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ESB Test 3/60 Questions With Complete Answers/A+ Rated 2023
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ESB Test 3/60 Questions With CompleteAnswers/A+ Rated 2023
The owner of a mobile food truck plans to sell tacos , hamburgers, and other
foods to employees in a large office complex . Before opening his business ,
the owner will most likely need to obtain which of the following documents
from each employee to verify they have completed a course in food handling
safety? - -certificate
-The owner of a pet supply store wants to expand her business and by
boarding animals. She has designed plans to add a 30^ prime *60^ prime
kennel onto the back of her retail buildingShe has checked the zoning and
discovered a kennel would be allowed on her property What will she need to
obtain before adding the kennel? - -permit
-A sprinkler system company opens a new location in a suburb that has
endured a long history of poorly installed water and irrigation systems. What
would be the most effective way for this company to gain the trust of the
neighborhood ? - -advertise a 72-hour rapid response time for all repairs
-The owner of a gas station on one side of town wants to retire and offers to
sell the station to a competitor located on the other side of town. The
competitor agrees to cash out the seller, merge the two businesses, and
continue operating both locations. This is an example of which exit strategy?
- -harvesting
-Meredith is starting a cleaning business with a 3-year loan of $10,000, at a
5% compound annual interest rate. Assuming the loan is not paid back in full
until the end of the 3-year term, how much will she owe at the end of her
loan? - -$11,576.25
-An individual starts a babysitting business with a loan of $1,000. The loan is
for 2 years at a 5COMPOUND interest rate. How much will the individual owe
by the end of the loan assuming nothing is paid until the end of the 2 year
term (future value of loan)? - -$1,102.5
-A welding shop owner rents space in a building and needs a \$5,000 in
supplies to complete a large project for a new customer. The bank has
turned down a personal loan request. The welding shop owner does not want
to share ownership of the business by selling equity shares to raise the funds
needed for these supplies. What is the most practical source of funding for
the materials needed to complete this customers job ? - -Asking for an
advance payment from the customer whose large order is the reason the
materials are needed
, -A retiring hardware shop owner offers to sell his store to a competitor
located on the south end of town. The competitor agrees to cash out the
seller, merge the two businesses , and continue operating both locations.
Which exit strategy is this an example of ? - -harvesting
-Businesses accept many forms of payment in exchange for goods and
services. Match the form of payment with its definition. - -cash -
Government backed currency
line of credit - A loan to purchase now and pay later
check - payable note used by account owner to pay debt
debit card - electronic deduction from existing account
-Which two groups benefit most from a well-written business plan? (Choose
two - -investors
business owner
-An entrepreneur wants to become the sole proprietor of a sandwich shop.
She has no experience operating a retail business, but has great recipes for
unique sandwiches and has tested her recipes with friends and relatives who
claim they are fabulous! She applies for a business loan from a bank. The
bank has a standard 40\% debt ratio. The entrepreneur estimates her
expenses will be $4,000 per month. She estimates the sandwich shop will
have an income of $8,000 per month. Based on the estimates provided by
the entrepreneur, will the bank approve her loan? - -no, because her debt
ratio is too high
-Identify the agency that solely focuses on uniting mentors with business
owners to offer them free advice on how to operate their business. - -SBA
-What is the primary advantage of the General Partnership versus a Sole
Proprietorship? - -more than one person is responsible for financial backing
-A beekeeper wants to start a seasonal business renting hives to farmers to
pollinate their orchards and crops. The beekeeper believes the business will
cover its own costs after three months , and that start-up expenses for hives,
trucking , and other costs through that time will be $18,000. The beekeeper
has raised some of the money and asks a bank to loan the remaining start
up capital needed. The bank asks the beekeeper to complete a form with the
following information: A. Estimated Start -Up Expenditures : B. Contingency
Amount (10% of A): C. Start-Up Capital (A + B) : D. Required Cash Reserve
(50% of C): E. Total Financing Required (C + D) : What is Total Financing
Required by the beekeeper? - -29,700
-identify why maintaining strong ethics practices for a business is a good
idea from a legal standpoint - -to avoid potential lawsuits
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