ESB Certification Test 100% Correct!!
Entrepreneurship - ANSWERSSetting up business with the aim to make profit.
B2B (business-to-business) - ANSWERSSells products and services directly to other
businesses. Normally requires a sales tax exemption certificate from the buyer.
B2C (business-to-consumer) - ANSWERSSells products and services directly to
customer for personal use.
Small buisness - ANSWERSA small business is when a business has less than 35.5
million dollars in revenue, and fewer than 1,500 employees.
S corporation(Small businesses) - ANSWERSis a legal structure with 100
shareholders(U.S. citizens only) MAX, who are not responsible for Liabilities. And they
are only taxed once, and there is a separate tax return for the business.
C Corporation (Companies) - ANSWERSis a legal structure used for when the company
plans to sell stock to the public. It has unlimited shareholders (not responsible for
liabilities) that are taxed twice (corporates level and income received). A separate tax
return is required for business.
Sole Proprietorship - ANSWERSA business owned by one person that legally needs a
DBA or business license. The owner is responsible for liabilities, no separate tax
needed (taxed once).
Limitied-Liability Company (LLC) - ANSWERSThis is best for businesses concerned
about liability protection. It has unlimited owners who aren't responsible for liabilities,
and can choose how they want to be taxed. LLCs cannot go public.
Equity (business) - ANSWERSThe amount an owner(s) would receive if their ownership
interests in a business (stock) were sold. (The money the owner has left over)
Equity Funding - ANSWERSUsing money from investors to finance a project in
exchange for shares in the company. Can be used to raise working capitals.
equity financing - ANSWERSmoney raised from within the firm, from operations or
through the sale of ownership in the firm (stock or venture capital). Advantage: there's
no obligation to repay the money acquired.
Piece work - ANSWERSwork paid for according to the amount produced.
, Salary - ANSWERSA fixed regular payment, typically paid on a monthly or biweekly
basis but often expressed as an annual sum.
Hourly - ANSWERSwage based on the amount of time worked (Minimum wage).
Behavioral Segment - ANSWERSBenefits to customers based on their wants and
needs.
Geographic Segment - ANSWERSWhere customers are located and how they can be
reached.
Demographic Segment - ANSWERSStatistical information about customers.
Psychographic Segment - ANSWERSWhat customers think about value, and how they
live their lives.
Franchise - ANSWERSIs a warrant or licensed business with its own brand and
trademark; such as McDonalds or cleaning services
Trademarks - ANSWERSProtects brand names and logos used on goods and services.
Copyright - ANSWERSProtects an original work such as art, writings, or music.
Patent - ANSWERSprotects an invention
Trade Secret - ANSWERSInformation or a process that gives a business an advantage
over competitors who do not know the information or process.
Customer Relations Management (CRM) - ANSWERSSystem is most useful in helping
customer service support sales strategies because it ensures customers interactions via
email, live chat, and telephone.
Bundle Pricing Strategy - ANSWERSThe marketing of two or more products in a single
package price.
Price skimming - ANSWERSA pricing strategy that involves setting prices higher than
those of the competition then gradually lowering it.
Market penetration - ANSWERSStart at low and affordable prices and then slowly
increase your pricing.
Premium pricing - ANSWERSHigh quality products marketed to high-income
individuals.
Economy Pricing - ANSWERSTargeting customers looking to save as much money as
possible.
Entrepreneurship - ANSWERSSetting up business with the aim to make profit.
B2B (business-to-business) - ANSWERSSells products and services directly to other
businesses. Normally requires a sales tax exemption certificate from the buyer.
B2C (business-to-consumer) - ANSWERSSells products and services directly to
customer for personal use.
Small buisness - ANSWERSA small business is when a business has less than 35.5
million dollars in revenue, and fewer than 1,500 employees.
S corporation(Small businesses) - ANSWERSis a legal structure with 100
shareholders(U.S. citizens only) MAX, who are not responsible for Liabilities. And they
are only taxed once, and there is a separate tax return for the business.
C Corporation (Companies) - ANSWERSis a legal structure used for when the company
plans to sell stock to the public. It has unlimited shareholders (not responsible for
liabilities) that are taxed twice (corporates level and income received). A separate tax
return is required for business.
Sole Proprietorship - ANSWERSA business owned by one person that legally needs a
DBA or business license. The owner is responsible for liabilities, no separate tax
needed (taxed once).
Limitied-Liability Company (LLC) - ANSWERSThis is best for businesses concerned
about liability protection. It has unlimited owners who aren't responsible for liabilities,
and can choose how they want to be taxed. LLCs cannot go public.
Equity (business) - ANSWERSThe amount an owner(s) would receive if their ownership
interests in a business (stock) were sold. (The money the owner has left over)
Equity Funding - ANSWERSUsing money from investors to finance a project in
exchange for shares in the company. Can be used to raise working capitals.
equity financing - ANSWERSmoney raised from within the firm, from operations or
through the sale of ownership in the firm (stock or venture capital). Advantage: there's
no obligation to repay the money acquired.
Piece work - ANSWERSwork paid for according to the amount produced.
, Salary - ANSWERSA fixed regular payment, typically paid on a monthly or biweekly
basis but often expressed as an annual sum.
Hourly - ANSWERSwage based on the amount of time worked (Minimum wage).
Behavioral Segment - ANSWERSBenefits to customers based on their wants and
needs.
Geographic Segment - ANSWERSWhere customers are located and how they can be
reached.
Demographic Segment - ANSWERSStatistical information about customers.
Psychographic Segment - ANSWERSWhat customers think about value, and how they
live their lives.
Franchise - ANSWERSIs a warrant or licensed business with its own brand and
trademark; such as McDonalds or cleaning services
Trademarks - ANSWERSProtects brand names and logos used on goods and services.
Copyright - ANSWERSProtects an original work such as art, writings, or music.
Patent - ANSWERSprotects an invention
Trade Secret - ANSWERSInformation or a process that gives a business an advantage
over competitors who do not know the information or process.
Customer Relations Management (CRM) - ANSWERSSystem is most useful in helping
customer service support sales strategies because it ensures customers interactions via
email, live chat, and telephone.
Bundle Pricing Strategy - ANSWERSThe marketing of two or more products in a single
package price.
Price skimming - ANSWERSA pricing strategy that involves setting prices higher than
those of the competition then gradually lowering it.
Market penetration - ANSWERSStart at low and affordable prices and then slowly
increase your pricing.
Premium pricing - ANSWERSHigh quality products marketed to high-income
individuals.
Economy Pricing - ANSWERSTargeting customers looking to save as much money as
possible.
