ESB Certification Exam Study Guide
Study online at https://quizlet.com/_d17s8m
1. Domain 1 Lesson 1
2. The key objective of a small business profits
owner is to generate ____
3. Entrepreneurs are willing to take on risks
new opportunities and unknown ____
to grow their businesses rapidly
4. Tangible items that require pick-up physical
or delivery are ____ products
5. When a ____ purchases an item from customer
a business, it is a business-to-con-
sumer transaction
6. ____ are for-profit corporations with S corporations
limited liability
7. ____ are ideal for international busi- C corporations
nesses
8. The ____ oversees daily operational Chief Operating Officer
and administrative functions
9. A ____ votes on the management of a stockholder
company
10. ____ employees are paid a fixed Salary
amount each pay period
11. Businesses can compensate employ- piece work
ees for work they produce when be-
ing paid by ____
, ESB Certification Exam Study Guide
Study online at https://quizlet.com/_d17s8m
12. Businesses can offer ____ in addition equity
to a lower salary
13. During the ____ stage of the business survival
life cycle, a company is regularly tak-
ing on new customers and starting to
generate a consistent income
14. The owner may decide to sell their exit plan
ownership in the company during
the ____ stage
15. The five elements of the design think- empathize, define, ideate, prototype , and test
ing process are ____
16. ____ allows one to see and experience Empathy
a customer's perspective
17. The design team creates multiple Minimum Viable Products
inexpensive versions of a product,
known as ____
18. Name benefits of a franchise less risk involved, tested operational processes, or
recognized brands
19. No ownership, no US federal taxes Non-profit
20. Best for international business even C corporation
with being double-taxed
21. Easy to create but comes with unlim- Sole proprietorship
ited liability
, ESB Certification Exam Study Guide
Study online at https://quizlet.com/_d17s8m
22. Lower tax rate that prevents the com- S corporation
pany from being double-taxed
23. Ideal for a single owner seeking low LLC (limited liability company)
risk
24. Shared financial backing Partnership
25. Creates the company Founder
26. Oversees company finances CFO
27. Owns stock in the company Stockholder
28. Reports to the board of directors CEO
29. Oversees daily operational and ad- COO
ministrative functions Stakeholder
Has a vested interest in the success
of the company
30. Has a vested interest in the success Stakeholder
of the company
31. Non-cash compensation Equity
32. Set rate of pay for hours worked Hourly
33. Usually found in sales roles Commission
34. Set amount of pay in a given period Salary
35. List the correct order of the business Existence, Survival, Success, Take-off, Resource ma-
life cycle stages turity, Pivot or persist, Exit plan
Study online at https://quizlet.com/_d17s8m
1. Domain 1 Lesson 1
2. The key objective of a small business profits
owner is to generate ____
3. Entrepreneurs are willing to take on risks
new opportunities and unknown ____
to grow their businesses rapidly
4. Tangible items that require pick-up physical
or delivery are ____ products
5. When a ____ purchases an item from customer
a business, it is a business-to-con-
sumer transaction
6. ____ are for-profit corporations with S corporations
limited liability
7. ____ are ideal for international busi- C corporations
nesses
8. The ____ oversees daily operational Chief Operating Officer
and administrative functions
9. A ____ votes on the management of a stockholder
company
10. ____ employees are paid a fixed Salary
amount each pay period
11. Businesses can compensate employ- piece work
ees for work they produce when be-
ing paid by ____
, ESB Certification Exam Study Guide
Study online at https://quizlet.com/_d17s8m
12. Businesses can offer ____ in addition equity
to a lower salary
13. During the ____ stage of the business survival
life cycle, a company is regularly tak-
ing on new customers and starting to
generate a consistent income
14. The owner may decide to sell their exit plan
ownership in the company during
the ____ stage
15. The five elements of the design think- empathize, define, ideate, prototype , and test
ing process are ____
16. ____ allows one to see and experience Empathy
a customer's perspective
17. The design team creates multiple Minimum Viable Products
inexpensive versions of a product,
known as ____
18. Name benefits of a franchise less risk involved, tested operational processes, or
recognized brands
19. No ownership, no US federal taxes Non-profit
20. Best for international business even C corporation
with being double-taxed
21. Easy to create but comes with unlim- Sole proprietorship
ited liability
, ESB Certification Exam Study Guide
Study online at https://quizlet.com/_d17s8m
22. Lower tax rate that prevents the com- S corporation
pany from being double-taxed
23. Ideal for a single owner seeking low LLC (limited liability company)
risk
24. Shared financial backing Partnership
25. Creates the company Founder
26. Oversees company finances CFO
27. Owns stock in the company Stockholder
28. Reports to the board of directors CEO
29. Oversees daily operational and ad- COO
ministrative functions Stakeholder
Has a vested interest in the success
of the company
30. Has a vested interest in the success Stakeholder
of the company
31. Non-cash compensation Equity
32. Set rate of pay for hours worked Hourly
33. Usually found in sales roles Commission
34. Set amount of pay in a given period Salary
35. List the correct order of the business Existence, Survival, Success, Take-off, Resource ma-
life cycle stages turity, Pivot or persist, Exit plan
