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ESB Certification Practice 1 Questions and Answers 100% Correct | Updated 2024
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ESB Certification Practice 1 Questions andAnswers 100% Correct | Updated 2024
Define Entrepreneurship - ANSWER Setting up a business with the aim to make
a profit.
Categorize B2B (business to business) vs B2C (business to consumer) - ANSWER
B2B:
"Wholesale flooring distributor" and "purchases requiring a tax exemption"
B2C:
"Chain of local grocery stores" and "motorcycle repair shop"
You need to create a legal structure for your small business. You would like some
of the benefits enjoyed by large corporations, but do not want to be taxed twice.
You have four partners who will be shareholders. None of you plan to sell your
ownership shares to the public, but do want to be protected from business
liabilities.
Which legal structure should you set up for your business? - ANSWER S-
Corporation
Identify the foundational concepts of entrepreneurship and small business
ownership.
For each statement about owners of equity in a business, select true of false. -
ANSWER True:
, "A partner owns equity" and "founders own equity."
False:
"All stakeholder owns equity" and "contractors own equity."
Identify the foundational concepts of entrepreneurship and small business
ownership.
Complete the sentence about company roles and responsibilities by selection the
correct option from each drop-down list. - ANSWER An example of "Piece
Work" compensation is paying field laborers for the amount of fruit they pick.
A "Salary" employee receives a set amount of pay each month without overtime
compensation for extra hours worked.
Employees most affected by minimum wage laws are compensated "Hourly."
An employee who is paid a percentage of a sale is paid by a "Commission."
Place that stages of the business life cycle in the correct order. - ANSWER Stage
1: Existence
Stages 2: Survival of the Fittest
Stage 3: Success
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