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ESB Certification Exam Review Verified answers latest update
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ESB Certification Exam ReviewJames owns a restaurant with beginning cash balance of $5,000, $30,000 in sales, $2,000 in utilities,
$6,000 in loans and $4,000 in marketing. What is James ending cash balance? - correct answer $24,800
Shelly owns a car dealership. She just received a shipment of teslas and paid $70,000 for each one and
wants to make 25%. What should her selling price be? - correct answer $87,500
TRUE OR FALSE: Mortgage Payments are Long Term Liabilities - correct answer True
Equipment is considered ... - correct answer a long term asset
ROI is calculated by ... - correct answer Net Profit / Cost of Investment X 100
Run Rate is calculated by ... - correct answer Current Revenue for one month X 12
Michelle owns a bakery shop. Her revenue at the end of last month was $6,000. What is Michelle's run
rate? - correct answer $72,000
Which of the following is a variable expense? - correct answer commission payments
Anthony owns a bike shop. His monthly cost is $2,750.00. Each bike costs $275.00. How many bikes does
he have to sell to break even? - correct answer 10
How does an entrepreneur determine his / her selling price? - correct answer selling price = cost X
desired profit margin + cost
TRUE OF FALSE: Equity = Assets + Liabilities - correct answer False
________ is the owner's remaining value after all liabilities have been deducted. - correct answer Equity
, Peter owns a barber shop. His total monthly cost is $3,500.00. He charges $15.00 per hair cut. How
many hair cuts must his shop perform to break-even? - correct answer 234
TRUE OR FALSE: Fixed Costs change depending on the volume of production. - correct answer False
Which 2 types of information may be found on a profit and loss statement? - correct answer Revenue /
Expenses
TRUE OR FALSE: Customer Retention Rate is the percentage of existing customers who remain
customers after a given period. Your customer retention rate can help you better understand what keeps
customers with your company. - correct answer True
TRUE OR FALSE: Customer Retention Rate can also signal opportunities to improve customer service -
correct answer True
TRUE OR FALSE: Customer Acquisition refers to bringing in new customers - or convincing people to buy
your products - correct answer True
In which step of the sales process would you address customer concerns? - correct answer Objection
In which step of the sales process would a customer decide to make a purchase - correct answer Closing
In which step of the sales process would a potential customer be identified? - correct answer
Prospecting
What is a disadvantage of being a sole proprietor? - correct answer Unlimited Liability
During which phase might an owner decide to sell their ownership in a company? - correct answer Exit
Which of the following are for-profit with limited liability? - correct answer S Corp
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