Micro Enterprise Exam Review Guide

Accounts Receivable: A. money OWED BY a COMPANY to a supplier B. money OWED BY a supplier to a company C. revenue minus cost of goods D. total revenues minus total cost minus capital expenses

B. money owed by a supplier to a company

self discipline can best be defined as A. perspective B. persistence C. prediction D. prescription

B. persistence

Real Estate is: A. a company's prediction of the future B. property or a building C. obligation D. failure to repay a loan

B. property or a building

which of the following is a work expectation A. unsafe behaviors are addressed tolerantly B. serious consequences for failures in self discipline C. OK not to worry about a budget D coming in contact with strangers during the typical day is unusual

B. serious consequences for failures in self discipline

How is the workplace expectation for vacation time different than the high school expectations? A. both expect to take 2 months off during the summer B. students take more vacations than employees C. employees take more vacations than students D. employees are penalized for taking vacation they've earned

B. students take more vacations than employees

A company balance sheet is the single report that best indicates : A. the annual profitability of the company B. the assets or 'things of value' the company owns and the liabilities or debt it owes C. the monthly profitability of the company D. what interest rate the company can afford to pay its loans

B. the assets or 'things of value' the company owns and the liabilities or debt it owes

The Target Market A. a store named Target B. the customers the business is expected to serve C. a strong credit score D. capital

B. the customers the business is expected to serve

An employee: A. owns a business venture B. works for someone else C. takes primary responsibility for the risk of the business venture D. is responsible for contributing equity to the business

B. works for someone else

Which one is a semi-variable cost? A. Rent B. Owner salary C. Utility costs D. food

C. Utility costs

After your 'professional interview', you should: A. Register your business on Geauxbiz portal B. Contact the secretary of state C. Write a 'Thank You' letter to your mentor D. Apply for an online loan

C. Write a 'Thank You' letter to your mentor

A guarantor is: A. cash in a company B. a person who invests in your business C. a credit worthy person who guarantees to pay the loan if you are not able to D. person with a good credit score

C. a credit worthy person who guarantees to pay the loan if you are not able to

Which of the following is an essential skill for a successful entrepreneur and small business leader A. ability to complete mathematical functions in your head B. ability to use hand tools C. ability to interact in a friendly and effective way with people you don't know D. ability to imitate others

C. ability to interact in a friendly and effective way with people you don't know

The fixed cost of a business A. must be different each month B. include the cost of production materials C. are the same no matter how many customers the business serves D. must exceed variable costs

C. are the same no matter how many customers the business serves

Corporate social responsibility: A. is the legal requirement that companies make charitable donations before paying dividends B. is a government program required for all companies C. are voluntary steps beyond a company's financial self-interest that reflect what business leaders believe their companies can or should accomplish D. is a form that must be completed each year and filed with the Louisiana Secretary of State

C. are voluntary steps beyond a company's financial self-interest that reflect what business leaders believe their companies can or should accomplish

Bank debt vs online credit A. bank debt is more expensive for business owners B. bank debt is easier to obtain for business owners C. bank debt is better for long-term investments D. bank debt is pretty much the same as online

C. bank debt is better for long-term investments

Advertising can be important for a new business because it: A. is a free form of promotion B. allows the new business to set up a network of distributors C. communicates a differentiated message to your target customers D. is a low-cost method to increase revenues

C. communicates a differentiated message to your target customers

An example of variable cost is: A. monthly rent B. overhead salaries C. cost of goods sold D. CEO salary

C. cost of goods sold

The amount of money the insurance company makes the policy holder pay for having an accident A. Insurance premium B. Insurance claim C. deductible D. Insurance policy holder

C. deductible

A business plan has the following purpose: A. serves as collateral that a company can take to a bank to secure guaranteed loans B. serves as a required filing with the Internal Revenue Service C. describes in detail how the company's product or service will be differentiated versus its competition D. describes in detail how the company will set up its headquarters office

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

Online Loans A. only available to companies in a limited number of industries B. easier to obtain and less expensive than bank loans C. easier to obtain more expensive than bank loans D. easier to obtain and about the same cost as a banker loan

C. easier to obtain more expensive than bank loans

To Default a loan is: A. an investment tool B. give shares of ownership to a company C. failure to pay the loan D. to get a line of Credit

