Bank loan applications

can be intimidating, complex, and detailed

When starting a new business, which is NOT an important factor?

what color scheme to use on the official company logo

What is the purpose of a business plan

describes how the company is different from its competition

A change agent can be best described as someone who

can organized & help develop or improve a business

Which is an advantage of incorporating a business

protects the owners from liabilities or judgments

Breakeven analysis can best be defined as....

total units that must be sold to pay for a new item

Which reflect the expectations of a school

loss of a parking permit for texting while driving at school

Which is an entrepreneur?

someone who owns & operates a their own clothing store

Actions entrepreneurs and companies take that go beyond their financial self-interest.

Corporate Social Responsibility

Pricing strategies may include...

increase revenue for some products by pricing them different

Which of the following is a work expectation

consequences for improper conduct

Identify a difference between bank loans & online loans

the amount of information the applicant must provide

To determine whether a business opportunity is realistic, you should

determine the amount of capital needed to start the business

Total revenues minus total costs equal

compensation before owner compensation & taxes

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Micro Enterprise

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Questions 34

Answers

1
Bank loan applications
are easy to complete
are short
can only be completed at the bank in front of the officer
can be intimidating, complex, and detailed
2
When starting a new business, which is NOT an important factor?
the differentiated offering of the product
the location of the business
hiring employees with important skills
what color scheme to use on the official company logo
3
What is the purpose of a business plan
describes how the company is different from its competition
alerts the competition of a new business coming the area
serves as a free form of advertising
to show the value of the business
4
A situation where a person takes an action to his benefit that would be hurtful to another.
Social Responsibility
Business Ethics
Conflict of Interest
Disagreement
5
Online loans are
only for business owners
much easier to obtain
equal in terms of interest rates
less expensive
6
An employee
Works for someone else
Works for himself
makes the work schedule
owns the business
7
Characteristics of a successful entrepreneur are
grit
self-absorbed
submission
lazy
8
A guarantor
has limited liquidity
must live in state
assumes no legal liability
is a credit-worthy individual
9
A change agent can be best described as someone who
can organized & help develop or improve a business
is arrogant and self absorbed
is good working alone
is responsible for department store dressing rooms
10
Revenue per unit minus cost of goods sold equals
cash flow
unit breakeven
contribution margin
pro forma
11
Which is an advantage of incorporating a business
guarantees the success of the business
protects the owners from liabilities or judgments
guarantees lower taxes to the IRS
reduces the start-up paperwork
12
The Louisiana Secretary of State website where business owners are to register their company
geauxLouisiana Business Portal
geauxBIZ Portal
BusinessNext Portal
Louisiana BusinessNext Portal
13
Breakeven analysis can best be defined as....
inventory quality control
total units that must be sold to pay for a new item
how many customers a new business will need
when a company must liquidate assets to continue to operate
14
Which reflect the expectations of a school
loss of a parking permit for texting while driving at school
one week of summer vacation
expulsion for perfect attendence
two weeks of summer vacation
15
This government agency allows you to register a business in the state of Louisiana
Department of defense
Secretary of State
Louisiana Board of Labor
Workforce Commission
16
Entrepreneurs who are good problem solvers are
loyal to a specific product
perform well under pressure
always forgetful of important details
loyal to their customers
17
Which is an entrepreneur?
a convenience store clerk
a store manager who is in charge of inventory
someone who owns & operates a their own clothing store
a bank CEO
18
Actions entrepreneurs and companies take that go beyond their financial self-interest.
Business Ethics
Corporate Social Responsibility
Fairness
Morals
19
Which best describes maturity
the date a loan is repaid
outstanding balance of the loan
the date the loan was originated
the cost of the loan
20
Non physical assets created by individuals that hold the legal rights to commercialize.
Trademark
Patent
Intellectual Property
Copyright
21
business/person designated to receive legal papers in the case of legal action such as lawsuits
change agent
government official
legal resident
registered agent
22
which is an example of a variable costs
car note
mortgage note
insurance premium
cost of goods sold
23
A payment made to the insurance company to cover the cost of the policy
a beneficiary
cash payment
premium
debt or loan
24
Liability can be defined as
collateral
credit cards
a debt or loan
premium
25
Characteristics of successful entrepreneurs include
optimism & independence
pessimism & indifference
ingratitude & territorial
ineffective & indifference
26
Pricing strategies may include...
auditing financial statements
increase revenue for some products by pricing them different
maximizing debt through loan applications
putting less product on display
27
Which of the following is a work expectation
Ok not to worry about a balanced cash register
consequences for improper conduct
unsafe behavior in the salon is acceptable
contact with strangers is unusual
28
Which of the following would be considered as a state government agency
Department of Defense
Small Business Administration
Department of Homeland Security
Louisiana Economic Development
29
Which factor will reduce the cost of borrowing from a bank
a large mortgage balance
available phantom assets
other outstanding debt
a guarantor
30
Which is an example of a fixed cost
cleaning supplies
cost of goods sold
hourly wages
car note
31
Identify a difference between bank loans & online loans
the amount of information the applicant must provide
the amount of money the applicant wants to borrow
you only need to be truthful on a bank loan application
they are the same
32
To determine whether a business opportunity is realistic, you should
determine which financial institute you will bank with
seek out the competitor's profit margin
seek out a company to design an eye catching logo
determine the amount of capital needed to start the business
33
Total revenues minus total costs equal
contribution margin
overhead salary
future profits
compensation before owner compensation & taxes
34
Profit margin of an item sold
price minus cost of goods sold
total revenue minus total costs
profit per unit minus cost per unit
total price minus cost

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