ESB Certification Exam Study Guide
ESB CERTIFICATION EXAM STUDY GUIDE NEWEST 2025/2026
COMPLETE ALL QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW
VERSION!
The owner may decide to sell their ownership in the company during the ____
stage - ANSWER-exit plan
The five elements of the design thinking process are ____ - ANSWER-empathize,
define, ideate, prototype , and test
____ allows one to see and experience a customer's perspective - ANSWER-
Empathy
The design team creates multiple inexpensive versions of a product, known as
____ - ANSWER-Minimum Viable Products
Name benefits of a franchise - ANSWER-less risk involved, tested operational
processes, or recognized brands
The key objective of a small business owner is to generate ____ - ANSWER-profits
Entrepreneurs are willing to take on new opportunities and unknown ____ to
grow their businesses rapidly - ANSWER-risks
1|Page
, ESB Certification Exam Study Guide
Tangible items that require pick-up or delivery are ____ products - ANSWER-
physical
When a ____ purchases an item from a business, it is a business-to-consumer
transaction - ANSWER-customer
____ are for-profit corporations with limited liability - ANSWER-S corporations
____ are ideal for international businesses - ANSWER-C corporations
The ____ oversees daily operational and administrative functions - ANSWER-Chief
Operating Officer
A ____ votes on the management of a company - ANSWER-stockholder
____ employees are paid a fixed amount each pay period - ANSWER-Salary
Businesses can compensate employees for work they produce when being paid by
____ - ANSWER-piece work
Businesses can offer ____ in addition to a lower salary - ANSWER-equity
During the ____ stage of the business life cycle, a company is regularly taking on
new customers and starting to generate a consistent income - ANSWER-survival
2|Page
, ESB Certification Exam Study Guide
No ownership, no US federal taxes - ANSWER-Non-profit
Best for international business even with being double-taxed - ANSWER-C
corporation
Easy to create but comes with unlimited liability - ANSWER-Sole proprietorship
Lower tax rate that prevents the company from being double-taxed - ANSWER-S
corporation
Ideal for a single owner seeking low risk - ANSWER-LLC (limited liability company)
Shared financial backing - ANSWER-Partnership
Creates the company - ANSWER-Founder
Oversees company finances - ANSWER-CFO
Owns stock in the company - ANSWER-Stockholder
Reports to the board of directors - ANSWER-CEO
3|Page
ESB CERTIFICATION EXAM STUDY GUIDE NEWEST 2025/2026
COMPLETE ALL QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW
VERSION!
The owner may decide to sell their ownership in the company during the ____
stage - ANSWER-exit plan
The five elements of the design thinking process are ____ - ANSWER-empathize,
define, ideate, prototype , and test
____ allows one to see and experience a customer's perspective - ANSWER-
Empathy
The design team creates multiple inexpensive versions of a product, known as
____ - ANSWER-Minimum Viable Products
Name benefits of a franchise - ANSWER-less risk involved, tested operational
processes, or recognized brands
The key objective of a small business owner is to generate ____ - ANSWER-profits
Entrepreneurs are willing to take on new opportunities and unknown ____ to
grow their businesses rapidly - ANSWER-risks
1|Page
, ESB Certification Exam Study Guide
Tangible items that require pick-up or delivery are ____ products - ANSWER-
physical
When a ____ purchases an item from a business, it is a business-to-consumer
transaction - ANSWER-customer
____ are for-profit corporations with limited liability - ANSWER-S corporations
____ are ideal for international businesses - ANSWER-C corporations
The ____ oversees daily operational and administrative functions - ANSWER-Chief
Operating Officer
A ____ votes on the management of a company - ANSWER-stockholder
____ employees are paid a fixed amount each pay period - ANSWER-Salary
Businesses can compensate employees for work they produce when being paid by
____ - ANSWER-piece work
Businesses can offer ____ in addition to a lower salary - ANSWER-equity
During the ____ stage of the business life cycle, a company is regularly taking on
new customers and starting to generate a consistent income - ANSWER-survival
2|Page
, ESB Certification Exam Study Guide
No ownership, no US federal taxes - ANSWER-Non-profit
Best for international business even with being double-taxed - ANSWER-C
corporation
Easy to create but comes with unlimited liability - ANSWER-Sole proprietorship
Lower tax rate that prevents the company from being double-taxed - ANSWER-S
corporation
Ideal for a single owner seeking low risk - ANSWER-LLC (limited liability company)
Shared financial backing - ANSWER-Partnership
Creates the company - ANSWER-Founder
Oversees company finances - ANSWER-CFO
Owns stock in the company - ANSWER-Stockholder
Reports to the board of directors - ANSWER-CEO
3|Page
