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WorksheetsMicroEnterprise Practice 1
Total questions: 50
Worksheet time: 2hrs 40mins
Name
Class
Date
1.
A characteristic a successful entrepreneur may exhibit is
a)
self discipline
b)
arrogance
c)
sarcasm
d)
rudeness
2.
A successful entrepreneur can be described as
a)
willing to accept defeat
b)
comfortable with strangers
c)
quiet
d)
uncomfortable with strangers
3.
Which person would be considered an entrepreneur?
a)
a salon manager
b)
a salon owner
c)
a salon receptionist
d)
a salon patron
4.
Business leaders may exhibit the following characteristic
a)
grit
b)
shyness
c)
aggressivness
d)
passiveness
5.
Self-discipline can best be described as
a)
doing what needs to be done without being told
b)
doing only what you are told
c)
working only when others work
d)
doing only one thing at a time
6.
A small business leader may have the following skill:
a)
only accepting positive feedback
b)
follow a strict routine
c)
accepting feedback even if it's not positive
d)
speaking to only other business owners
7.
A successful entrepreneur will
a)
be satisfied with average results
b)
accept no advise
c)
accept good advise
d)
accept failure
8.
Which is a work expectation:
a)
being late occasionally
b)
never showing up on time
c)
always showing up on time
d)
attendance doesn't matter
9.
Are the expectations for work different then school?
a)
Yes, thay are more serious
b)
Yes, they are less serious
c)
No, they are the same as school
d)
Unsure if they are different
10.
Do the expectations for being self motivated differ in work vs. school?
a)
Not really
b)
Yes, you must be more self motivated at work
c)
Yes, you do not need to be as motivated at work
d)
No, it requires that same amount of motivation
11.
Which is a state government agency?
a)
Internal Revenue Service (IRS)
b)
Department of Defense (DOD)
c)
Louisiana Secretary of State
d)
St. Martin Parish Clerk of Court
12.
What is a registered agent?
a)
A person who sells real estate
b)
A person who handles legal documets
c)
A family member
d)
A person who woeks for the post office
13.
The geauxBIZ portal was created by the
a)
Louisiana Secretary of State
b)
Internal Revenue Service
c)
St. Martin Parish Court House
d)
OSHA
14.
Which is a federal government agency?
a)
Department of Motor Vehicles
b)
Louisiana State Board of Cosmetology
c)
Department of Health and Hospitals
d)
Social Security Administration
15.
A debt that a person makes regular payments on is called
a)
stocks
b)
bonds
c)
an advance
d)
an obligation
16.
The most expensive form of debt is
a)
an online loan
b)
a bank loan
c)
a family loan
d)
a mutual fund
17.
The least expensive form of debt is
a)
a bank loan
b)
from angel investors
c)
an online loan
d)
a credit card loan
18.
Being credit worthy means
a)
you have a good credit record
b)
you have a low credit score
c)
you have a credit score of 100
d)
You can get all the money you want
19.
Angel investors are
a)
deceased
b)
loan officers
c)
family and friends
d)
private
20.
Bank loans
a)
require only a little information
b)
need only the owners information
c)
require lots of information
d)
need only the company information
21.
Online credit applications
a)
take a very long time to complete
b)
can be completed quickly
c)
need a lot of personal information
d)
are only available to certain businesses
22.
A guarantor refers to
a)
a person who will pay the loan if a company cannot
b)
a person who will sign legal documents
c)
a person who works for the company
d)
the person who owns the company
23.
An example of a fixed cost is
a)
food
b)
gas
c)
electricity
d)
rent
24.
An employee
a)
owns the business
b)
gets paid to perform a job
c)
must purchase company stocks
d)
must work 40 hours per week
25.
To determine the break-even analysis
a)
a company must file a claim on broken items
b)
a company must determine how many units to sell to get its money back on a purchase
c)
a company must have an even number of employees
d)
all employees must compete in company events
26.
Juliet sells makeup at a department store. She gets paid by how much makeup she sells. The payment is called:
a)
premiums
b)
revenues
c)
stocks
d)
commission
27.
When a company takes actions that benefit the company and the community it is known as:
a)
social responsibility
b)
selfishness
c)
irresponsibilty
d)
greed
28.
When a company or person owes money to another company or person it is a/an
a)
account payable
b)
account receivable
c)
corrispondense
d)
loan
29.
When a company collects money from another company or person is a/an
a)
account payable
b)
account receivable
c)
correspondence
d)
loan
30.
The amount of money that a business can borrow from a bank is called
a)
loan amount
b)
total obligation
c)
line of credit
d)
investment
31.
What is an asset?
a)
Someone who is important in your town
b)
Something of value
c)
Something to sit on
d)
A type of loan
32.
A document that shows a projection of future revenues is
a)
a proforma
b)
a contract
c)
a mutual fund
d)
an overdraft
33.
What is inventory?
a)
The product of your imagination
b)
The work you have to do at home
c)
The merchandise that you sells
d)
Something you invented
34.
A characteristic a successful entrepreneur may exhibit is
a)
determination
b)
arrogance
c)
sarcasm
d)
rudeness
35.
An example of a fixed cost is
a)
a monthly water bill
b)
the amount of gas you pay to get to and from work
c)
rent
d)
laundry costs
36.
JaNaisha is getting ready to have a sale on styling products in her salon to make room for a new line that she wants to bring in. In order to move this product quickly, JaNaisha must inform the salon patrons on it's benefits in 30 seconds or less. What is JaNaisha doing?
a)
Lying to sell her product.
b)
Giving her products away.
c)
Being pushy and rude.
d)
Giving an elevator speech.
37.
Which statement is true?
a)
Online credit is less expensive then bank credit.
b)
Online credit is just as expensive as bank credit.
c)
Online credit is more expensive then bank credit.
d)
Online loans do not count as credit.
38.
Does a low credit score represent good credit?
a)
Yes, because it means you don't owe a lot.
b)
No, because higher numbers mean better credit.
c)
Yes, because you never charge things.
d)
I really don't know.
39.
Fixed costs plus variable costs means
a)
increasing costs
b)
incomplete costs
c)
total costs
d)
trade costs
40.
An entrepreneur exhibits the important skill of
a)
problem solving
b)
teamwork
c)
leadership
d)
all of the above
41.
The hard work a small business owner invests to improve his/her business is called
a)
sweat equity
b)
total equity
c)
target market
d)
total investments
42.
The fee that a credit company may charge to receive a loan.
a)
Finance charge
b)
Inspection fee
c)
Origination fee
d)
Application charge
43.
The exact customer base you want to do business with.
a)
Target market
b)
Super market
c)
Everyone
d)
Only women
44.
Funds contributed to a business by investors is called
a)
bonds
b)
capital
c)
assets
d)
payments
45.
The act of making your business different that a competitor is called
a)
elevation
b)
continuation
c)
expectation
d)
differentiation
46.
Failure to repay a loan is
a)
to go bankrupt
b)
to default
c)
to go to jail
d)
to have extra money
47.
The 12 month period that a business uses to report financial results is
a)
a calendar year
b)
a tax year
c)
a physical year
d)
a fiscal year
48.
Treating stakeholders as the entrepreneur hopes to be treated.
a)
Antagonism.
b)
With fairness.
c)
With apprehension.
d)
Without reason.
49.
Required paperwork that a company must file is called
a)
a bank statement
b)
a loan report
c)
extra paper
d)
legal filings
50.
A person who coaches and supports an entrepreneur is known as
a)
a mentor
b)
a boss
c)
a parent
d)
an employee
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