Exam (elaborations)
ESB Certification Exam Study Guide/234 Questions with Accurate Answers/A+ Scores!!
- Course
- Institution
ESB Certification Exam Study Guide/234 Questions with Accurate Answers/A+ Scores!!
[Show more]
Seller
Follow
Nursephil2023
Reviews received
Content preview
ESB Certification Exam Study Guide/234Questions with Accurate Answers/A+ Scores!!
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
-Set amount of pay in a given period - -Salary
-List the correct order of the business life cycle stages - -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? - -Exit Plan
, -Bill just started a new graphic design business. He is advertising online and
trying to gain customers. He just finished working with his first client. In
which business life cycle stage is Bill? - -Existence
-Stephanie started a new flower shop last year. She has a good customer
base and money coming in. In which business life cycle stage is Stephanie? -
-Survival
-List the correct order of the design thinking process - -Empathize, Define,
Ideate, Prototype, Test
-During which stage of the design thinking process will the design team
create multiple inexpensive product versions? - -Prototype
-During which stage of the design thinking process is a problem statement
formed? - -Define
-Which stage of the design thinking process involves learning about
customers' challenges? - -Empathize
-Domain 1 Lesson 2 - -
-____ is the amount of loss one is willing to take when making an investment
decision - -Risk tolerance
-Having a ____ mindset means believing that one can accomplish anything
through hard work - -growth
-An example of an ____ risk is a natural disaster - -environmental
-A business opportunity is an ____ that lets a buyer start a business - -
investment
-A ____ needs to be obtained to use a brand name on products - -license
-The five factors that determine the viability of a business opportunity are
____, relationships, cash flow management, management skillsets, and
passion - -market size
-A business plan helps a business achieve short-term and long-term ____ - -
goals
-A lean canvas should only be ____ long - -one page
-The ____ summary creates the first impression of a business plan - -
executive
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Nursephil2023. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75759 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now