50 Multiple Choice Questions

An example of a fixed cost at a restaurant is:

• Yearly rent

• Annual rent

• 3 months worth of rent

• Monthly rent

Which of the following best defines grit?

• Skill in negotiating with others to achieve personal success

• Willingness to abandon goals in favor of new opportunities

• Capacity to work hard without any clear objectives

• Ability to keep pursuing your goals despite initial defeats

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

• Unafraid to learn new things

• Comfort engaging with strangers

• Ability to accept defeat

• Ability to respond to trends and opportunities more quickly

What is a "registered agent"?

• An employee tasked with marketing and sales strategies

• A person who manages the financial accounts of a business

• An individual responsible for receiving legal documents

• A contractor who provides services to the company

Successful entrepreneurs can be described as:

• Hard to discourage

• Usually available at a higher interest rate

• Easier to obtain but more expensive than bank loans

• Unafraid to learn new things

One critical difference between bank loans and online loans is:

• The types of interest rates offered

• The amount of information the applicant must provide

• The collateral required to secure the loan

• The speed at which the loan is processed

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

• Requires owners to personally guarantee all company debts

• Eliminates the need for any legal documentation for the business

• Increases the personal wealth of owners regardless of company performance

• May shield owners from liabilities of or judgments against the company

Which of the following best defines self-motivation?

• Reliance on external rewards to stay motivated

• Preference for collaborative work over individual tasks

• Ability to pursue a task without being told what to do by someone else

• Need for constant supervision to complete tasks

Which of the following is a state government agency:

• Internal Revenue Service (IRS)

• Gretna Workforce Commission

• Jefferson parish department of economic development

• Louisiana Economic Development

An example of a variable cost at a restaurant is:

• Toys

• Food

• Clothing

• Water