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
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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