C. failure to pay the loan

An example of variable costs A. monthly rent B. monthly salary to the company president C. hourly wages paid to employees D. debt payments to the bank

C. hourly wages paid to employees

Pricing strategies should consider: A. the size of the company's headquarter building B. how often the company will filing tax returns C. how much competition the company faces D. the complexity of the bank credit application

C. how much competition the company faces

Sending 'thank you' notes to mentors: A. Helps your business succeed B. Allows your business to earn more revenue C. lets them know that you appreciate their role in helping your enterprise thrive D. Allows your profit margin to create greater assets

C. lets them know that you appreciate their role in helping your enterprise thrive

Dividend is: A. the customers your business is going to serve B. Money lent to a business that must be repaid to the lender C. money paid to a shareholder when the company is successful D. friends or family who invests in your business

C. money paid to a shareholder when the company is successful

The profit margin on an item a company sells can best be defined as: A. total revenues minus total costs B. profit per unit minus cost per unit C. price minus cost of goods sold D. total price minus total costs

C. price minus cost of goods sold

Total revenues minus total costs equals: A. contribution margin B. unit breakeven C. profits before owner compensation and taxes D. future value profits

C. profits before owner compensation and taxe

One critical difference between bank loans and online loans is: A. applicants only have to be completely truthful on a bank application B. none-pretty much the same C. the amount of information the application must provide D. the amount of money the applicant can request

C. the amount of information the application must provide

Sweat equity is: A. a debt or loan from an online company B. the amount of money borrowed C. the hard work a business owner puts into to make the business successful D. a stakeholder

C. the hard work a business owner puts into to make the business successful

Businesses should always set their prices: A. lower than their competitors' prices B. low enough so that the revenues are below variable expenses C. to reflect the value of their goods or services, not just their costs D. higher than their competitors' prices

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

Origination fee is: A. debt or loan obtained from a bank B. money lent to a business that must be paid back C. when you receive a loan you must pay a start up fee D. The amount of money borrowed

C. when you receive a loan you must pay a start up fee

Which best describes self-discipline? A. quitting early B. working late and taking the next day off C. working late and showing up for work on time the next day D. leaving work on schedule regardless of circumstances

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

"Owned free and clear" A. Costs that vary somewhat B. Costs that do not vary at all C. you have no debt any longer. you paid it off. D. The individual who purchases an insurance policy.

C. you have no debt any longer. you paid it off.

Companies promise to keep personal private A. Conflict of interest B. Business ethics C. Confidentiality D. Marketing

C.. Confidentiality

When launching a business, which is NOT a critical consideration? A. how the new company's product or service is different from or better than the competitor products or services B. identifying team members with important skills the new business can hire C.what type of bank account the company will use D. physical or virtual location

C.what type of bank account the company will use

A guarantor A. must be a business or an individual in the state B. assumes no legal responsibilities C. has limited liquidity (liquid cash) D. is a credit worthy individual or business responsible for repaying a loan if the debt holder cannot

D. is a credit worthy individual or business responsible for repaying a loan if the debt holder cannot

A shareholder A. must be an employee of the business B. may not loan money to a company C. must live in the same country as the business' D. is a legal owner of part of the business

D. is a legal owner of part of the business

Accounts Payable A. Expenses on equipment that the company will use for many years B. Revenue minus cost of goods C. Revenue minus costs D. money owed by a COMPANY to a Supplier

D. money owed by a COMPANY to a Supplier

compared to a bank loan an online loan A. less expensive (lower interest rate) B. only for companies in certain industries C. approximately equal in terms of interest rates D. much easier to obtain

D. much easier to obtain

Which of the following are NOT stakeholders for a business? A. suppliers B. Customers C. Employees D. Out of state competitors

D. out of state competitors

3 months of the year is one: A. year B. Semi-year C. annual D. quarter

D. quarter

To repay the loan means: A. a payment is due every month B. an investment tool C. to buy stock from a stock broker D. satisfy the loan

D. satisfy the loan

The term 'Maturity' refers to: A. an older business owner B. the number of years described in a business plan C. the emotional intelligence of a business owner D. the date when the final loan payment will be made and the loan balance will be zero

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

Which is a conflict of interest? A. when two employees get into a shoving match B. when two managers get into a fight C. when two suppliers compete to win the business of a start-up D. when the banker approving a loan to a company is also a shareholder

