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Exam (elaborations)

Exam Objectives for ESB V.2 (1)

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Exam Objectives for ESB V.2 (1)

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Gastro-Urinary Pathophysiology
Course
Gastro-Urinary Pathophysiology

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Exam Objectives for ESB V.2
Define entrepreneurship - ANS-Setting up a business with the aim to make a profit.

Define small business - ANS-*Fewer than 1,500 employees and less than $35.5 million revenue
- any independently owned and operated business that is not dominant in its competitive area.

What are the types of businesses? - ANS-sole proprietorship, partnership, corporation

What is a sole proprietorship? - ANS-business owned and operated by one person

What is partnership? - ANS-a business owned by two or more people

What is a C corporation? - ANS-C corporation pays the taxes, then dividend paid to
shareholders. Shareholders pay taxes on income so taxed twice. If need many shareholders,
need C corporation.

NOTE: double taxed

What is S corporation? - ANS-S corporation passes income through to owners and owners pay
income tax (100 shareholders max)

NOTE: not double taxed

What is Limited Liability Company (LLC)? - ANS-
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