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ESB V2 Final Exam Review 1 Flashcards | StudBud
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ESB V2 Final Exam Review 1
ESB V2 Final Exam Review 1
21 terms
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Flashcards
21 cards
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Questions
21
Answers
1
The highest ranked employee in a company is the CFO.
False
True
2
A legal structure which is NOT taxed twice, has benefits as larger corporations and has limited liability protection.
C-Corporation
S-Corporation
Limited Liability Company
Sole Proprietorship
3
Which is not true about C-corporations?
Ideal for international businesses.
Have a single layer of taxation.
The company's profits are taxed when earned.
The shareholder dividends are taxed after they are distributed.
4
Individuals that have an interest in the success of a company.
Investors
Employees
All of the above
Customers
5
Tangible items are...
Physical products that require pick up or delivery.
Do not have shipping costs.
Can not be bought online.
Do not need space to store.
6
Setting up a business with the aim to make a profit.
Entrepreneurship
Socialism
Marxism
Capitalism
7
A _____ employee receives a set amount of pay each month w/o overtime compensation for extra hours worked.
Piece Work
Commission
Hourly
Salaried
8
Oversees the business's day to day operational and administrative functions.
CFO
COO
CEO
CIO
9
Type of compensation where you get paid for how many units you produce.
Commission
Piece work
Salary
Hourly
10
Sole proprietorship has limited personal liability.
True
False
11
Purchases requiring a tax exemption certificate would most likely be B2B
False
True
12
Hourly pay is when an employee is paid for how much time they worked.
False
True
13
Used to protect creative works: Art, Literature and Music
Trademark
Patent
Trade Secrets
Copyright
14
Going to Publix for a sub sandwich is a B2C transaction
False
True
15
Dropbox, Grammarly, ebook and e-gift cards are examples of...
things you can hold
tangible goods
things that require a physical location to store.
intangible goods
16
Protects a company's practice, process or formulas from being shared with other competitors.
Trademark
Patent
Trade Secret
Copyright
17
Protects inventions
Copyright
Patents
Trademark
Trade Secrets
18
Protects brand names, logos and business names
Trade Secrets
Trademark
Copyright
Patent
19
The founder owns equity in a company.
True
False
20
To be considered a small business you need to:
Make less than $350,000 per year
Have a catchy name
Have fewer than 1,500 employees
Have a street side shop
21
An employee who is paid a percentage of a sale is paid by commission.
True
False
