ESB V2 Certification Practice 1

The key objective of a small business owner is to generate __________________.

Businesses sell _____________ and services.

• opportunities

• franchises

• products

• trademarks

Is best for international businesses, have limited liability, and are double taxed.

• General or Limited Partnership

• C Corporation

• S Corporation

• Sole Proprietorship or Partnership

• Limited Liability Corporation

_______________ employees are paid a fixed amount each pay period. [Business Compensation Structures]

• salaried

• partnership

• retail

• management

Business Life Cycle Stages

Stage 1 - When a business begins

• Existence

• Survival

• Success Stage

• Take-Off Stage

• Resourse Maturity Stage

Business Life Cycle Stages

Stage 2 - Income and customers begin to grow

• Existence

• Survival

• Success Stage

• Take-Off Stage

• Resourse Maturity Stage

Business Life Cycle Stages

Stage 4 - When an owner decides whether to continue growing the business and how to finance growth.

• Pivot or Persist

• Survival

• Exit Plan Stage

• Take-Off Stage

• Resourse Maturity Stage

A one page document covering problems, solutions, and key details of a business plan, costs and revenue.

• Business Plan

• Executive Summary

• Pitch Deck

• Lean Canvas

A brief overview of the business plan which outlines the business, what funding is needed, and financial projections

• Business Plan

• Executive Summary

• Pitch Deck

• Lean Canvas

Confidentiality or __________________ agreements are signed by employees, agreeing not to share trade secrets. [Using Licensed Materials]