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ESB V2 Final Exam Review Flashcards | StudBud
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ESB V2 Final Exam Review
ESB V2 Final Exam Review
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1
Oversees the business's day to day operational and administrative functions.
COO
CFO
CEO
CIO
2
To be considered a small business you need to:
Have fewer than 1,500 employees
Have a catchy name
Make less than $350,000 per year
Have a street side shop
3
Inexpensive versions of the product is known as...
Prototype
MVP (minimum viable product)
Cheap
Knock-off
4
Tangible items are...
Do not need space to store.
Physical products that require pick up or delivery.
Can not be bought online.
Do not have shipping costs.
5
Type of compensation where you get paid for how many units you produce.
Commission
Salary
Hourly
Piece work
6
The highest ranked employee in a company is the CFO.
True
False
7
Which is not true about C-corporations?
The company's profits are taxed when earned.
Have a single layer of taxation.
The shareholder dividends are taxed after they are distributed.
Ideal for international businesses.
8
The first stage of the business life cycle is...
Take-off
Success
Survival
Existence
9
The founder owns equity in a company.
False
True
10
Hourly pay is most effected by minimum wage laws.
True
False
11
Sole proprietorship has limited personal liability.
True
False
12
Unlike entrepreneurship, small business owners are not always interested in taking on new business...
products
opportunities
clients
employees
13
Individuals that have an interest in the success of a company.
Customers
All of the above
Investors
Employees
14
Dropbox, Grammarly, ebook and e-gift cards are examples of...
things you can hold
tangible goods
intangible goods
things that require a physical location to store.
15
A disadvantage of S-Corporations is that they have very strict qualification requirements.
False
True
