ESB V.2 Practice Tests

ESB V.2 Practice Tests

Assessment

Flashcard

Business

9th - 12th Grade

Hard

Created by

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30 questions

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1.

FLASHCARD QUESTION

Front

What legal structure should you choose for your small business if you want to grow, sell shares to the public, and avoid personal responsibility for business liabilities? Options: Limited Liability Company, S-Corporation, C-Corporation, Sole Proprietorship.

Back

C-Corporation

Answer explanation

A C-Corporation is the best choice as it allows for growth, selling shares publicly, and limits personal liability. It can have foreign partners and provides the desired liability protection.

2.

FLASHCARD QUESTION

Front

Which of these is a characteristics of a successful entrepreneur mindset?
Options: Likes to argue, Lives in a dreamworld, Makes friends quickly, Doesn't give easily

Back

Doesn't give easily

Answer explanation

The correct characteristic of a successful entrepreneur mindset is that they don't give up easily, showing resilience and determination.

3.

FLASHCARD QUESTION

Front

Which is one of the greatest risks of being an entrepreneur? Options: Damage to reputation, Financial instability, No control over schedule, Loss of experience

Back

Financial instability

Answer explanation

Financial instability is one of the greatest risks of being an entrepreneur as it can lead to business failure and personal financial struggles.

4.

FLASHCARD QUESTION

Front

What is a primary benefit of starting a new business without purchasing a franchise or buying an existing business?

Back

Developing your own rules

Answer explanation

The primary benefit of starting a new business without purchasing a franchise or buying an existing business is developing your own rules, allowing for more flexibility and creativity in decision-making.

5.

FLASHCARD QUESTION

Front

What is Entrepreneurship?

Back

Setting up a business with the aim to make a profit

Answer explanation

Entrepreneurship is the act of setting up a business with the aim to make a profit, making it the correct choice among the options provided.

6.

FLASHCARD QUESTION

Front

What legal structure should you set up for your small business if you want benefits of large corporations, avoid double taxation, have four partners as shareholders, and seek protection from business liabilities? Options: Sole Proprietorship, C-Corporation, Limited Liability Company, S-Corporation

Back

S-Corporation

Answer explanation

An S-Corporation provides limited liability protection like a C-Corporation but avoids double taxation by passing income through to shareholders. It is suitable for small businesses with a few shareholders.

7.

FLASHCARD QUESTION

Front

An example of ________ compensation is paying field laborers for the amount of fruit they pick.

Back

Piece Work

Answer explanation

Piece Work compensation involves paying workers based on the quantity of work completed, such as paying field laborers for the amount of fruit they pick.

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