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ESB Practice Exam 1 Questions with 100% Correct Answers | Verified | Updated 2024
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ESB Practice Exam 1 Questions with 100% Correct Answers | Verified | Updated 2024
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ESB Practice Exam 1 Questions with100% Correct Answers | Verified |
Updated 2024
What is entrepreneurship? - Correct Answer-Setting up a business with the aim to make
a profit.
B2B - Correct Answer-Purchases requiring a tax exemption certificate; wholesale
flooring distributor
B2C - Correct Answer-motorcycle repair shop; chain of local grocery stores
S - Corporation - Correct Answer-offers many of the same benefits as a c corporation,
but better for small businesses. 100 shareholders maximum allowed. all must be US
citizens or residents. shareholders are not personally responsible for business liabilities.
c-corporation - Correct Answer-best if the company plans to someday sell stock to the
public; can issue shares to founders, employees, and investors. unlimited owners (aka
shareholders) allowed. shareholders are not personally responsible for business
liabilities. taxed twice - business pays at the corporate level, and shareholders pay on
income received. a separate tax return is required for the business
sole proprietorship - Correct Answer-best if you need an easy set-up. you may still need
a dba or business licenses to operate legally, but no other paperwork one owner
maximum. the owner is personally responsible for business liabilities. no personal
liability protection. taxed once - you pay on profits in your personal tax return. separate
tax return not needed
Limited Liability Company (LLC) - Correct Answer-popular choice for business
concerned about liability protection. unlimited owners (aka members) allowed. no
shareholders. llcs cannot go public. members are not personally responsible for
business liabilities. an llc can choose how to be taxed by filing form 8832 with the irs. an
llc can elect to be taxed as a sole proprietorship, partnership, s corp, or c corp. an llc is
not recognized globally; ypu may be taxed as a corporation in other countries.
owners of equity - Correct Answer-founders, partners, and shareholders
an example of ______ compensation is paying field laborers for the amount of fruit they
pick - Correct Answer-piece work
a _______ employee receives a set amount of pay each month without overtime
compensation for extra hours worked - Correct Answer-salary
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