Social Science Business Business Management
ESB Certification Exam Study Guide
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CDFM MODULE 2 MGMT 320 Test 2 (2025) EXAM QUE... BA 1 - What is Business Administratio... BUSMH
Teacher 351 terms 64 terms Teacher 5 terms Teacher
Rony_Wuodi Preview shiftah123 Preview bubbleterm22 Preview kelv
Domain 1 Lesson 1
The key objective of a small business owner profits
is to generate ____
Entrepreneurs are willing to take on new risks
opportunities and unknown ____ to grow
their businesses rapidly
Tangible items that require pick-up or physical
delivery are ____ products
When a ____ purchases an item from a customer
business, it is a business-to-consumer
transaction
____ are for-profit corporations with limited S corporations
liability
____ are ideal for international businesses C corporations
The ____ oversees daily operational and Chief Operating Officer
administrative functions
A ____ votes on the management of a stockholder
company
____ employees are paid a fixed amount Salary
each pay period
Businesses can compensate employees for piece work
work they produce when being paid by ____
Businesses can offer ____ in addition to a equity
lower salary
, During the ____ stage of the business life survival
cycle, a company is regularly taking on new
customers and starting to generate a
consistent income
The owner may decide to sell their exit plan
ownership in the company during the ____
stage
The five elements of the design thinking empathize, define, ideate, prototype , and test
process are ____
____ allows one to see and experience a Empathy
customer's perspective
The design team creates multiple Minimum Viable Products
inexpensive versions of a product, known
as ____
Name benefits of a franchise less risk involved, tested operational processes, or recognized brands
No ownership, no US federal taxes Non-profit
Best for international business even with C corporation
being double-taxed
Easy to create but comes with unlimited Sole proprietorship
liability
Lower tax rate that prevents the company S corporation
from being double-taxed
Ideal for a single owner seeking low risk LLC (limited liability company)
Shared financial backing Partnership
Creates the company Founder
Oversees company finances CFO
Owns stock in the company Stockholder
Reports to the board of directors CEO
Oversees daily operational and COO
administrative functions Stakeholder Has a
vested interest in the success of the
company
Has a vested interest in the success of the Stakeholder
company
Non-cash compensation Equity
Set rate of pay for hours worked Hourly
Usually found in sales roles Commission
Set amount of pay in a given period Salary
List the correct order of the business life Existence, Survival, Success, Take-off, Resource maturity, Pivot or persist, Exit plan
cycle stages
Michael owns a small but profitable tech Exit Plan
company. He has been approached by a
larger company that wants to purchase his
business. In which business life cycle stage
is Michael?
ESB Certification Exam Study Guide
Save
Students also studied
Flashcard sets Study guides Practice tests
CDFM MODULE 2 MGMT 320 Test 2 (2025) EXAM QUE... BA 1 - What is Business Administratio... BUSMH
Teacher 351 terms 64 terms Teacher 5 terms Teacher
Rony_Wuodi Preview shiftah123 Preview bubbleterm22 Preview kelv
Domain 1 Lesson 1
The key objective of a small business owner profits
is to generate ____
Entrepreneurs are willing to take on new risks
opportunities and unknown ____ to grow
their businesses rapidly
Tangible items that require pick-up or physical
delivery are ____ products
When a ____ purchases an item from a customer
business, it is a business-to-consumer
transaction
____ are for-profit corporations with limited S corporations
liability
____ are ideal for international businesses C corporations
The ____ oversees daily operational and Chief Operating Officer
administrative functions
A ____ votes on the management of a stockholder
company
____ employees are paid a fixed amount Salary
each pay period
Businesses can compensate employees for piece work
work they produce when being paid by ____
Businesses can offer ____ in addition to a equity
lower salary
, During the ____ stage of the business life survival
cycle, a company is regularly taking on new
customers and starting to generate a
consistent income
The owner may decide to sell their exit plan
ownership in the company during the ____
stage
The five elements of the design thinking empathize, define, ideate, prototype , and test
process are ____
____ allows one to see and experience a Empathy
customer's perspective
The design team creates multiple Minimum Viable Products
inexpensive versions of a product, known
as ____
Name benefits of a franchise less risk involved, tested operational processes, or recognized brands
No ownership, no US federal taxes Non-profit
Best for international business even with C corporation
being double-taxed
Easy to create but comes with unlimited Sole proprietorship
liability
Lower tax rate that prevents the company S corporation
from being double-taxed
Ideal for a single owner seeking low risk LLC (limited liability company)
Shared financial backing Partnership
Creates the company Founder
Oversees company finances CFO
Owns stock in the company Stockholder
Reports to the board of directors CEO
Oversees daily operational and COO
administrative functions Stakeholder Has a
vested interest in the success of the
company
Has a vested interest in the success of the Stakeholder
company
Non-cash compensation Equity
Set rate of pay for hours worked Hourly
Usually found in sales roles Commission
Set amount of pay in a given period Salary
List the correct order of the business life Existence, Survival, Success, Take-off, Resource maturity, Pivot or persist, Exit plan
cycle stages
Michael owns a small but profitable tech Exit Plan
company. He has been approached by a
larger company that wants to purchase his
business. In which business life cycle stage
is Michael?
