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ESB Final Exam - Spring 22
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ESB Final Exam - Spring 22
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ESB Final Exam - Spring 22Business ethics - Answer-A set of moral guidelines that influence how a company
serves its customers and treats its employees.
Business plan - Answer-A formal written document that describes the nature of a
business and how it will operate.
Chamber of Commerce - Answer-A nonprofit organization of local businesses whose
purpose is to promote their interests.
Compound interest - Answer-The interest on a loan or deposit that accrues on both the
initial principal and the accumulated interest from previous periods.
Confidentiality agreement - Answer-An agreement that binds parties to secrecy; usually
concerning employees, investors and others who are privy to a trade secret or other
sensitive information.
Cost contingency - Answer-An amount added to an estimate to cover unexpected costs.
Debt ratio - Answer-Represents the proportion of a company's assets that it has
financed with debt. (Total liabilities divided by total assets.)
Employee Stock Ownership Plan (ESOP) - Answer-A benefit plan that gives employees
shares of company stock in addition to their regular compensation.
US Dept. of Housing and Urban Development (HUD) - Answer-A federal agency that
supports community development and homeownership for low-income and
disadvantaged Americans.
Executive summary - Answer-A brief recounting of the key points contained in a
business plan.
Initial Public Offering (IPO) - Answer-Selling a corporation's stock on public markets for
the first time.
Exit strategy - Answer-A contingency plan for a person to exit a business in the event
that it meets a substantial profit, or becomes no longer profitable.
Harvesting - Answer-The stage in which the entrepreneur decides on a venture's future
growth, development, or demise.
Internal Revenue Service (IRS) - Answer-A federal agency responsible for collecting
income taxes.
, Line of credit - Answer-A preset borrowing limit that allows the borrower to take money
out as needed until the limit is reached.
Management buyout - Answer-When the management of a corporation buys the
controlling shares in the company.
Minority Business Development Agency - Answer-A federal agency dedicated to the
growth and global competitiveness of minority owned businesses.
SCORE - Answer-The largest network of free volunteer small business mentors in the
nation.
Small Business Administration (SBA) - Answer-A federal agency that helps small
business owners develop business plans and obtain financing and other support for
their companies.
Small and mid-size enterprises (SMEs) - Answer-Businesses that maintain revenues,
assets or a number of employees below a certain threshold.
U.S. Dept. of Agriculture (USDA) - Answer-The agency responsible for developing and
executing federal laws related to farming, forestry, and food.
Differentiated Offering - Answer-Different than anything else. Attracts customers and
generates sales that is different from other businesses.
Target Market - Answer-The intended group of customers you want to serve.
Pro Forma - Answer-A one-page financial projection that lists your major revenue
sources and expenses.
Marketing/Selling Strategies - Answer-How you intend to communicate to large #s of
customers, motivating them to learn more about your business and ultimately buy from
you.
Prospective Investors - Answer-A person or entity that may be interested in providing
capital for your business venture.
Revenue - Answer-Income. The amount of money earned from the sale of
products/services.
Cash Flow - Answer-Cash in and out of the business over a period of time.
Cost of Goods Sold (COGS) - Answer-The cost that it takes to produce a product or
service. Includes materials and labor.
Market Risk - Answer-Risks in a market sector that impact all competitors in that sector.
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