ESB Certification Exam Review 2024
Questions & Answers | 100% Correct |
Verified
James owns a restaurant with beginning cash balance of $5,000, $30,000 in sales, $2,000 in utilities,
$6,000 in loans and $4,000 in marketing. What is James ending cash balance? - ✔✔$24,800
Shelly owns a car dealership. She just received a shipment of teslas and paid $70,000 for each one and
wants to make 25%. What should her selling price be? - ✔✔$87,500
TRUE OR FALSE: Mortgage Payments are Long Term Liabilities - ✔✔True
Equipment is considered ... - ✔✔a long term asset
ROI is calculated by ... - ✔✔Net Profit / Cost of Investment X 100
Run Rate is calculated by ... - ✔✔Current Revenue for one month X 12
Michelle owns a bakery shop. Her revenue at the end of last month was $6,000. What is Michelle's run
rate? - ✔✔$72,000
Which of the following is a variable expense? - ✔✔commission payments
Anthony owns a bike shop. His monthly cost is $2,750.00. Each bike costs $275.00. How many bikes does
he have to sell to break even? - ✔✔10
How does an entrepreneur determine his / her selling price? - ✔✔selling price = cost X desired profit
margin + cost
, TRUE OF FALSE: Equity = Assets + Liabilities - ✔✔False
________ is the owner's remaining value after all liabilities have been deducted. - ✔✔Equity
Peter owns a barber shop. His total monthly cost is $3,500.00. He charges $15.00 per hair cut. How many
hair cuts must his shop perform to break-even? - ✔✔234
TRUE OR FALSE: Fixed Costs change depending on the volume of production. - ✔✔False
Which 2 types of information may be found on a profit and loss statement? - ✔✔Revenue / Expenses
TRUE OR FALSE: Customer Retention Rate is the percentage of existing customers who remain customers
after a given period. Your customer retention rate can help you better understand what keeps customers
with your company. - ✔✔True
TRUE OR FALSE: Customer Retention Rate can also signal opportunities to improve customer service -
✔✔True
TRUE OR FALSE: Customer Acquisition refers to bringing in new customers - or convincing people to buy
your products - ✔✔True
In which step of the sales process would you address customer concerns? - ✔✔Objection
In which step of the sales process would a customer decide to make a purchase - ✔✔Closing
In which step of the sales process would a potential customer be identified? - ✔✔Prospecting
What is a disadvantage of being a sole proprietor? - ✔✔Unlimited Liability
During which phase might an owner decide to sell their ownership in a company? - ✔✔Exit
Questions & Answers | 100% Correct |
Verified
James owns a restaurant with beginning cash balance of $5,000, $30,000 in sales, $2,000 in utilities,
$6,000 in loans and $4,000 in marketing. What is James ending cash balance? - ✔✔$24,800
Shelly owns a car dealership. She just received a shipment of teslas and paid $70,000 for each one and
wants to make 25%. What should her selling price be? - ✔✔$87,500
TRUE OR FALSE: Mortgage Payments are Long Term Liabilities - ✔✔True
Equipment is considered ... - ✔✔a long term asset
ROI is calculated by ... - ✔✔Net Profit / Cost of Investment X 100
Run Rate is calculated by ... - ✔✔Current Revenue for one month X 12
Michelle owns a bakery shop. Her revenue at the end of last month was $6,000. What is Michelle's run
rate? - ✔✔$72,000
Which of the following is a variable expense? - ✔✔commission payments
Anthony owns a bike shop. His monthly cost is $2,750.00. Each bike costs $275.00. How many bikes does
he have to sell to break even? - ✔✔10
How does an entrepreneur determine his / her selling price? - ✔✔selling price = cost X desired profit
margin + cost
, TRUE OF FALSE: Equity = Assets + Liabilities - ✔✔False
________ is the owner's remaining value after all liabilities have been deducted. - ✔✔Equity
Peter owns a barber shop. His total monthly cost is $3,500.00. He charges $15.00 per hair cut. How many
hair cuts must his shop perform to break-even? - ✔✔234
TRUE OR FALSE: Fixed Costs change depending on the volume of production. - ✔✔False
Which 2 types of information may be found on a profit and loss statement? - ✔✔Revenue / Expenses
TRUE OR FALSE: Customer Retention Rate is the percentage of existing customers who remain customers
after a given period. Your customer retention rate can help you better understand what keeps customers
with your company. - ✔✔True
TRUE OR FALSE: Customer Retention Rate can also signal opportunities to improve customer service -
✔✔True
TRUE OR FALSE: Customer Acquisition refers to bringing in new customers - or convincing people to buy
your products - ✔✔True
In which step of the sales process would you address customer concerns? - ✔✔Objection
In which step of the sales process would a customer decide to make a purchase - ✔✔Closing
In which step of the sales process would a potential customer be identified? - ✔✔Prospecting
What is a disadvantage of being a sole proprietor? - ✔✔Unlimited Liability
During which phase might an owner decide to sell their ownership in a company? - ✔✔Exit
