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ESB Certification Test Question and answers verified to pass 2024

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ESB Certification Test Question and answers verified to pass 2024 Entrepreneurship - correct answer Setting up business with the aim to make profit. B2B (business-to-business) - correct answer Sells products and services directly to other businesses. Normally requires a sales tax exemption ...

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  • August 23, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • esb certification test
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ESB Certification Test
Entrepreneurship - correct answer ✔Setting up business with the aim to
make profit.


B2B (business-to-business) - correct answer ✔Sells products and services
directly to other businesses. Normally requires a sales tax exemption
certificate from the buyer.


B2C (business-to-consumer) - correct answer ✔Sells products and services
directly to customer for personal use.


Small buisness - correct answer ✔A small business is when a business has
less than 35.5 million dollars in revenue, and fewer than 1,500 employees.


S corporation(Small businesses) - correct answer ✔is a legal structure with
100 shareholders(U.S. citizens only) MAX, who are not responsible for
Liabilities. And they are only taxed once, and there is a separate tax return for
the business.


C Corporation (Companies) - correct answer ✔is a legal structure used for
when the company plans to sell stock to the public. It has unlimited
shareholders (not responsible for liabilities) that are taxed twice (corporates
level and income received). A separate tax return is required for business.


Sole Proprietorship - correct answer ✔A business owned by one person that
legally needs a DBA or business license. The owner is responsible for
liabilities, no separate tax needed (taxed once).

, Limitied-Liability Company (LLC) - correct answer ✔This is best for
businesses concerned about liability protection. It has unlimited owners who
aren't responsible for liabilities, and can choose how they want to be taxed.
LLCs cannot go public.


Equity (business) - correct answer ✔The amount an owner(s) would receive
if their ownership interests in a business (stock) were sold. (The money the
owner has left over)


Equity Funding - correct answer ✔Using money from investors to finance a
project in exchange for shares in the company. Can be used to raise working
capitals.


equity financing - correct answer ✔money raised from within the firm, from
operations or through the sale of ownership in the firm (stock or venture
capital). Advantage: there's no obligation to repay the money acquired.


Piece work - correct answer ✔work paid for according to the amount
produced.


Salary - correct answer ✔A fixed regular payment, typically paid on a
monthly or biweekly basis but often expressed as an annual sum.


Hourly - correct answer ✔wage based on the amount of time worked
(Minimum wage).


Commission - correct answer ✔An amount paid to an employee based on a
percentage of the employee's sales.


Business cycle - correct answer ✔1. Existence

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