grit - Answer- Characteristics of successful entrepreneurs include:
working late and showing up for work on time the next day - Answer- Which best describes self-discipline?
online credit - Answer- Consuelo's gift store has an opportunity that will disappear if they don't move quickly. A comp...
ESB Regional Core Practice Test
(Graded A)
grit - Answer- Characteristics of successful entrepreneurs include:
working late and showing up for work on time the next day - Answer- Which best
describes self-discipline?
online credit - Answer- 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?
contribution margin - Answer- Unit price minus cost of goods sold.
two months of summer vacation - Answer- Which of the following is a school
expectation
how many units the company will need to sell to pay for a new piece of equipment -
Answer- A breakeven analysis can determine:
the date when the final loan payment will be made and the loan balance will be zero -
Answer- The term "maturity" refers to:
describes in detail how the company's product or service will be differentiated versus its
competition - Answer- A business plan has the following purpose:
persistence - Answer- Self-discipline can best be defined as:
maximizing revenues for different products using different price points. - Answer- Pricing
strategies may include
are the same no matter how many customers the business serves - Answer- The fixed
costs of a business:
works for someone else - Answer- An employee:
determine how much capital is required to launch the business - Answer- To determine
whether a business opportunity is realistic, the entrepreneur must:
, Secretary of State - Answer- The government agency that enables companies to
register to do business in the state of Louisiana is:
determination - Answer- 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 the 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
an individual responsible for receiving legal documents - Answer- What is a "registered
agent?
Yes - being late for work carries greater penalties than being late at school - Answer- Is
the workplace expectation for being on-time different than the high school expectation?
ability to interact in a friendly and effective way with people you don't know - Answer-
Which of the following is an essential skill for a successful entrepreneur and small
business leader?
may shield the owners from liabilities of or judgments against the company - Answer-
One advantage of establishing a new company as some type of corporation is:
a patent on an invention - Answer- An example of intellectual property is:
easier to obtain but more expensive than bank loans - Answer- Online loans are:
ability to start and finish a task without giving up despite obstacles that might arise -
Answer- Which of the following best defines self-motivation?
change agents - Answer- Successful entrepreneurs can be described as:
finding a mentor / guarantor who will help secure the $30,000 loan - Answer- 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:
bank debt is better for long-term investments - Answer- Bank debt versus online credit:
Small Business Administration (SBA) - Answer- Which is a federal government agency?
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