Micro-Enterprise Test Prep

Robin has been working throughout the week to get ready for the store opening on Friday. The tiles for the entryway weren’t delivered on time, but Robin took the company van and picked up the tiles at the vendor’s warehouse. When the utility didn’t connect the electricity on Monday, Robin stayed on hold for an hour before finding a supervisor who sent a utility tech right away.

The type of entrepreneurial behavior that Robin has been exhibiting over the past week can best be described as:

• (a) independence

• (b) optimism

• (c) determination

• (d) computer literacy

Something of value

• liability

• asset

• debt

• equity

A person or a business with a strong credit score and the financial resources that make it like they will be able to pay any loan.

• collateral

• dividend

• credit-worthy

• net income

An obligation you have to pay someone else money.

• asset

• commissions

• lien

• liability

The right to take possession of collateral until a debt is repaid.

• collateral

• lien

• mortgage

• notes payable

The money a person borrows to buy real estate.

• mortgage

• lien

• notes payable

• maturity

The date a loan (or debt or liability) is repaid in full.

• securities

• lien

• credit-worthy

• maturity

An individual or company that owns shares in a company

• lien holder

• brokerage

• angel investors

• shareholder

Self-motivation

• The ability to find solutions to difficult or complex issues. The process of working through the details of a challenge or crisis--often under pressure--to reach a solution.
• An individual's self-commitment to overcome obstacles to achieve long-term goals. The ability to keep pursuing your dream despite challenges and defeats. Perseverance, resilience and backbone.
• The ability to pursue what you think is right or necessary to do despite temptations to quit. Self-command, persistence and resolve.
• The ability to pursue a task without being told to by someone else. Individuals who are self-motivated can find the strength to start and finish a task without giving up.

Grit

• The ability to find solutions to difficult or complex issues. The process of working through the details of a challenge or crisis--often under pressure--to reach a solution.
• An individual's self-commitment to overcome obstacles to achieve long-term goals. The ability to keep pursuing your dream despite challenges and defeats. Perseverance, resilience and backbone.
• Working with others to address a challenge. Individuals using their skills in harmony with others to complete a task. Effective team work involves trust among team members. Collaboration and cooperation.
• The ability to accurately convey information about what you are thinking, any questions you may have and what you feel needs to be accomplished to others. Both verbal (or spoken) and written communication skills are important.