Entre Gmetrix Lesson 2
Authored by Jala Bergeron
Life Skills
10th - 12th Grade
Used 16+ times
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21 questions
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1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
The owners of a repair shop are assessing the amount of money needed to start a business at a new location. The owners have calculated that the business will generate more than enough revenue to cover monthly expenses after its second month in operation.
Start-up expenses are estimated as:
Equipment lease (monthly): $3000
Materials and supplies (monthly): $20,000
Licensing (annual but paid as a lump sum upfront): $200
Payroll (monthly): $12,000
Advertising (monthly): $1000
Operating expenses (monthly): $2000
One-time Security Deposit: $1000
Contingency (to cover 10% of start-up investment)
What is the amount of start-up capital the partners will need to open the new repair shop?
$84,920
$85.920
$32,120
$29,200
$84,290
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The owner of a food truck plans to sell tacos to employees in a large office complex. Before opening his business, the owner will need to obtain which of the following documents from each employee to verify they have completed a course in food handling safety?
Certificate
Pass
License
Zoning Variance
Servsafe
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An entrepreneur wants to become the sole proprietor of a sandwich shop. She has no experience operating a retail business, but has great recipes for sandwiches and has tested her recipes with friends. She applies for a business loan at a bank. The bank has a standard 40% debt ratio.
She estimates her expenses will be $4000 per month and income of $8000 per month.
Based on the estimates provides by the entrepreneur, will the bank approve her loan?
No, because she has no experience
No, because her debt ratio is too high
Yes, because she will make twice as much as she needs to break even
Yes, because her field test have had a positive result
Yes, because she will make a profit of $4000
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The owner of a pet supply store wants to expand her business and by boarding animals. She has designed plans to add a 30' x 60' kennel onto the back of her retail building. She has checked the zoning and discovered a kennel would be allowed on her property.
What will she need to obtain before adding the kennel?
License
Certificate
Permit
Zoning Variance
5.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Which 2 options are benefits of using Angel Investors to help start a business? (choose 2)
Angels do not share in the profits of the business
The payback of the loan is predictable.
Angels have no say in the management of the business.
Angel investors do not expect to be paid until the business makes money.
Angels accepts lower return on investment compared to other sources of equity.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A beekeeper wants to start a seasonal business renting hives to farmers to pollinate their orchards. The beekeeper believes the business will cover its own costs after 3 months, and that start-up expenses will be $18,000.
A. Estimates Start-up Expenditures:________
B. Contingency Amount (10% of A.):________
C. Start-up Capital (A. - B.):_______
D. Required Cash Reserve (50% of C.): _______
E. Total Financing Required (C. - D.):______
What is Total Financing Required by the Beekeeper?
$18,000
$19,000
$36,000
$29,700
$27,900
7.
MULTIPLE SELECT QUESTION
2 mins • 1 pt
Which 2 options are benefits of using Angel Investors to help start a business? Choose 2
Angels do not share in the profits.
The payback of the loan is predictable.
Angel investors do not expect to be paid until the business makes money.
Angels often accept a lower return on the investment compared to other sources of equity capital.
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