ESB Certification Exam Review

$24,800

• 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?
• Which of the following are for-profit with limited liability?
• Michelle owns a bakery shop. Her revenue at the end of last month was $6,000. What is Michelle's run rate?
• Ella owns a tumbling gym. She complied a list of nearby competitors. What type of business would be an indirect competitor? a. gymnastic training center b. cheerleading gym c. trampoline park

$87,500

• 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?
• What marketing method is the most expensive?
• In which step of the sales process would you address customer concerns?
• Which protects an invention from being copied?

True

• TRUE OR FALSE: Mortgage Payments are Long Term Liabilities
• Which of the following is a variable expense?
• Which is more cost effective: getting new customers or keeping existing customers
• Alan just started a technology business. he is advertising online and trying to gain customers. He just finished working with his first client. In which business life cycle stage is Alan in?

a long term asset

• Equipment is considered ...
• What type of organization stores and ship products for businesses?
• A focus group was formed to provide opinions for a target market. What type of data is being collected from the focus group?
• A competitor with a business that sells different products or services but is similar enough to be competitive is a / an ...

Net Profit / Cost of Investment X 100

• ROI is calculated by ...
• In which step of the sales process would a potential customer be identified?
• A wholesaler purchases products, commonly in bulk, from the manufacturer and then turns around and sells the products to retailers who then sell the products to the end-users. Which indirect distribution level is this?
• During which phase might an owner decide to sell their ownership in a company?

Current Revenue for one month X 12

• Run Rate is calculated by ...
• Which are internal in a SWOT analysis?
• Alan just started a technology business. he is advertising online and trying to gain customers. He just finished working with his first client. In which business life cycle stage is Alan in?
• Equipment is considered ...

$72,000

• Michelle owns a bakery shop. Her revenue at the end of last month was $6,000. What is Michelle's run rate?
• What market segment shows how a customer views the world?
• 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?
• A focus group was formed to provide opinions for a target market. What type of data is being collected from the focus group?

commission payments

• Which of the following is a variable expense?
• Which protects an invention from being copied?
• The ______ is the amount of revenue required to cover expenses
• Which of the following are for-profit with limited liability?

10

• 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?
• Michelle owns a bakery shop. Her revenue at the end of last month was $6,000. What is Michelle's run rate?
• What is a disadvantage of being a sole proprietor?
• Alan just started a technology business. he is advertising online and trying to gain customers. He just finished working with his first client. In which business life cycle stage is Alan in?

selling price = cost X desired profit margin + cost

• How does an entrepreneur determine his / her selling price?
• 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.
• TRUE OR FALSE: Customer Retention Rate can also signal opportunities to improve customer service
• A competitor with a business that sells different products or services but is similar enough to be competitive is a / an ...