Which of the following best defines self-motivation?

ability to start and finish a task without giving up despite obstacles that might arise

ability to ignore directions and do things your way

ability to follow directions effectively to arrive at a desired result

ability to develop a plan to get something done

Which best describes self-discipline?

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

working late and taking the next day off

leaving work on schedule regardless of circumstances

Amari has had a frustrating week. One of the new employees hired just last week showed up late her first two days, and another didn’t even show up one of his scheduled days. Amari talked patiently with both of them in the hope that they could turn their situation around and become valuable team members. Unfortunately, at the same time the bank returned the credit application that took Amari hours to fill out with requests for additional information. Amari had to find the time to find that information and send the application back to the bank. Finally, Amari really wanted to watch the The Voice on television tonight, but decided to stay in the store until closing because the store is short-staffed. The type of entrepreneurial behavior that Amari has been exhibiting can best be described as:

comfort engaging with strangers

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:

comfort engaging with team members

Which of the following is a school expectation:

perfect attendance or expulsion / termination

driving and texting results in expulsion / termination

Which of the following is a work expectation:

serious consequences for failures in self-discipline

unsafe behaviors are addressed tolerantly

coming into contact with strangers during a typical day is unusual

Is the workplace expectation for being on-time different than the high school expectation?

Yes – being late for work carries greater penalties than being late at school

Yes – being late at school carries greater penalties than being late for work

No – the expectations for being on-time are the same at work and at high school

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

students take more vacation than employees

both expect to take two months off during the summer

employees take more vacation than students

employees are penalized for taking vacation they’ve earned

Which of the following is a work expectation?

being on time every day without exception is mandatory

repeated absences result in warning

employees can make up work after hours if the arrive late

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

ability to shield owners from liabilities of or judgments against the company

reduces paperwork the owners have to complete

guarantees the company will be profitable

The government agency that enables companies to register to do business in the state of Louisiana is:

Department of Commercial Licenses

Which of the following is a state government agency:

Louisiana Economic Development (LED)

Secretary of State Militia (SSM)

Small Business Administration (SBA)

What is a “registered agent?”

an individual responsible for receiving legal documents

an advertising agency representative

The geauxBIZ portal is:

a Louisiana Secretary of State website entrepreneurs use to register a company

a Louisiana Revenue website businesses use to pay taxes

a Louisiana Workforce Commission small business owners use to hire employees

a joint state and federal website for filing IRS forms

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

Louisiana Secretary of State through the geauxBIZ portal

Louisiana Economic Development through FastStart

Louisiana Workforce Commission through its Start Jobs system

Which is a federal government agency?

Small Business Administration (SBA)

Louisiana Department of Revenue (LDR)

The financial term liability refers to:

a debt or a loan a company must repay

a weakness in the company’s financial structure

the ability of the company to raise funds

the ability of the company to secure loans

Compared to a bank loan, an online loan is:

less expensive (lower interest rate)

only for companies in certain industries

approximately equal in terms of interest rates

The maturity of a loan is:

the timeframe by which the borrower must repay the loan

how long it takes to receive loan approval from the bank

the balance of an outstanding loan

is a credit-worthy individual or business responsible for repaying a loan if the debtholder cannot

must be a business or individual located in-state

assumes no legal responsibilities

Bank loan applications:

can be intimidating, complex and detailed

can only be completed in the presence of a banker during regular work hours

easier to obtain but more expensive than bank loans

only available to companies in a limited number of industries

easier to obtain and less expensive than bank loans

easier to obtain and about the same cost as a bank loan

Loan applications require:

applicants to provide personal and business information that must be truthful

applicants to offer a guarantee to take whatever loan terms are offered

applicants to pay for the right to submit an application

One critical difference between bank loans and online loans is:

the amount of information the applicant must provide

applicants only have to be completely truthful on a bank loan application

none – they are pretty much the same

the amount of money the applicant can request

How does a guarantor help an entrepreneur trying to launch a new business?

