MEC Practice Test (from coaching reports)

Pat has been saving for two years in order to afford a used food truck. Yesterday Pat saw a new food truck on sale for just $5,000 more than the price for the used truck included in the business pro forma for his bank loan. He really wants this truck but will not have enough money so he tries to figure out a way to get the extra money. He look back at his proforma to see where he might be able to cut expenses. Pat is exhibiting what type of behavior?

• problem solving

• problem avoidance

• computer literacy

• financial statement anaylis

Characteristics of successful entrepreneurs include:

• arrogance

• selfishness

• self-discipline

• being irresponsible

Entrepreneurs exhibit the following behaviors:

• self-starter

• follower

• pessimism

• hesitance to work with others

Which of the following is an essential skill for a successful entrepreneur and small business leader?

• 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

Which of the following best defines grit?

• complacency, the ability to stay disengaged when things are stressful

• following directions carefully

• tenacity, the commitment to get things done even when its difficult

• working hard when someone tells you to work hard

Which of the following best defines self-motivation?

• needing others to get you enthusiastic about working

• needing others to help you show up for work on time

• establishing goals and working hard to achieve them

• going with the flow

Successful entrepreneurs can be described as:

• isolated

• change agents

• reactive

• passive

Which of the following best defines self-discipline?

• persistence and resolve

• panic in the face of trouble

• indifference

• ability to do what you're told

Which is a entrepreneur?

• a 12 year old with a snow cone stand

• a government official

• a waiter at the local restaurant

• a convenience store clerk

Fallah knew there just wasn't enough money to keep the business healthy without reducing costs dramatically. But every single employee was valuable - they were all long-time employees, almost lifetime. Fallah decides that he wanted to have a meeting with all the employees to see if there were other ways that the company could cut costs.

• comfort engaging with strangers

• effective communication skills

• problem solving with team members serving as effective decision makers of the business

• computer literacy and negotiating skills