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ESB Certification Test Exam Questions With Correct Answers 2022_.pdf
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8/21/24, 9:34 PMESB Certification Test
Jeremiah
Practice questions for this set
2 Cost
3 4 Funding
Terms in this set (81)
Entrepreneurship Setting up business with the aim to make profit.
Sells products and services directly to other businesses. Normally requires a sales tax
B2B (business-to-business)
exemption certificate from the buyer.
B2C (business-to-consumer) Sells products and services directly to customer for personal use.
A small business is when a business has less than 35.5 million dollars in revenue, and
ESB Certification Test
is a legal structure with 100 shareholders(U.S. citizens only) MAX, who are not
S corporation(Small businesses) responsible for Liabilities. And they are only taxed once, and there is a separate tax
return for the business.
is a legal structure used for when the company plans to sell stock to the public. It has
C Corporation (Companies) unlimited shareholders (not responsible for liabilities) that are taxed twice (corporates
level and income received). A separate tax return is required for business.
A business owned by one person that legally needs a DBA or business license. The
Sole Proprietorship
owner is responsible for liabilities, no separate tax needed (taxed once).
This is best for businesses concerned about liability protection. It has unlimited owners
Limitied-Liability Company (LLC) who aren't responsible for liabilities, and can choose how they want to be taxed. LLCs
cannot go public.
The amount an owner(s) would receive if their ownership interests in a business (stock)
Equitybuisness
Small (business)
were than
fewer sold.1,500
(The employees.
money the owner has left over)
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, 8/21/24, 9:34 PM
Using money from investors to finance a project in exchange for shares in the company.
Equity Funding
Can be used to raise working capitals.
money raised from within the firm, from operations or through the sale of ownership in
equity financing the firm (stock or venture capital). Advantage: there's no obligation to repay the money
acquired.
Piece work work paid for according to the amount produced.
A fixed regular payment, typically paid on a monthly or biweekly basis but often
Salary
expressed as an annual sum.
Hourly wage based on the amount of time worked (Minimum wage).
Commission An amount paid to an employee based on a percentage of the employee's sales.
1. Existence
2. Survival
Business cycle 3. Success
4. Take- Off
5. Maturity
1. Empathize: Research users needs
2. Define: State your users needs and problems
Elements of the design thinking process 3. Ideate: Challenge Assumptions and create idea
4. Prototype: Create solutions
5. Test: Try your solutions
Cheif Executive Officer (CEO) Highest ranking employee in the company; Reports to the board of directors.
Chief Financial Officer (CFO) Creates budgets, analyzes financial data, and forecast company profits. (Finances)
Chief Information Officer (CIO) Develops polices and structures to protect company data. (Technical)
Chief Operating Officer (COO) Oversees the day to day administrative functions of business. (Communications)
Lean Canvas A single-page business summary template created by Ash Maurya.
A slide presentation for potential investors that summarizes the key items of a business.
Pitch Deck The goals is to get investors attention. It is a highly visual slide presentation, and 10 to
20 slides.
A multi-page document describing and detailing a business. The goal is to get investors
Business Plan
to buy in. It is text based, and has 10 to 100 pages.
A summary of business assets (what the business owns) and liabilities (what the business
Balance Sheet owes). Mortgage and bank loans are liabilities. Equipment is long term assets, and
ESB Certification Test
An operational document that outlines a company's advertising strategy to generate
Marketing Plan
leads and reach its target market.
Behavioral Segment Benefits to customers based on their wants and needs.
Geographic Segment Where customers are located and how they can be reached.
Demographic Segment Statistical information about customers.
Psychographic Segment What customers think about value, and how they live their lives.
Is a warrant or licensed business with its own brand and trademark; such as McDonalds
Franchise
or cleaning services
Trademarks Protects brand names and logos used on goods and services.
Copyright Protects an original work such as art, writings, or music.
Patent protects an
inventory areinvention
current assets.
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