co-sign for a loan, helping the entrepreneur qualify for bank credit

co-develop social media postings

cooperate in developing a job descriptions

The term “maturity” refers to:

the date when the final loan payment will be made and the loan balance will be zero

the number of years described in a business plan

the emotional intelligence of a business owner

Bank debt versus online credit:

bank debt is better for long-term investments

bank debt is more expensive for business owners

bank debt is easier to obtain for business owners

bank debt is pretty much the same as online credit

Alex is having a hard time securing a $30,000 loan for the new business. The bank is very impressed with Alex’s business plan but unfortunately Alex’s credit score is low. With a low credit score the bank won’t loan Alex the money necessary to get the new business launched. Alex has qualified for a $50,000 online loan but the terms are very expensive and would make it hard for the company to become profitable. One next step Alex might consider is:

finding a mentor / guarantor who will help secure the $30,000 loan

borrow only $30,000 in an online loan

filing a new business name with the Secretary of State’s geauxBIZ portal

Parker needs money to expand the warehouse. By expanding the warehouse the company will be able to carry a lot more inventory, which will make it possible for them to fill more customer orders much more quickly. This expansion will cost approximately $150,000 in construction costs. Purchasing the additional inventory will cost $50,000. Over the next two years Parker believes this will increase sales 20% and profitability 25%. What type of financing should Parker seek?

none – the numbers indicate this will not be a profitable expansion

Consuelo’s gift store has an opportunity that will disappear if they don’t move quickly. A competitor is moving to another state and they’ve offered to sell Consuelo their inventory at 25% of retail value. Consuelo has inspected the inventory – it’s in perfect condition and includes all of the most popular items that Consuelo’s store sells every day. In the upcoming holiday season 60 days away Consuelo is sure the store can sell pretty much all of this inventory. Unfortunately this offer is only open for 48 hours – after that, the competitor will sell to another buyer. What type of financing should Consuelo seek?

none – the numbers indicate this will not be a profitable business decision

To determine whether a business opportunity is realistic, the entrepreneur must:

determine how much capital is required to launch the business

determine the corporate officers of the competitors

determine the color scheme of the company’s proposed logo

determine how the company will advertise

The fixed costs of a business:

are the same no matter how many customers the business serves

include the cost of production materials

A business plan has the following purpose:

describes in detail how the company’s product or service will be differentiated versus its competition

serves as collateral that a company can take to a bank to secure guaranteed loans

serves as a required filing with the Internal Revenue Service

describes in detail how the company will set up its headquarters office

Businesses should always set their prices:

to reflect the value of their goods or services, not just their costs

lower than their competitors’ prices

low enough so that revenues are below variable expenses

higher than their competitors’ prices

Pricing strategies may include:

maximizing revenues for different products using different price points

maximizing debt through effective loan applications

maximizing units sold through effective advertising themes

completing audited financial statements

Advertising can be important for a new business because it:

communicates a differentiated message to your target customers

allows the new business to set up a network of distributors

is a low-cost method to increase revenues

takes primary financial responsibility for the risk of the business venture

is responsible for contributing equity to the business

When launching a business, which is NOT a critical consideration?

what type of bank account the company will use

how the new company’s product or service is different from or better than competitor products or services

identifying team members with important skills the new business can hire

A company balance sheet is the single report that best indicates:

monthly debt payments and outstanding debt obligations

Micro Enterprise Regional Exam Prep

Authored by MIA BOULLION

Business

11th Grade

Used 5+ times

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68 questions

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MULTIPLE CHOICE QUESTION

1 min • 1 pt

Characteristics of successful entrepreneurs include:

grit

submission

self-importance

short attention span

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which is an entrepreneur?

an adult who started cutting grass as a pre-teen and now runs a gardening business with a sibling

a manager of the biggest chain grocery store in town

the bank CEO who started out as a teller 30 years ago

the convenience store clerk

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Characteristics of successful entrepreneurs include:

optimism

pessimism

territorial

ineffective

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Entrepreneurial problem solvers exhibit the following behaviors:

comfort performing under pressure

ability to forget important details

loyalty to standard practices

comfort conceding defeat

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Self-discipline can best be defined as:

persistence

perspective

prediction

prescription

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Characteristics of successful entrepreneurs include:

independence

interpretation

indifference

ingratitude

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

ability to interact in a friendly and effective way with people you don’t know

ability to complete complicated mathematical functions in your head

ability to use hand tools

ability to intimidate others

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Micro Enterprise Regional Exam Prep

Characteristics of successful entrepreneurs include:

Which is an entrepreneur?

Characteristics of successful entrepreneurs include:

Entrepreneurial problem solvers exhibit the following behaviors:

Self-discipline can best be defined as:

Characteristics of successful entrepreneurs include:

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

Which of the following best defines self-motivation?

Which is an entrepreneur?

Successful entrepreneurs can be described as:

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