Entrepreneurship Quiz

All the following are entrepreneurial steps to start up a business except?

• Develop your Launch Plan

• Visit the geauxBIZ portal to register your business

• Determine your marketing and selling strategies

• Identify and quantify your target market

Which of the following best describes an entrepreneur?

• an IT tech who works for the Secretary of State

• an IT tech who works for the parish

• an IT tech who works 90 hours a week

• an IT tech who works as a small business consultant after hours

Which best describes self-discipline?

• quitting early

• working late and taking the next day off

• working late and showing up for work on time the next day

• leaving work on schedule regardless of circumstances

Toni is about to launch a new business. The bank originally turned down her application for a $20,000 loan, but she found a loan guarantor and received a $15,000 loan that still enabled her to purchase most of her equipment. When the equipment distributor didn’t have one piece of equipment her salon needed, Toni found used equipment at a $3,000 savings and drove her brother’s pick-up to go fetch the equipment. Tomorrow Toni is going to help out on the worksite because the crew is a day behind and Toni wants to open on time. The type of entrepreneurial behavior that Toni has been exhibiting can best be described as:

• pessimism

• determination

• computer literacy

• comfort engaging with team members

George has a passion for construction. His desires are to become one of the best architect and hopefully own his building construction firm. Which of the following below would NOT be a suitable characteristic for Leo to possess in order to become a successful entrepreneur?

• grit

• determination

• physical strength

• self-discipline

How is the workplace expectation for vacation time different than the high school expectation?

• students take more vacation than employees

• employees take more vacation than students

• both expect to take two months off during the summer

• employees are penalized for taking vacation they’ve earned

Which of the following is a work expectation?

• self-discipline is optional

• repeated absences result in warning

• employees can make up work after hours if the arrive late

• being on time every day without exception is mandatory

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

• may shield the owners from liabilities of or judgments against the company

• may reduce paperwork filed with the Louisiana Department of Revenue

• guarantees a first-year profit

• may reduce paperwork filed with the Small Business Administration

The government agency that helps start-ups determine which paperwork they must complete is:

• the Internal Revenue Service

• Louisiana Economic Development through FastStart

• LouisianaLouisiana Workforce Commission through its Start Jobs system

• Louisiana Secretary of State through the geauxBIZ portal

Which is a federal government agency?

• Small Claims Court

• Louisiana Department of Revenue (LDR)

• Chamber of Commerce

• Small Business Administration (SBA)