ESB Domain 1 Review Questions and
Answers 2024
Partners - ANSWER-members of a company who share the risks and profits of the
business
Franchise - ANSWER-A business that takes its name and characteristics from an
existing business chain
Stakeholder - ANSWER-An individual with an interest in a business
Prototype - ANSWER-A preliminary product, commonly a product with minimum
viability, from which to test and develop
Service - ANSWER-an intangivle service or skill that is performed
Equity - ANSWER-Non-cash compensations offered to employees in place of or in
addition to a lower salary
Stockholder - ANSWER-An owner of one or more shares of a corporation
Small Business - ANSWER-A corporation, partnership, or sole proprietorship that is
privately owned by one indivudal or a small group of people.
Salary - ANSWER-A fixed amount of money paid to an employee for each pay period.
Product - ANSWER-A tangible item
Commission - ANSWER-A fee paid to an employee for completing a task
B2B - ANSWER-A business to business commercial transaction between businesses
Sole Proprietorship - ANSWER-a business owned and managed by a single individual.
There is unlimited liability.
Compensation - ANSWER-A monetary amount given to employees in return for their
work
S Corporation - ANSWER-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 - ANSWER-payment for services rendered based on the number of hours
worked
Answers 2024
Partners - ANSWER-members of a company who share the risks and profits of the
business
Franchise - ANSWER-A business that takes its name and characteristics from an
existing business chain
Stakeholder - ANSWER-An individual with an interest in a business
Prototype - ANSWER-A preliminary product, commonly a product with minimum
viability, from which to test and develop
Service - ANSWER-an intangivle service or skill that is performed
Equity - ANSWER-Non-cash compensations offered to employees in place of or in
addition to a lower salary
Stockholder - ANSWER-An owner of one or more shares of a corporation
Small Business - ANSWER-A corporation, partnership, or sole proprietorship that is
privately owned by one indivudal or a small group of people.
Salary - ANSWER-A fixed amount of money paid to an employee for each pay period.
Product - ANSWER-A tangible item
Commission - ANSWER-A fee paid to an employee for completing a task
B2B - ANSWER-A business to business commercial transaction between businesses
Sole Proprietorship - ANSWER-a business owned and managed by a single individual.
There is unlimited liability.
Compensation - ANSWER-A monetary amount given to employees in return for their
work
S Corporation - ANSWER-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 - ANSWER-payment for services rendered based on the number of hours
worked
