Which of the following is a school expectation? termination for three instances of being late, termination for three absences, one week Spring Break plus one week for Mardi Gras, termination for unsafe behavior

one week Spring Break plus one week for Mardi Gras

Which of the following is a work expectation? unsafe behaviors are treated with understanding and flexibility, serious lapses in self discipline are treated with understanding, repeated absences result in termination, occasional lateness or absences are ok

repeated absences result in termination

One advantage of establishing a new company as some type of corporation is:

may shield owners from liabilities of or judgments against the company

is used by companies to make sure they learn about the forms they need to file.

Bank loan applications require:

detailed and truthful responses to many detailed questions about a company and the owners

Compared to an online loan, a bank loan is:

usually available at a lower interest rate

Online loan applications require: less information than bank credit applications, more information than bank credit applications, the same amount of information as bank credit applications, no information about a company's owners

less information than bank credit applications

Which statement is true? Options: online credit is difficult to obtain, bank credit is hard to obtain but more affordable than online credit, bank credit is easy to obtain, online credit and bank credit carry the same interest rates

bank credit is hard to obtain but more affordable than online credit

The financial term "credit-worthy" refers to:

the financial assets or past payment record that demonstrates a company can borrow money

An account payable is:

money owed by the company to a supplier when the company purchases using credit

Advertising can be important for a new business because it:

provides customers with reasons to come to the company

An income statement indicates:

the amount of profits a company has earned

Total revenues minus total costs equals

contribution margin (or gross profit)

When launching a business, which is not a critical consideration? Options: differentiation, identifying critical individuals the company will hire to help the company operate effectively, identifying investors to be shareholders

the design of the company's front office floorplan

contributes equity to a company

funds invested in a business by shareholders

An example of a fixed cost is: wages paid to company employees, cost of goods sold for company products, rent payments to landlords of company stores, bonuses to the company president

rent payments to landlords of company stores

revenues minus all costs, including debt payments and taxes

money paid to a salesperson for completing a sale

Businesses should always set their prices:

so that projected revenues will exceed likely costs

The profit margin on an item the company sells can best be defined as:

price of the unit minus cost of good sold per unit

Which is a conflict of interest? Options: disclosing information requested by a government agency, disclosing information when given permission by the customer, disclosing secret information to a competitor of the company for a fee, maintaining the secrets told by a company to a lawyer or advisor

disclosing secret information to a competitor of the company for a fee

What is intellectual property?

non-physical assets that have business value

What is corporate social responsibility?

companies taking actions that improve their community even if they don't increase profits

Which of the following best defines self-motivation? Options: needing others to get you enthusiastic about work, needing others to help you show up for work on time, establishing goals and working hard to achieve them, going with the flow

establishing goals and working hard to achieve them

Characteristics of successful entrepreneurs include: unwilling to speak to groups, unwilling to talk with strangers, unwilling to analyze and solve a problem, unwilling to accept defeat easily

unwilling to accept defeat easily

Which is an entrepreneur? Options: a restaurant cook, a restaurant dishwasher, a restaurant cashier, a restaurant dishwasher that makes phone apps after work

a restaurant dishwasher that makes phone apps after work

Which is an entrepreneur? Options: a 10 year old who plays sports, a 12 year old who repairs and resells old clothing, a 15 year old McDonalds worker, a 20 year old who works at a factory

a 12 year old who repairs and resells old clothing

Which of the following best describe self-discipline? working hard as long as your supervisor tells you to, self command -- doing what you need to do even if it is hard, working according to a routine, allowing yourself flexibility in getting things done

self command -- doing what you need to do even if it is hard

Which of the following best describe grit? giving up on your dreams, following your dreams even when things get tough, not having dreams, lacking the energy or ability to work hard

following your dreams even when things get tough

One disadvantage of establishing a new company but not incorporating:

the company owners may be personally liable for financial or legal judgments

The financial term liability refers to

a debt or a loan a company must repay

Regional MEC Review 2

Flashcard

•

Business

•

11th - 12th Grade

•

Practice Problem

•

Hard

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56 questions

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FLASHCARD QUESTION

Front

Characteristics of successful entrepreneurs include: dependent on others, unfriendly, independent, hostile

Back

independent

FLASHCARD QUESTION

Front

Entrepreneurs exhibit the following behaviors: proactive, reactive, resentful, pessimistic

Back

proactive

FLASHCARD QUESTION

Front

Which of the following is an essential skill for a successful entrepreneur?
ability to react positively to unanticipated events,
inability to react positively to unanticipated events,
inability to communicate effectively in public,
ability to accept things the way they are

Back

ability to react positively to unanticipated events

FLASHCARD QUESTION

Front

Which of the following best describes grit? Options: the commitment to overcome all obstacles, being dirty or grimy, being unpleasant or mean, the willingness to delay getting things done

Back

the commitment to overcome all obstacles

FLASHCARD QUESTION

Front

Successful entrepreneurs can be described as: difference makers, lost, reactive, meek

Back

difference makers

FLASHCARD QUESTION

Front

Which is an entrepreneur? Options: the 12 year old with a snow cone stand at the end of the driveway, the government official, the waiter at the local restaurant, the convenience store clerk

Back

the 12 year old with a snow cone stand at the end of the driveway

FLASHCARD QUESTION

Front

Characteristics of successful entrepreneurs include: requiring instructions on routine matters, delivering timely results without being reminded, requires constant management attention, unable to meet deadlines

Back

delivering timely results without being reminded

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