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ESB Certification Exam Study Guide Question and answers already passed 2024
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ESB Certification Exam Study Guide Question and answers already passed 2024 Domain 1 Lesson 1 - correct answer The key objective of a small business owner is to generate ____ - correct answer profits Entrepreneurs are willing to take on new opportunities and unknown ____ to grow their ...

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  • August 23, 2024
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  • 2024/2025
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ESB Certification Exam Study Guide
Domain 1 Lesson 1 - correct answer ✔


The key objective of a small business owner is to generate ____ - correct
answer ✔profits


Entrepreneurs are willing to take on new opportunities and unknown ____ to
grow their businesses rapidly - correct answer ✔risks


Tangible items that require pick-up or delivery are ____ products - correct
answer ✔physical


When a ____ purchases an item from a business, it is a business-to-
consumer transaction - correct answer ✔customer


____ are for-profit corporations with limited liability - correct answer ✔S
corporations


____ are ideal for international businesses - correct answer ✔C corporations


The ____ oversees daily operational and administrative functions - correct
answer ✔Chief Operating Officer


A ____ votes on the management of a company - correct answer
✔stockholder

,____ employees are paid a fixed amount each pay period - correct answer
✔Salary


Businesses can compensate employees for work they produce when being
paid by ____ - correct answer ✔piece work


Businesses can offer ____ in addition to a lower salary - correct 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 - correct
answer ✔survival


The owner may decide to sell their ownership in the company during the ____
stage - correct answer ✔exit plan


The five elements of the design thinking process are ____ - correct answer
✔empathize, define, ideate, prototype , and test


____ allows one to see and experience a customer's perspective - correct
answer ✔Empathy


The design team creates multiple inexpensive versions of a product, known as
____ - correct answer ✔Minimum Viable Products


Name benefits of a franchise - correct answer ✔less risk involved, tested
operational processes, or recognized brands


No ownership, no US federal taxes - correct answer ✔Non-profit

, Best for international business even with being double-taxed - correct answer
✔C corporation


Easy to create but comes with unlimited liability - correct answer ✔Sole
proprietorship


Lower tax rate that prevents the company from being double-taxed - correct
answer ✔S corporation


Ideal for a single owner seeking low risk - correct answer ✔LLC (limited
liability company)


Shared financial backing - correct answer ✔Partnership


Creates the company - correct answer ✔Founder


Oversees company finances - correct answer ✔CFO


Owns stock in the company - correct answer ✔Stockholder


Reports to the board of directors - correct answer ✔CEO


Oversees daily operational and administrative functions Stakeholder Has a
vested interest in the success of the company - correct answer ✔COO


Has a vested interest in the success of the company - correct answer
✔Stakeholder

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