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 ____ p...
ESB Certification Exam Study Guide
latest updated (Graded A)
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
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