ESB Exam Study Guide 2023-2024 with
Complete Solutions
Acquisition Cost - ANSWER-the cost of obtaining data that you don't have
Contingency costs - ANSWER-amount of money included to cover potential events that
are not specifically accounted for in a cost estimate
Variable Cost - ANSWER-a cost that rises or falls depending on how much is produced
fixed costs - ANSWER-costs that do not vary with production or sales level
pro forma - ANSWER-financial statement
Small Business Administration (SBA) - ANSWER-government agency that helps small
business owners develop business plans and obtain financing
Limited Liability Company (LLC) - ANSWER-a form of business ownership that offers
both limited liability to its owners and flexible tax treatment
S cooperation - ANSWER-a small business entity that is created under state laws
liquid assets - ANSWER-cash and items that can be quickly converted to cash
Assets - ANSWER-resources owned by a business
dividend - ANSWER-The portion of corporate profits paid out to stockholders
liability - ANSWER-An amount owed by a business
Net Income - ANSWER-the difference between total revenue and total expenses when
total revenue is greater
shareholder - ANSWER-Individual who owns part of a corporation
account payable - ANSWER-money owed for products and services purchased on
credit
Accounts Receivable - ANSWER-Amounts to be received in the future due to the sale of
goods or services
Complete Solutions
Acquisition Cost - ANSWER-the cost of obtaining data that you don't have
Contingency costs - ANSWER-amount of money included to cover potential events that
are not specifically accounted for in a cost estimate
Variable Cost - ANSWER-a cost that rises or falls depending on how much is produced
fixed costs - ANSWER-costs that do not vary with production or sales level
pro forma - ANSWER-financial statement
Small Business Administration (SBA) - ANSWER-government agency that helps small
business owners develop business plans and obtain financing
Limited Liability Company (LLC) - ANSWER-a form of business ownership that offers
both limited liability to its owners and flexible tax treatment
S cooperation - ANSWER-a small business entity that is created under state laws
liquid assets - ANSWER-cash and items that can be quickly converted to cash
Assets - ANSWER-resources owned by a business
dividend - ANSWER-The portion of corporate profits paid out to stockholders
liability - ANSWER-An amount owed by a business
Net Income - ANSWER-the difference between total revenue and total expenses when
total revenue is greater
shareholder - ANSWER-Individual who owns part of a corporation
account payable - ANSWER-money owed for products and services purchased on
credit
Accounts Receivable - ANSWER-Amounts to be received in the future due to the sale of
goods or services
