ESB Certification Exam Study Guide questions and answers Qs The key objective of a small business owner is to generate ____ - n ANS profits Qs Entrepreneurs are willing to take on new opportunities and unknown ____ to grow their businesses rapidly -

ESB Certification Exam Study Guide
questions and answers
Qs
The key objective of a small business owner is to generate ____ - n
ANS✔
profits


Qs
Entrepreneurs are willing to take on new opportunities and unknown ____ to grow
their businesses rapidly - n
ANS✔
risks


Qs
Tangible items that require pick-up or delivery are ____ products - n
ANS✔
physical


Qs
When a ____ purchases an item from a business, it is a business-to-consumer
transaction - n
ANS✔
customer


Qs
____ are for-profit corporations with limited liability - n
ANS✔
S corporations

,Qs
____ are ideal for international businesses - n
ANS✔
C corporations


Qs
The ____ oversees daily operational and administrative functions - n
ANS✔
Chief Operating Officer


Qs
A ____ votes on the management of a company - n
ANS✔
stockholder


Qs
____ employees are paid a fixed amount each pay period - n
ANS✔
Salary


Qs
Businesses can compensate employees for work they produce when being paid by
____ - n
ANS✔
piece work


Qs
Businesses can offer ____ in addition to a lower salary - n
ANS✔
equity

,Qs
During the ____ stage of the business life cycle, a company is regularly taking on
new customers and starting to generate a consistent income - n
ANS✔
survival


Qs
The owner may decide to sell their ownership in the company during the ____ stage
-n
ANS✔
exit plan


Qs
The five elements of the design thinking process are ____ - n
ANS✔
empathize, define, ideate, prototype , and test


Qs
____ allows one to see and experience a customer's perspective - n
ANS✔
Empathy


Qs
The design team creates multiple inexpensive versions of a product, known as ____
-n
ANS✔
Minimum Viable Products


Qs
Name benefits of a franchise - n

, ANS✔
less risk involved, tested operational processes, or recognized brands


Qs
No ownership, no US federal taxes - n
ANS✔
Non-profit


Qs
Best for international business even with being double-taxed - n
ANS✔
C corporation


Qs
Easy to create but comes with unlimited liability - n
ANS✔
Sole proprietorship


Qs
Lower tax rate that prevents the company from being double-taxed - n
ANS✔
S corporation


Qs
Ideal for a single owner seeking low risk - n
ANS✔
LLC (limited liability company)


Qs
Shared financial backing - n