ESB Domain 1 Review Questions and
Answers 100% Pass
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
COPYRIGHT © 2025 BY KATELYN WHITMAN, ALL RIGHTS RESERVED 1
, 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.
Empathize Stage - ✔✔Observe, engage, and empathize with customers to understand
their experiences and needs in this stage of the design thinking process.
Define Stage - ✔✔Analyze observations and information gathered during the
empathize stage during this stage of the design thinking process.
Ideate Stage - ✔✔The design team develops solution ideas to spark new ways of
thinking during this stage of the design thinking process.
COPYRIGHT © 2025 BY KATELYN WHITMAN, ALL RIGHTS RESERVED 2
Answers 100% Pass
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
COPYRIGHT © 2025 BY KATELYN WHITMAN, ALL RIGHTS RESERVED 1
, 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.
Empathize Stage - ✔✔Observe, engage, and empathize with customers to understand
their experiences and needs in this stage of the design thinking process.
Define Stage - ✔✔Analyze observations and information gathered during the
empathize stage during this stage of the design thinking process.
Ideate Stage - ✔✔The design team develops solution ideas to spark new ways of
thinking during this stage of the design thinking process.
COPYRIGHT © 2025 BY KATELYN WHITMAN, ALL RIGHTS RESERVED 2
