WorksheetsRegional MEC Review Game
Total questions: 68
Worksheet time: 37mins
Characteristics of successful entrepreneurs include:
grit
submission
self-importance
short attention span
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 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:
independence
optimism
determination
computer literacy
Which is an entrepreneur?
a manager of the biggest chain grocery store in town
a bank CEO who started out as a teller 30 years ago
an adult who started cutting grass as a pre-teen and now runs a gardening business with a sibling
a convenience store clerk
Characteristics of successful entrepreneurs include:
pessimism
territorial
optimism
ineffective
Entrepreneurial problem solvers exhibit the following behaviors:
comfort performing under pressure
ability to forget important details
loyalty to standard practices
comfort conceding defeat
Self-discipline can best be defined as:
perspective
persistence
prediction
prescription
Amari really wanted to watch 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:
financial literacy
self-discipline
comfort engaging with strangers
pessimism
Characteristics of successful entrepreneurs include:
interpretation
indifference
ingratitude
independence
Which of the following is an essential skill for a successful entrepreneur and small business leader?
ability to complete complicated mathematical functions in your head
ability to use hand tools
ability to intimidate others
ability to interact in a friendly and effective way with people you don't know
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 is an entrepreneur?
a woman who designs and makes her own line of clothing and sells them to her friends
a corporate Vice President of human relations
a parking lot attendant
a state government official
Successful entrepreneurs can be described as:
lone wolves
change agents
reactive
passive
Which of the following is a school expectation?
perfect attendance or expulsion / termination
driving and texting results in expulsion / termination
two weeks of vacation
two months of summer vacation
Which of the following is a work expectation?
unsafe behaviors are addressed tolerantly
serious consequences for failures in self-discipline
OK not to worry about a budget
coming into contact with strangers during a typical day is unusual
Is the workplace expectation for being on-time difference than the high school expectation?
Yes - being late at school carries greater penalties than being late for work
Yes - being late for work carries greater penalties than being late at school
No - the expectations for being on-time are the same at work and at high school
Unclear
One advantage of establishing a new company as some type of a corporation is:
reduces paperwork the owners have to complete
guarantees the company will be profitable
guarantees higher revenues
ability to shield owners from liabilities of or judgments against the company
The government agency that enables companies to register to do business in the state of Louisiana is:
Department of Commercial Licenses
Secretary of State
Workforce Commission
Internal Revenue Service
Which of the following is a state government agency?
Secretary of State Militia
Department of Defense
Small Business Administration
Louisiana Economic Development
What is a registered agent?
a government official
an advertising agency representative
an officer of the court
an individual responsible for receiving legal documents
The geauxBIZ portal is:
a Lousiana Revenue website businesses use to pay taxes
a Louisiana Secretary of State website entrepreneurs use to register a company
a Louisiana Workforce Commission small business owners use to hire employees
a joint state and federal website for filing IRS forms
The financial term liability refers to:
a weakness in the company's financial structure
the ability of the company to raise funds
the ability of the company to secure loans
a debt or a loan a company must repay
Compared to a bank loan, an online loan is:
much easier to obtain
less expensive
only for companies in certain industries
approximately equal in terms of interest rates
Which factors reduce the cost of borrowing from a bank?
a guarantor
an outstanding mortgage
other outstanding loans
available phantom assets
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?
online credit
credit card credit
bank credit
none - the numbers indicate this will not be a profitable expansion
The maturity of a loan is:
how long it takes to receive loan approval from the bank
the interest rate on the loan
the timeframe by which the borrower must repay the loan
the balance of an outstanding loan
A guarantor:
must be a business or individual located in-state
is a credit-worthy individual or business responsible for repaying a loan if the debt holder cannot
assumes no legal responsibilities
has limited liquidity
Bank loan applications:
can be intimidating, complex, and detailed
are easy to complete
are short
can only be completed in the presence of a banker during regular work hours
Online loans are:
only available to companies in a limited number of industries
easier to obtain but more expensive than bank loans
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
completion all in one sitting
applicants to pay for the right to submit an applications
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?
online credit
mortgage
bank credit
none - the numbers indicate this will not be a profitable business decision
One critical difference between bank loans and online loans is:
applicants only have to be completely truthful on a bank loan application
none - they are pretty much the same
the amount of information the applicant must provide
the amount of money the applicant can request
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:
must be different each month
include the cost of production materials
are the same no matter how many customers the business serves
must exceed variable costs
A business plan has the following purpose:
serves as collateral that a company can take to a bank to secure guaranteed loans
serves as a required filing with the IRS
describes in detail how the company's product or service will be differentiated versus its competition
describes in detail how the company will set up its headquarters office
Businesses should always set their prices:
lower than their competitor's prices
low enough so that revenues are below variable expenses
to reflect the value of their goods or services, not just their costs
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:
is a free form of promotion
allows the new business to set up a network of distributors
communicates a differentiated message to your target customers
is a low-cost method to increase revenues
An employee:
owns a business venture
works for someone else
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?
