ESB Practice Exam 2

What is the maximum sales amount for a business to be considered a small business?

• 10 million

• 20 million

• 35.5 million

• 50 million

What does 'B2B' stand for?

• Business to Business

• Business to Buyer

• Buyer to Buyer

• Buyer to Business

What does B2C stand for?

• A) Business to Company

• B) Business to Consumer/Customer

• C) Business to Corporation

• D) Business to Client

What is an S-Corp?

• For smaller US businesses, lower taxes, taxed once, up to 100 shareholders.

• Shareholders can be from other countries, taxed twice, best for international companies.

• Personal tax rate, single owner, low risk.

• Easy to create but comes with unlimited liability – Risky.

What is a C-Corp?

• For smaller US businesses, lower taxes, taxed once, up to 100 shareholders.

• Shareholders can be from other countries, taxed twice, best for international companies.

• Personal tax rate, single owner, low risk.

• Easy to create but comes with unlimited liability – Risky.

What is an LLC?

• For smaller US businesses, lower taxes, taxed once, up to 100 shareholders.

• Shareholders can be from other countries, taxed twice, best for international companies.

• Personal tax rate, single owner, low risk.

• Easy to create but comes with unlimited liability – Risky.

What is a Sole Proprietorship?

• For smaller US businesses, lower taxes, taxed once, up to 100 shareholders.

• Shareholders can be from other countries, taxed twice, best for international companies.

• Personal tax rate, single owner, low risk.

• Easy to create but comes with unlimited liability – Risky.

What is a Partnership?

• Shared financial backing.

• A type of corporation.

• A sole proprietorship.

• An individual investment.

What is a Non-Profit?

• No ownership, pays NO taxes.

• Owned by shareholders, pays taxes.

• Operates for profit, pays taxes.

• Government-owned, pays taxes.

What is the role of the CEO in a company?

• Handles Finances and Budgeting

• IT & data

• Highest ranking in the company

• 2nd in charge