Exam (elaborations)
Business ESB 5011 Certification Exam Study Guide Questions and Answers Latest Updated A+ Graded.
- Course
- Institution
Business ESB 5011 Certification Exam Study Guide Questions and Answers Latest Updated A+ Graded.
[Show more]
Content preview
Business ESB 5011 Certification Exam StudyGuide Questions and Answers Latest Updated A+
Graded.
Domain 1 Lesson 1
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
Non-cash compensation
Correct Answer -Equity
Set rate of pay for hours worked
Correct Answer -Hourly
Usually found in sales roles
Correct Answer -Commission
Set amount of pay in a given period
Correct Answer -Salary
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller saraciousstuvia. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78600 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now