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
what type of bank account the company will use
physical or virtual location
A company balance sheet is the single report that best indicates:
company assets and liabilities
company quarterly cash flow
company financial projections
monthly debt payments and outstanding debt obligations
An example of a fixed cost is:
monthly rent
cost of goods sold
hourly labor
office supplies
An example of a variable cost is:
monthly rent
overhead salaries
cost of goods sold
the salary of the Finance Vice President
A breakeven analysis can determine:
how many units the company will need to sell to pay for a new piece of equipment
the identity of future loan guarantors
when a company must pay its bills to avoid bankruptcy
how many customers a new business will need to secure to meet its revenue projections
Revenue per unit minus cost of good sold equals:
unit breakeven
contribution margin
income pro forma
debt service
Total revenues minus total costs equals:
contribution margin
unit breakever
profits before owner compensation and taxes
future value profits
The profit margin on an item a company sells can best be defined as:
total debt minus annual debt payment
variable cost per unit
price of the unit minus unit cost of goods sold
total company revenue minus total company costs
A payment made to an insurance company to cover the costs of an insurance policy is called:
a policy
a dividend
a beneficiary
a premium
Corporate social responsibility:
is the legal requirement that companies make charitable donations before paying dividends
is a government program required for all companies
are voluntary steps beyond a company's financial self-interest that reflect what business leaders believe their companies can or should accomplish
is a form that must be completed each year and filed with the Louisiana Secretary of State
A conflict of interest is:
when business partners have an honest disagreement about their next advertising campaign
when an accountant disagrees with the IRS on how much a company owes in income taxes
naturally occurring whenever there is competition between small businesses
a situation in which an individual might take an action to his/her advantage that would be to the disadvantage of a person or company that believe this individual is serving them
An example of intellectual property is:
a truck
a patent on an invention
stock
electronic bank accounts
Which is an entrepreneur?
an IT tech who works for the parish
an IT tech who works for the Secretary of State
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
Tomorrow Toni is going to help out on the worksite because the crew is a day behind and she wants to open on time.
The type of entrepreneurial behavior that Toni has been exhibiting can best be described as:
computer literacy
determination
comfort engaging with team members
pessimism
How is the workplace expectation for vacation time different than the high school expectation?
both expect to take two months off during the summer
students take more vacation than employees
employees take more vacation than students
employees are penalized for taking vacation they've earned
Which of the following is a work expectation?
self-discipline is optional
being on time every day without exception is mandatory
repeated absences result in warning
employees can make up work after hours if they arrive late
The government agency that helps start-ups determine which paperwork they must complete is:
Louisiana Economic Development through FastStart
Louisiana Secretary of State through the geauxBIZ portal
Louisiana Workforce Commission through its Start Jobs system
the Internal Revenue Service
Which is a federal government agency?
Louisiana Department of Revenue
Small Claims Court
Small Business Administration
Chamber of Commerce
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-author a business plan
co-develop social media postings
cooperate in developing job descriptions
The term "maturity"refers to
an older business owner
the number of years described in a business plan
the emotional intelligence of a business owner
the date when the final loan payment will be made and the loan balance will be zero
Bank debt versus online credit
is more expensive
is easier to obtain for business owners
is better for long-term investments
is pretty much the same as online credit
If Alex has a low credit score and is struggling to get approved for a bank loan. One thing he might consider is:
finding a mentor/guarantor who will help secure the $30,000 loan
borrow only $30,000 in an online loan
rewriting the business plan
filing a new business name with the Secretary of State's geauxBIZ portal
The fixed cost of a business:
remain the same every month
can vary from month month
are failed with the IRS
must exceed monthly revenues
A shareholder:
must be an employee of the business
may not loan money to a company
must live in the same country as the business
is a legal owner of part of the business
Pricing strategies should consider:
the size of a company's headquarters facility
how often the company will be filing tax returns
how much competition the business faces
the complexity of the bank credit application
An example of a variable cost is:
monthly rent
monthly salary to the company president
hourly wages paid to employees
debt payments to the bank
A company balance sheet is the single report that best indicates:
the annual profitability of the company
the assets the company owns and the liabilities or debt it owes
the monthly profitability of the company
what interest rate the company can afford to pay on its loans
An example of intellectual property is:
a company logo
a tax return
a geauxBIZ downloaded list of state and federal agencies
a company address
Which is a conflict of interest?
when two employees get into a shoving match
when two managers get into a fight
when two suppliers compete to win the business of a start-up
when the banker approving a loan to a company is also a shareholder
