ESB Exam Study Guide Questions and
Answers 2024
Acquisition Cost - Correct Ans-the cost of obtaining data that you don't have
Contingency costs - Correct Ans-amount of money included to cover potential events
that are not specifically accounted for in a cost estimate
Variable Cost - Correct Ans-a cost that rises or falls depending on how much is
produced
fixed costs - Correct Ans-costs that do not vary with production or sales level
pro forma - Correct Ans-financial statement
Small Business Administration (SBA) - Correct Ans-government agency that helps small
business owners develop business plans and obtain financing
Limited Liability Company (LLC) - Correct Ans-a form of business ownership that offers
both limited liability to its owners and flexible tax treatment
S cooperation - Correct Ans-a small business entity that is created under state laws
liquid assets - Correct Ans-cash and items that can be quickly converted to cash
Assets - Correct Ans-resources owned by a business
dividend - Correct Ans-The portion of corporate profits paid out to stockholders
liability - Correct Ans-An amount owed by a business
Net Income - Correct Ans-the difference between total revenue and total expenses
when total revenue is greater
shareholder - Correct Ans-Individual who owns part of a corporation
account payable - Correct Ans-money owed for products and services purchased on
credit
Accounts Receivable - Correct Ans-Amounts to be received in the future due to the sale
of goods or services
Angel Investors - Correct Ans-individuals who invest in start-up companies with high
growth potential in exchange for a share of ownership
Answers 2024
Acquisition Cost - Correct Ans-the cost of obtaining data that you don't have
Contingency costs - Correct Ans-amount of money included to cover potential events
that are not specifically accounted for in a cost estimate
Variable Cost - Correct Ans-a cost that rises or falls depending on how much is
produced
fixed costs - Correct Ans-costs that do not vary with production or sales level
pro forma - Correct Ans-financial statement
Small Business Administration (SBA) - Correct Ans-government agency that helps small
business owners develop business plans and obtain financing
Limited Liability Company (LLC) - Correct Ans-a form of business ownership that offers
both limited liability to its owners and flexible tax treatment
S cooperation - Correct Ans-a small business entity that is created under state laws
liquid assets - Correct Ans-cash and items that can be quickly converted to cash
Assets - Correct Ans-resources owned by a business
dividend - Correct Ans-The portion of corporate profits paid out to stockholders
liability - Correct Ans-An amount owed by a business
Net Income - Correct Ans-the difference between total revenue and total expenses
when total revenue is greater
shareholder - Correct Ans-Individual who owns part of a corporation
account payable - Correct Ans-money owed for products and services purchased on
credit
Accounts Receivable - Correct Ans-Amounts to be received in the future due to the sale
of goods or services
Angel Investors - Correct Ans-individuals who invest in start-up companies with high
growth potential in exchange for a share of ownership
