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ESB Domain 1 Review questions with verified detailed answers
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Partners - ✔✔members of a company who share the risks and profits of the business
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Franchise - ✔✔A business that takes its name and characteristics from an existing business
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chain
Stakeholder - ✔✔An individual with an interest in a business
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Prototype - ✔✔A preliminary product, commonly a product with minimum viability, from
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which to test and develop
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Service - ✔✔an intangivle service or skill that is performed
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Equity - ✔✔Non-cash compensations offered to employees in place of or in addition to a
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lower salary
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Stockholder - ✔✔An owner of one or more shares of a corporation
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Small Business - ✔✔A corporation, partnership, or sole proprietorship that is privately
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owned by one indivudal or a small group of people.
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Salary - ✔✔A fixed amount of money paid to an employee for each pay period.
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Product - ✔✔A tangible item
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Commission - ✔✔A fee paid to an employee for completing a task
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, 2
B2B - ✔✔A business to business commercial transaction between businesses
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Sole Proprietorship - ✔✔a business owned and managed by a single individual. There is
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unlimited liability. ||
Compensation - ✔✔A monetary amount given to employees in return for their work
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S Corporation - ✔✔a type of business that offers limited liability like a corporation and
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single taxation like a partnership, but no foreign investors are allowed
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Hourly Pay - ✔✔payment for services rendered based on the number of hours worked
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Piece work - ✔✔a worker paid a fixed rate for each unit produced
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CFO - ✔✔The chief financial officer is responsible for a business's finances.
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B2C - ✔✔the process in which businesses sell to consumers
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COO - ✔✔Chief Operating Officer is responsible for seeing the day to day administrative and
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operational functions.
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LLC - ✔✔limited liability company is ideal for a single owner seeking low risk.
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C Corporation - ✔✔A business structure that allows the company to pass its income, losses
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deductions and credits through its shareholders to decrease their taxation. Ideal for
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international businesses. There is double taxation. || || || || ||
ESB Domain 1 Review questions with verified detailed answers
|| || || || || || || ||
Partners - ✔✔members of a company who share the risks and profits of the business
|| || || || || || || || || || || || || ||
Franchise - ✔✔A business that takes its name and characteristics from an existing business
|| || || || || || || || || || || || || ||
chain
Stakeholder - ✔✔An individual with an interest in a business
|| || || || || || || || ||
Prototype - ✔✔A preliminary product, commonly a product with minimum viability, from
|| || || || || || || || || || || ||
which to test and develop
|| || || ||
Service - ✔✔an intangivle service or skill that is performed
|| || || || || || || || ||
Equity - ✔✔Non-cash compensations offered to employees in place of or in addition to a
|| || || || || || || || || || || || || || ||
lower salary
||
Stockholder - ✔✔An owner of one or more shares of a corporation
|| || || || || || || || || || ||
Small Business - ✔✔A corporation, partnership, or sole proprietorship that is privately
|| || || || || || || || || || || ||
owned by one indivudal or a small group of people.
|| || || || || || || || ||
Salary - ✔✔A fixed amount of money paid to an employee for each pay period.
|| || || || || || || || || || || || || ||
Product - ✔✔A tangible item
|| || || ||
Commission - ✔✔A fee paid to an employee for completing a task
|| || || || || || || || || || ||
, 2
B2B - ✔✔A business to business commercial transaction between businesses
|| || || || || || || || ||
Sole Proprietorship - ✔✔a business owned and managed by a single individual. There is
|| || || || || || || || || || || || || ||
unlimited liability. ||
Compensation - ✔✔A monetary amount given to employees in return for their work
|| || || || || || || || || || || ||
S Corporation - ✔✔a type of business that offers limited liability like a corporation and
|| || || || || || || || || || || || || || ||
single taxation like a partnership, but no foreign investors are allowed
|| || || || || || || || || ||
Hourly Pay - ✔✔payment for services rendered based on the number of hours worked
|| || || || || || || || || || || || ||
Piece work - ✔✔a worker paid a fixed rate for each unit produced
|| || || || || || || || || || || ||
CFO - ✔✔The chief financial officer is responsible for a business's finances.
|| || || || || || || || || || ||
B2C - ✔✔the process in which businesses sell to consumers
|| || || || || || || || ||
COO - ✔✔Chief Operating Officer is responsible for seeing the day to day administrative and
|| || || || || || || || || || || || || ||
operational functions.
|| ||
LLC - ✔✔limited liability company is ideal for a single owner seeking low risk.
|| || || || || || || || || || || || ||
C Corporation - ✔✔A business structure that allows the company to pass its income, losses
|| || || || || || || || || || || || || || ||
deductions and credits through its shareholders to decrease their taxation. Ideal for
|| || || || || || || || || || || ||
international businesses. There is double taxation. || || || || ||