D. when the banker approving a loan to a company is also a shareholder

A breakeven analysis can determine: A. how many the units the company will need to sell to pay for a new piece of equipment B. the identity of future loan guarantors C. when a company must pay its bills to avoid bankruptcy D. how many customers a new business will need to secure in order to pay their bills

A. how many the units the company will need to sell to pay for a new piece of equipment

Interest Paid is: A. how much money the lender makes off the loan B. money owed by a supplier to a company C. money owed by a company to a supplier D. Revenues minus costs

A. how much money the lender makes off the loan

Pricing strategies may include: A. maximizing revenues for different products using different price points B. maximizing debt through effective loan applictions C. maximizing units sold through effective advertising themes D. completing audited financial statements

A. maximizing revenues for different products using different price points

One advantage of establishing a new company as some type of corporation is: A. may shield the owner from liabilities of or judgments against the company B. may reduce paperwork filed with the department of revenue C. may reduce paperwork filed with the Louisiana Department of revenue D. guarantees a first year profit

A. may shield the owner from liabilities of or judgments against the company

Capital is: A. money contributed to a business by investors B. money paid to shareholders when the company is successful C. place where the President lives D. money borrowed from a bank

A. money contributed to a business by investors

The amount of money borrowed: A. principal B. sweat equity C. target market D. unsecured debt

A. principal

The fixed cost of a business A. remain the same every month B. can vary from month to month C. are filed with the IRS D. must exceed monthly revenues

A. remain the same every month

Banks and online finance companies approve small business lines of credit if: A. they believe that these companies will have the cash necessary to pay them back B. these small businesses have a great ;launch plan' to succeed C. these small businesses have collateral to provide if in case they fail D. they have plenty liquid cash

A. they believe that these companies will have the cash necessary to pay them back

Contribution Margin is: A. Cost of units does not change B. Revenue minus cost of goods C. Revenue minus costs D. Cost of one unit of the goods sold

B. Revenue minus cost of goods

Insurance Premium is: A. The amount the insurance company pays the policy holder due to the accident B. The amount the policy holder pays the insurance company each month C. The amount the insurance company makes the policy holder pay for having an accident D. how many units to be sold to 'break even' or to pay for all costs

B. The amount the policy holder pays the insurance company each month

Expectations for SCHOOL vs WORK A. School places greater demands on students than does an employer to an employee B. The level of high-effort required by employees at work is much greater than at school C. At school there is no where near as much room for error D. The expectations at shjool and work are basically the same

B. The level of high-effort required by employees at work is much greater than at school

Inventory A. How a business sells their products B. The merchandise on the shelves of a business C. How much money the lender makes off of the loan D. A supplier may allow a company to pay off their bills later

B. The merchandise on the shelves of a business

An Overdraft check is A. an individual retirement account B. a bounced check, not enough money in the bank account C. Own 'free and clear' D. a company that provides units of the products the company sells

B. a bounced check, not enough money in the bank account

which factors reduce the cost of borrowing from a bank A. an outstanding mortgage. B. a guarantor C. other outstanding loans D. available phantom assets

B. a guarantor

A bond is : A. Failure to repay a loan B. a loan from a company instead of a bank C. real estate D. a company's prediction of future success

B. a loan from a company instead of a bank

An example of intellectual property is: A. a truck B. a patent or a copyright on an invention C. stock D. electronic bank accounts

B. a patent or a copyright on an invention

Which of the following is a work expectation? A. self-discipline is optional B. being on time every day without exception is mandatory C. repeated absences results in warnings D. employees can make up work after hours if they arrive late

B. being on time every day without exception is mandatory

Revenue per unit minus cost of goods sold equals A. unit breakeven B. contribution margin C. income pro forma D. debt service

B. contribution margin

Small businesses that succeed have a reason they succeed. They have a______________. A. Great owner B. differentiated offerings C. low prices D. great products

B. differentiated offerings

Angel investor: A. a being sent down from heaven B. friends or family who invest in your business C. a guarantor D. debt or a loan obtained from a bank

B. friends or family who invest in your business

Collateral is: A. money paid to shareholders when the company is successful B. if your company cannot pay the loan, the bank takes your car or other property C. money contributed by investors D. cash in a company that can be used immediately

B. if your company cannot pay the loan, the bank takes your car or other property

a 30 second speech describing a new business A. Elevator speech B. Engaging question C. Go/No go D. Marketing

