ESB Practice Test 1

Front

What is Entrepreneurship?

Back

Setting up a business with the aim to make a profit.

Front

Which is a true statement about an S-Corporation? Options: Unlimited shareholders are allowed. Shareholders are not personally responsible for business liabilities. The owner is personally responsible for business liabilities. Unlimited owners are allowed.

Back

Shareholders are not personally responsible for business liabilities.

Front

Which business structure has only one owner?

Back

Sole Proprietorship

Front

What is the first stage of the business cycle?

Back

Existence

Front

During the Design Thinking Process, which element has you state your users' needs and problems?

Back

Define

Front

In general, which two characteristics define a "small" business? Options: No more than $200,000 in sales, Non-profit, S-Corporation, Fewer than 1,500 employees

Back

Fewer than 1,500 employees

Front

Which business management role is the highest-ranking employee in the company?

Back

CEO

Front

Which business management role creates budgets, analyzes financial data, and forecasts company profits?

Back

CFO

Front

Which business management role oversees the day-to-day administrative functions of a business?

Back

COO

Front

What type of e-commerce product is a movie from a streaming service?

Back

Digital