Exam (elaborations)
ESB v2 Exam - Practice 2 (1)
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ESB v2 Exam - Practice 2 (1)
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ESB v2 Exam - Practice 2Angel Investor - ANS-An investor who provides funding to a business for a stake in the business
in return.
Asset - ANS-A tangible item a business owns.
B2B - ANS-commercial transaction between businesses.
B2C - ANS-commercial transaction between a business and a customer
Balance Sheet - ANS-A financial statement that reports assets, liabilities, and owner's equity on
a specific date.
Bootstrapping - ANS-starting a business without external help or capital
Break-Even Point - ANS-The point where a business's revenue matches its expenses over a
given period.
Budget - ANS-The amount of money a business plans on spending during a given period.
Business Opportunity - ANS-A situation an entrepreneur analyzes and evaluates to see if
starting a sustainable, profitable business is feasible.
Business Plan - ANS-A document that addresses the concept, customers, and capital for a
business.
C Corporation - ANS-A business structure that allows the company to pass its income, losses,
deductions, and credits through its shareholders to decrease their taxation.
CEO - ANS-Person who oversees a business's operations and resources and makes the major
decisions for the company.
CFO - ANS-Person who oversees a company's finances.
Commission - ANS-A fee paid to an employee for completing a task.
Compensation - ANS-A monetary amount given to employees in return for their work.
COO - ANS-A person who is responsible for overseeing the day-to-day administrative and
operational functions of a business.
, Copyright - ANS-A form of protection individuals can implement to protect their intellectual
property; designated for print, music, film, and various other forms of creative licenses.
Crowdfunding - ANS-The method of sharing a start-up business online to pre-sell products.
Customer - ANS-An individual or business that purchases goods and services from a business.
Customer Acquisition Cost - ANS-The total cost of acquiring a new customer.
Customer Retention Cost - ANS-The total cost to retain existing customers.
Demographic Segmentation - ANS-dividing the market into segments based on variables such
as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and
generation
Distribution Channel - ANS-A method used to get a product from the manufacturer to the
end-users.
Employee - ANS-An individual hired by a company and compensated for their work.
Entrepreneur - ANS-An individual who aspires to start and run a successful business.
Equity - ANS-the value that would be returned to a company's shareholders if all of the assets
were liquidated and all of the company's debts were paid off
Ethical Practices - ANS-Standards of professional conduct professionals should uphold.
Fixed Costs - ANS-Costs a business has that remain the same no matter the volume of
production.
Founder - ANS-The person that developed or created a company or organization.
Franchise - ANS-A business that takes its name and characteristics from an existing business
chain.
Hourly Pay - ANS-A payment amount provided to employees for the number of hours they
worked.
Income Statement - ANS-A financial statement that details a business's revenue and expenses
for a given period.
Innovation - ANS-A new idea, product, or method.
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