ESB Certification Exam Review QUESTION AND
ANSWERS BEST EXAM PROVIDERES
James owns a restaurant with beginning cash balance of $5,000, $30,000 in
sales, $2,000 in utilities, $6,000 in loans and $4,000 in marketing. What is
James ending cash balance? - ANSWER: $24,800
Shelly owns a car dealership. She just received a shipment of teslas and paid
$70,000 for each one and wants to make 25%. What should her selling price be?
- ANSWER: $87,500
TRUE OR FALSE: Mortgage Payments are Long Term Liabilities - ANSWER:
True
Equipment is considered ... - ANSWER: a long term asset
ROI is calculated by ... - ANSWER: Net Profit / Cost of Investment X 100
Run Rate is calculated by ... - ANSWER: for one Current Revenue month X 12
Michelle owns a bakery shop. Her revenue at the end of last month was $6,000.
What is Michelle's run rate? - ANSWER: $72,000
Which of the following is a variable expense? - ANSWER p: commission
ayments
Anthony owns a bike shop. His monthly cost is $2,750.00. Each bike costs
$275.00. How many bikes does he have to sell to break even? - ANSWER: 10
How does an entrepreneur determine his / her selling price? - ANSWER:
selling price = cost X desired profit margin + cost
, ESB Certification Exam Review QUESTION AND
ANSWERS BEST EXAM PROVIDERES
TRUE OF FALSE: Equity = Assets + Liabilities - ANSWER: False
________ is the owner's remaining value after all liabilities have been deducted.
- ANSWER: Equity
Peter owns a barber shop. His total monthly cost is $3,500.00. He charges
$15.00 per hair cut. How many hair cuts must his shop perform to break-even? -
ANSWER: 234
TRUE OR FALSE: Fixed Costs change depending on the volume of production.
- ANSWER: False
Which 2 types of information may be found on a profit and loss statement? -
ANSWER: Revenue / Expenses
TRUE OR FALSE: Customer Retention Rate is the percentage of existing
customers who remain customers after a given period. Your customer retention
rate can help you better understand what keeps customers with your company. -
ANSWER: True
TRUE OR FALSE: Customer Retention Rate can also signal opportunities to
improve customer service - ANSWER: True
TRUE OR FALSE: Customer Acquisition refers to bringing in new customers -
or convincing people to buy your products - ANSWER: True
In which step of the sales process would you address customer concerns? -
ANSWER: Objection
ANSWERS BEST EXAM PROVIDERES
James owns a restaurant with beginning cash balance of $5,000, $30,000 in
sales, $2,000 in utilities, $6,000 in loans and $4,000 in marketing. What is
James ending cash balance? - ANSWER: $24,800
Shelly owns a car dealership. She just received a shipment of teslas and paid
$70,000 for each one and wants to make 25%. What should her selling price be?
- ANSWER: $87,500
TRUE OR FALSE: Mortgage Payments are Long Term Liabilities - ANSWER:
True
Equipment is considered ... - ANSWER: a long term asset
ROI is calculated by ... - ANSWER: Net Profit / Cost of Investment X 100
Run Rate is calculated by ... - ANSWER: for one Current Revenue month X 12
Michelle owns a bakery shop. Her revenue at the end of last month was $6,000.
What is Michelle's run rate? - ANSWER: $72,000
Which of the following is a variable expense? - ANSWER p: commission
ayments
Anthony owns a bike shop. His monthly cost is $2,750.00. Each bike costs
$275.00. How many bikes does he have to sell to break even? - ANSWER: 10
How does an entrepreneur determine his / her selling price? - ANSWER:
selling price = cost X desired profit margin + cost
, ESB Certification Exam Review QUESTION AND
ANSWERS BEST EXAM PROVIDERES
TRUE OF FALSE: Equity = Assets + Liabilities - ANSWER: False
________ is the owner's remaining value after all liabilities have been deducted.
- ANSWER: Equity
Peter owns a barber shop. His total monthly cost is $3,500.00. He charges
$15.00 per hair cut. How many hair cuts must his shop perform to break-even? -
ANSWER: 234
TRUE OR FALSE: Fixed Costs change depending on the volume of production.
- ANSWER: False
Which 2 types of information may be found on a profit and loss statement? -
ANSWER: Revenue / Expenses
TRUE OR FALSE: Customer Retention Rate is the percentage of existing
customers who remain customers after a given period. Your customer retention
rate can help you better understand what keeps customers with your company. -
ANSWER: True
TRUE OR FALSE: Customer Retention Rate can also signal opportunities to
improve customer service - ANSWER: True
TRUE OR FALSE: Customer Acquisition refers to bringing in new customers -
or convincing people to buy your products - ANSWER: True
In which step of the sales process would you address customer concerns? -
ANSWER: Objection