A. Elevator speech

Crowdfunding is: A. Internet investing B. parade watchers C. Securing a loan from a bank D. Unsecured loan

A. Internet investing

Which insurance protests against a number of hazards? A. Liability B. Property insurance C. Vehicle insurance D. Life insurance

A. Liability

An entrepreneur's actions and decisions are guided by a set of beliefs about how he/she wants the business to succeed. This is known as: A. Mission driven B. Elevator speech C. Transparency D. Fairness

A. Mission driven

An example of a FIXED cost is: A. Monthly Rent B. Cost of Goods sold C. Hourly labor D. Office supplies

A. Monthly Rent

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? A. Online Credit B. Mortgage C. Bank Credit D. none

A. Online Credit

The 'base cost or Basis is the: A. Original cost of an item B. Cost of all reduced items C. All fixed costs D. All semi-variable costs

A. Original cost of an item

Fiscal year is: A. The 12 month period the company establishes B. Leap year C. An investment tool D. January to December

A. The 12 month period the company establishes

an example of intellectual property is: A. a company logo B. a tax return C. a geauxbiz downloaded list of state and federal businesses D. a company address

A. a company logo

the financial term liability refers to A. a debt or a loan a company must repay B. a weakness in the company's financial structure C. the ability of the company to raise funds D. the ability of the company to secure loans

A. a debt or a loan a company must repay

a Line of Credit is: A. a specific amount of money to use from a loan B. a loan from a company instead of a bank C. failure to repay a loan D. Pro Forma

A. a specific amount of money to use from a loan

Extended Payment Terms: A. a supplier may allow a company to pay their bills at a later date B. Money owed by a supplier to a company C. expenses on equipment that the company will use for many years D. Cost of running A BUSINESS (employee salary, rent, insurances)

A. a supplier may allow a company to pay their bills at a later date

What is an entrepreneur? A. a woman who designs and makes her own line of clothing and sells them to her friends B. a corporate vice president of human relations C. a parking lot attendant D. a state government official

A. a woman who designs and makes her own line of clothing and sells them to her friends

One advantage of establishing a new company as some type of a corporation is A. ability to shield owners from liabilities of or judgments against the company B. reduces paperwork the owners have to complete C. guarantees the company will be profitable D. guarantees higher revenues

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

Loan applications require A. applicants to provide personal and business information that must be truthful B. applicants to offer a guarantee to take whatever loan terms are offered C. completion in one sitting D. applicants pay for the right to submit an application

A. applicants to provide personal and business information that must be truthful

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 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 A. bank credit B. online credit C. credit card credit D. none- the numbers indicate this will not be a profitable expansion

A. bank credit

How does a guarantor help an entrepreneur trying to launch a new business? A. co-sign for a loan, helping the entrepreneur qualify for bank credit B. co-author a business loan C. co-develop social media postings D. cooperate in developing job descriptions

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

A company balance sheet is the single report that best indicates: A. company assets and liabilities B. company quarterly cash flow C. company financial projections D. monthly debt payments and outstanding debt obligations

A. company assets and liabilities

Overhead is: A. cost of running a business (employee salary, rent, insurances) B. costs of units does not change C. how a business sells its products D. revenues minus costs

A. cost of running a business (employee salary, rent, insurances)

To determine whether a business opportunity is realistic, the entrepreneur must: A. determine how much capital is required to launch the business B. determine the corporate officers of the competitors C. determine the color scheme of the company's proposed logo D. determine how the company will advertise

A. determine how much capital is required to launch the business

Alex is having a hard time securing a $30,000 loan for a new business. The bank is very impressed with Alex's business plan but unfortunately his credit score is low. With a low credit score the bank will not loan Alex the money needed to get the business launched. Alex has qualified for a $50,000 loan online but the terms are very expensive and would make it hard for the company to become profitable. One next step Alex might consider is: A. finding a mentor/guarantor who will help secure the $30,000 loan B. borrow only $30,000 in an online loan C. rewriting the business plan D. filing a new business name with the Secretary of state's geauxbiz portal

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

The government agency that helps start-ups determine which paperwork they must complete is: A. Louisiana Development through FastStart B. Louisiana Secretary of state through the GeauxBiz portal C. Louisiana Workforce Commission D. Internal Revenue Service

