ESB Certification Test with Complete Solutions.
Entrepreneurship - Answer ✔️✔️-Setting up business with the aim to make profit.
B2B (business-to-business) - Answer ✔️✔️-Sells products and services directly to other
businesses. Normally requires a sales tax exemption certificate from the buyer.
B2C (business-to-consumer) - Answer ✔️✔️-Sells products and services directly to customer for
personal use.
Small buisness - Answer ✔️✔️-A small business is when a business has less than 35.5 million
dollars in revenue, and fewer than 1,500 employees.
S corporation(Small businesses) - Answer ✔️✔️-is a legal structure with 100 shareholders(U.S.
citizens only) MAX, who are not responsible for Liabilities. And they are only taxed once, and
there is a separate tax return for the business.
C Corporation (Companies) - Answer ✔️✔️-is a legal structure used for when the company plans
to sell stock to the public. It has unlimited shareholders (not responsible for liabilities) that are
taxed twice (corporates level and income received). A separate tax return is required for
business.
Sole Proprietorship - Answer ✔️✔️-A business owned by one person that legally needs a DBA or
business license. The owner is responsible for liabilities, no separate tax needed (taxed once).
Limitied-Liability Company (LLC) - Answer ✔️✔️-This is best for businesses concerned about
liability protection. It has unlimited owners who aren't responsible for liabilities, and can choose
how they want to be taxed. LLCs cannot go public.
Equity (business) - Answer ✔️✔️-The amount an owner(s) would receive if their ownership
interests in a business (stock) were sold. (The money the owner has left over)
Equity Funding - Answer ✔️✔️-Using money from investors to finance a project in exchange for
shares in the company. Can be used to raise working capitals.
, equity financing - Answer ✔️✔️-money raised from within the firm, from operations or through
the sale of ownership in the firm (stock or venture capital). Advantage: there's no obligation to
repay the money acquired.
Piece work - Answer ✔️✔️-work paid for according to the amount produced.
Salary - Answer ✔️✔️-A fixed regular payment, typically paid on a monthly or biweekly basis but
often expressed as an annual sum.
Hourly - Answer ✔️✔️-wage based on the amount of time worked (Minimum wage).
Commission - Answer ✔️✔️-An amount paid to an employee based on a percentage of the
employee's sales.
Business cycle - Answer ✔️✔️-1. Existence
2. Survival
3. Success
4. Take- Off
5. Maturity
Elements of the design thinking process - Answer ✔️✔️-1. Empathize: Research users needs
2. Define: State your users needs and problems
3. Ideate: Challenge Assumptions and create idea
4. Prototype: Create solutions
5. Test: Try your solutions
Cheif Executive Officer (CEO) - Answer ✔️✔️-Highest ranking employee in the company;
Reports to the board of directors.
Chief Financial Officer (CFO) - Answer ✔️✔️-Creates budgets, analyzes financial data, and
forecast company profits. (Finances)
Entrepreneurship - Answer ✔️✔️-Setting up business with the aim to make profit.
B2B (business-to-business) - Answer ✔️✔️-Sells products and services directly to other
businesses. Normally requires a sales tax exemption certificate from the buyer.
B2C (business-to-consumer) - Answer ✔️✔️-Sells products and services directly to customer for
personal use.
Small buisness - Answer ✔️✔️-A small business is when a business has less than 35.5 million
dollars in revenue, and fewer than 1,500 employees.
S corporation(Small businesses) - Answer ✔️✔️-is a legal structure with 100 shareholders(U.S.
citizens only) MAX, who are not responsible for Liabilities. And they are only taxed once, and
there is a separate tax return for the business.
C Corporation (Companies) - Answer ✔️✔️-is a legal structure used for when the company plans
to sell stock to the public. It has unlimited shareholders (not responsible for liabilities) that are
taxed twice (corporates level and income received). A separate tax return is required for
business.
Sole Proprietorship - Answer ✔️✔️-A business owned by one person that legally needs a DBA or
business license. The owner is responsible for liabilities, no separate tax needed (taxed once).
Limitied-Liability Company (LLC) - Answer ✔️✔️-This is best for businesses concerned about
liability protection. It has unlimited owners who aren't responsible for liabilities, and can choose
how they want to be taxed. LLCs cannot go public.
Equity (business) - Answer ✔️✔️-The amount an owner(s) would receive if their ownership
interests in a business (stock) were sold. (The money the owner has left over)
Equity Funding - Answer ✔️✔️-Using money from investors to finance a project in exchange for
shares in the company. Can be used to raise working capitals.
, equity financing - Answer ✔️✔️-money raised from within the firm, from operations or through
the sale of ownership in the firm (stock or venture capital). Advantage: there's no obligation to
repay the money acquired.
Piece work - Answer ✔️✔️-work paid for according to the amount produced.
Salary - Answer ✔️✔️-A fixed regular payment, typically paid on a monthly or biweekly basis but
often expressed as an annual sum.
Hourly - Answer ✔️✔️-wage based on the amount of time worked (Minimum wage).
Commission - Answer ✔️✔️-An amount paid to an employee based on a percentage of the
employee's sales.
Business cycle - Answer ✔️✔️-1. Existence
2. Survival
3. Success
4. Take- Off
5. Maturity
Elements of the design thinking process - Answer ✔️✔️-1. Empathize: Research users needs
2. Define: State your users needs and problems
3. Ideate: Challenge Assumptions and create idea
4. Prototype: Create solutions
5. Test: Try your solutions
Cheif Executive Officer (CEO) - Answer ✔️✔️-Highest ranking employee in the company;
Reports to the board of directors.
Chief Financial Officer (CFO) - Answer ✔️✔️-Creates budgets, analyzes financial data, and
forecast company profits. (Finances)
