ESB Certification Exam Study Guide Questions And Answers Well Illustrated .
8 views 0 purchase
Course
ESB Certification
Institution
ESB Certification
ESB Certification Exam Study Guide Questions And Answers Well Illustrated .
Domain 1 Lesson 1 - correct answer.
The key objective of a small business owner is to generate ____ - correct answer. profits
Entrepreneurs are willing to take on new opportunities and unknown ____...
ESB Certification Exam Study Guide
Questions And Answers Well Illustrated
2024-2025.
Domain 1 Lesson 1 - correct answer.
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)
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
List the correct order of the business life cycle stages - correct answer. Existence,
Survival, Success, Take-off, Resource maturity, Pivot or persist, Exit plan
Michael owns a small but profitable tech company. He has been approached by a larger
company that wants to purchase his business. In which business life cycle stage is
Michael? - correct answer. Exit Plan
Bill just started a new graphic design business. He is advertising online and trying to
gain customers. He just finished working with his first client. In which business life cycle
stage is Bill? - correct answer. Existence
Stephanie started a new flower shop last year. She has a good customer base and
money coming in. In which business life cycle stage is Stephanie? - correct answer.
Survival
List the correct order of the design thinking process - correct answer. Empathize,
Define, Ideate, Prototype, Test
During which stage of the design thinking process will the design team create multiple
inexpensive product versions? - correct answer. Prototype
During which stage of the design thinking process is a problem statement formed? -
correct answer. Define
Which stage of the design thinking process involves learning about customers'
challenges? - correct answer. Empathize
Domain 1 Lesson 2 - correct answer.
____ is the amount of loss one is willing to take when making an investment decision -
correct answer. Risk tolerance
Having a ____ mindset means believing that one can accomplish anything through hard
work - correct answer. growth
An example of an ____ risk is a natural disaster - correct answer. environmental
A business opportunity is an ____ that lets a buyer start a business - correct answer.
investment
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 techgrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