B. Louisiana Secretary of state through the GeauxBiz portal

How often do you think the owner of an ice cream shop would take a vacation during the summer? A. Once a month B. Not in summer. It's the busiest time C. Every 2 weeks D. Only on the weekend

B. Not in summer. It's the busiest time

The maturity of a loan A.how long it takes to receive loan approval from the bank B .the time frame by which the borrower must repay the loan C. the interest rate of the loan D. the balance of an outstanding loan

B .the time frame by which the borrower must repay the loan

A standard organization for a Business Memo is (place in order) A. Supporting points B. Issue C. Next steps D. Recommendations

B D A C

Which of the following is a state government agency A. Small Business Adminsitration B. .Louisiana Economic Development (LED) C. Department of Defense D. Secretary of state Militia

B. .Louisiana Economic Development (LED)

Credit Worthy: A. a loan obtained from an online company B. a person who has a good credit score C. a person who has invested in your company D. Money contributed to by investors to a business

B. A person who has a good credit score

There are lots of risks in operating any small business. If you had an ice cream shop, which of the following would effect the success of your business negatively? A. Hiring a wonderful, polite, energetic employee B. Another ice cream store opened up down the street C. This one summer the weather was extremely hot D. You decide to open your store earlier and remain open later.

B. Another ice cream store opened up down the street

Fixed costs are: A. expenses on equipment that the company will use for many years B. Cost of units does not change C. overhead D. Contribution margin

B. Cost of units does not change

Installment payment A. the amount the insurance company pays the individual for their accident B. Debt owed to someone that is paid every month C. is an individual retirement account D. You have no debt any longer. You paid it off.

B. Debt owed to someone that is paid every month

Funds contributed to businesses by investors are called A. Assets B. Equity or Capital C. Angel investors D. Revenues

B. Equity or Capital

The decision point at which an entrepreneur makes the final decision whether or not to launch the new business A. Launch plan B. Go/No go C. Elevator speech D. Mission driven

B. Go/No go

Investor equity: A. small investments by lots of different individuals B. Investors provide capital for a small business with the hope of getting cash dividends C. the owner submits a short application to secure a small business loan D. Sweat equity

B. Investors provide capital for a small business with the hope of getting cash dividends

Why do small businesses use more expensive forms of credit? A. Because small businesses use large investors to get started B. Because small businesses always consider expanding to get greater revenues C. Because it is a fast and convenient way to get a short term loan to get started D. Because the small businesses have more money to spend

C. Because it is a fast and convenient way to get a short term loan to get started

Expenses on equipment that the company will use for many years A. Fixed costs B. Variable Costs C. Capital Expenditures D. Interest paid

C. Capital Expenditures

a situation in which an individual might take advantage that would be to the disadvantage of another company is: A. Business ethics B.. Confidentiality C. Conflict of Interest D. Launch plan

C. Conflict of interest

Cost of goods sold is: A. Revenues minus costs B. Cost of units does not change C. Cost of one unit of the goods you sell D. The merchandise the store has on its shelves

C. Cost of one unit of the goods you sell

Variable costs: A. Costs that never change B. an individual retirement account C. Costs that vary based on units sold D. a quarter of the year

C. Costs that vary based on units sold

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 on the tiles at the vendors warehouse. When the utility didn't connect the electricity on Monday, Robin stayed on hold for an house 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

C. Determination

A special type of CORPORATION where individual owners are NOT liable for debts against the company A. Sole proprietorship B. Corporation C. Limited Liability Corporation

C. Limited Liability Corporation

the government agency that enables companies to register to do business in the state of Louisiana A. Department of Commercial licenses B. Workforce Commission C. Secretary of state D. Internal Revenue Service

C. Secretary of state

Which site gives business owners one single place to go for all necessary information to operate within the state? A..Internal Revenue service B. Small Business Adminstration C. Secretary of state GeauxBiz portal D. Google

C. Secretary of state GeauxBiz portal

Which is the Federal Government Agency? A. Louisiana Dept of Revenue B. Small Claims court C. Small Business Administration D. Chamber of Commerce

C. Small Business Administration

which of the following is a school expectation A. perfect attendance or expulsion/ termination B. driving and texting resulting expulsion/ termination C. two weeks vacation D .two months of summer vacation

D .two months of summer vacation

There are 4 rules for an effective elevator speech. Place these in correct order: A. Write a topic sentence for each key point B. Provide additional supporting detail for each key point C. Place your topic sentence in logical order D. Outline the key points you need to make

