ESB Prep 1 & 2 Review

Which equation will correctly help you find profit?

• Revenue - Expenses

• Revenue + Expenses

• Expenses - Revenue

• Revenue x Expenses

Which of the following is NOT a characteristic of Entrepreneurs that we discussed?

• Adaptable

• Reckless

• Responsible

• Tenacious

Which of the following characteristics does not help identify a business opportunity?

• Price

• Quality

• Location

• Advertising

Sonic and Dairy Queen are examples of...

• Direct Competition

• Indirect Competition

• No Competition

Gatorade and Dr. Pepper are examples of....

• Direct Competition

• Indirect Competition

• No Competition

Nike and Home Depot are examples of...

• Direct Competition

• Indirect Competition

• No Competition

A carsalesman who receives 10% of the amount of every car he sells is an example of what type of pay?

• Hourly

• Salary

• Commision

• Piecework

A garment worker who gets paid $500 for every 100 pairs of pants they sew is an example of what type of pay?

• Hourly

• Salary

• Commission

• Piecework

A teacher who gets paid $50,000 per year is an example of what type of pay?

• Hourly

• Salary

• Piecework

• Commission

Which type of legal business structure can choose how they want to be taxed?

• Sole Proprietorship

• LLC

• S-Corporation

• C-Corporation