on the management of a company
Correct Answer -stockholder
____ employees are paid a fixed amount each pay period
Correct Answer -Salary
Businesses can compensate employees for work they produce when being
paid by ____
Correct Answer -piece work
Businesses can offer ____ in addition to a lower salary
Correct 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
Correct Answer -survival
The owner may decide to sell their ownership in the company during the
____ stage
Correct Answer -exit plan
The five elements of the design thinking process are ____
Correct Answer -empathize, define, ideate, prototype , and test
____ allows one to see and experience a customer's perspective
Correct Answer -Empathy
,The design team creates multiple inexpensive versions of a product,
known as ____
Correct Answer -Minimum Viable Products
Name benefits of a franchise
Correct Answer -less risk involved, tested operational processes, or
recognized brands
No ownership, no US federal taxes
Correct Answer -Non-profit
Best for international business even with being double-taxed
Correct Answer -C corporation
Easy to create but comes with unlimited liability
Correct Answer -Sole proprietorship
Lower tax rate that prevents the company from being double-taxed
Correct Answer -S corporation
Ideal for a single owner seeking low risk
Correct Answer -LLC (limited liability company)
Shared financial backing
Correct Answer -Partnership
Creates the company
Correct Answer -Founder
, Oversees company finances
Correct Answer -CFO
Owns stock in the company
Correct Answer -Stockholder
Reports to the board of directors
Correct Answer -CEO
Oversees daily operational and administrative functions Stakeholder Has
a vested interest in the success of the company
Correct Answer -COO
Has a vested interest in the success of the company
Correct Answer -Stakeholder
Non-cash compensation
Correct Answer -Equity
Set rate of pay for hours worked
Correct Answer -Hourly
Usually found in sales roles
Correct Answer -Commission
Set amount of pay in a given period
Correct Answer -Salary
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