D A C B

One scoop of ice cream cost $1.80 to make and you sell it for $4.00. What is your contribution margin? A. $4.00 B. $5.80 C. $1.80 D. $2.20

D. $2.20

What is an entrepreneur A. a manager of the biggest chain grocery stores in town B. a bank CEO who started out as a teller 30 years ago C. a convenient store clerk D.An adult who started cutting as a preteen and now runs a gardening business with a sibling

D. An adult who started cutting as a preteen and now runs a gardening business with a sibling

Proper business behavior. Act towards stakeholders as they way you want them to act towards you. A. Confidentiality B. Marketing' C. Engaging question D. Business ethics

D. Business ethics

Entrepreneurial problem solvers exhibit the following behaviors A. ability to forget important details B. loyalty to standard practices C. comfort conceding defeat D. Comfort performing under pressure

D. Comfort performing under pressure

Characteristics of Successful entrepreneurs include A. Submission B. Self importance C. Short attention span D. Grit

D. Grit

Characteristics of successful entrepreneurs include A. interpretation B. indifference C. ingratitude D. Independence

D. Independence

Characteristics of a successful entrepreneurs A. Pessimism B. territorial C. Ineffective D. Optimism

D. Optimism

Amari has had a frustrating week. one of the new employees hired just last week showed up late he first two days and another didn't even show up one of his scheduled days. Amari talked patiently with both of them in 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 bank to the bank finally Amari really wanted to watch her show but decided to stay in the store until closing because staff was short. A. financial literacy B. comfort engaging with strangers C. pessimism D. Self discipline

D. Self discipline

is the workplace expectation for being on time different than the high school expectation A. Yes- being late to school carries greater penalties than being late to work B. No- the expectations for being on time are the same at work and at high school C. Unclear D. Yes being late for work carries greater penalties than being late at school

D. Yes being late for work carries greater penalties than being late at school

the geauxBiz portal A. a Louisiana Revenue website used to pay taxes B. a Louisiana Workforce Commission small business owners use to hire employees C. a joint state and federal website for filing IRS forms D. a Louisiana secretary of state website entrepreneurs use to register a company

D. a Louisiana secretary of state website entrepreneurs use to register a company

A financial 'obligation' is: A. a person who buys stocks from the stock market B. to repay the loan C. a company's prediction of future success D. a payment that is owed every month

D. a payment that is owed every month

A broker is: A. failure to pay the loan B. a person who sells real estate C. a person who gives out Bonds D. a person who buys stocks from the stock market

D. a person who buys stocks from the stock market

A payment made to an insurance company to cover the costs of an insurance policy is called: A. a policy B. a dividend C. a beneficiary D. a premium

D. a premium

A conflict of interest is: A. when business partners have an honest disagreement about their next advertising campaign B. when an accountant disagrees with the IRS on how much a company owes in income taxes C. naturally occurring whenever there is competition between small businesses D. 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 believes this individual is serving them

D. 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 believes this individual is serving them

which of the following best defines self motivation A. ability to ignore directions and do things your way B. ability to follow directions effectively to arrive at a desired result C. ability to develop a plan to get something done D. ability to start and finish a task without giving up despite obstacles that might arise

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

Which is an entrepreneur? A. an IT tech who works for the parish B. an IT tech who works for the Secretary of state C. an IT tech who works 90 hours a week D. an IT tech who works as a small business consultant after hours

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

What is a 'registered' agent? A. a government official B. an advertising agency representative C. An officer of the court D. an individual responsible for receiving legal documents

D. an individual responsible for receiving legal documents

Successful entrepreneurs can be described A. lone wolves B. reactive C. passive D. as change agents

D. as change agents

Bank Loan Application A. can only be completed in the presence of a banker in regular work hours B. are easy to complete C. are short D. can be intimidating a complex and detailed

D. can be intimidating a complex and detailed

Total revenues minus total cost minus capital expenses: A. contribution margin B. profit C. cost of one unit of the goods you sell D. cash flow

D. cash flow

Which is NOT intellectual property? A. copyright B. patent C. trademark D. equipment

D. equipment

This is a message from Mr. Whitman: For this question you should look at your binder pages 125 - 143 and be able to locate information as well as comparing the 'better' loan applicant of the 4 applicants given

Study these pages