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Cert Exam Two
Which is an entrepreneur?
Funds contributed by investors to a business.
Cert Exam Two
41 terms
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#principlesofbusiness#
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Answers
1
Funds contributed by investors to a business.
Public Offering
Investment Capital
Equity (or Capital)
Angel Investors
2
Which is an entrepreneur?
a corporate vice president of human relations
a state government official
a woman who designs and makes her own line of clothing
a parking lot attendant
3
Debt you owe someone that is paid in monthly payments.
Installment Payment
Closing
Premium
Fixed Costs
4
Money owed by a company to a supplier.
Account Payable
Account Owed
Capital (or Equity)
Account Receivable
5
Total costs are:
total revenue - price per unit
total revenue - variable costs
total revenue - total costs
fixed costs + variable costs
6
Characteristics of successful entrepreneurs include:
short attention span
submission
grit
self-importance
7
Failure to repay a loan.
Debt
Default
Foreclosure
Lost Opportunity Costs
8
Which of the following best defines self-motivation?
ability to develop a plan to get something done
ability to follow directions and arrive at a desired result
strength to start and finish tasks while despite obstacles
ability to ignore directions and do things your way
9
Funds lent to a business with an agreement the business will repay the lender with interest.
Deductible
Covered Loss
Credit (or Debt)
Credit-Worthiness
10
Characteristics of successful entrepreneurs include:
indifference
independence
ingratitude
interpretation
11
The "things" a company sells are:
inventory
costs
units
items
12
The amount an insurance policyholder receives from the insurance company ...
Policy Value
Insurance Claim
Payout
Policy Guarantee
13
The option a supplier might grant a company to pay their bills later than they normally would.
Extended Trade Agreement
Fairness
Time Allotment
Extended Payment Terms
14
Total Revenues minus Total Cost minus one-time expenditures (called “capital expenditures”)
liquidity
cash flow
ancillary costs
profits
15
An account where individuals deposit retirement funds that grow tax-deferred until withdrawal.
Retirement Savings Account
IRA
Tax Deferred Investment
Mutual Funds
16
Is the workplace expectation for being on-time different than the high school expectation?
yes, being late at school carries greater penalties
no, being on-time is the same at work and school
yes, late at work is often more serious than late for school
Unclear
17
An example of a fixed cost is:(a) (b
office supplies
hourly labor
cost of goods sold
insurance premiums
18
One advantage of establishing a new company as some type of a corporation is:
guarantees higher revenues
reduces paperwork the owners have to complete
guarantees the company will be profitable
ability to shield owners from liabilities
19
The government agency that enables companies to register a business in Louisiana is:
Department of Commercial Licenses
Internal Revenue Service
Workforce Commission
Secretary of State
20
The pro forma is;
a detailed look at revenues, cost, and financial projections
a detailed business plan
a comprehensive lists of products or services sold
necessary for a bank loan
21
Characteristics of successful entrepreneurs include:
optimism
pessimism
ineffective
territorial
22
Businesses should always set their prices:
low enough so that revenues are high
to reflect the value of their goods, not just costs
lower than their competitors’ prices
higher than their competitors’ prices
23
Total revenue is:
unit - price
unit/price
unit * price
unit + price
24
Equipment or other goods pledged to the bank in the case the company can’t make a loan payment.
Captial Expenditures
Collateral
Cost of Goods Sold
Commissions
25
Which of the following is a work expectation:
OK not to worry about a budget
unsafe behaviors are addressed tolerantly
contact with strangers during the day is unusual
serious consequences for failures in self-discipline
26
Which of the following is a state government agency?
Secretary of State Militia (SSM)
Small Business Administration (SBA)
Department of Defense (DoD)
Louisiana Economic Development (LED)
27
Self-discipline can best be defined as:
prescription
prediction
perspective
persistence
28
In business, a quarter is:
four months
two months
three months
one calendar year
29
Successful entrepreneurs can be described as:
change agents
reactive
unfriendly
passive
30
What is a “registered agent?”
a government official
an officer of the court
an advertising agency representative
an individual responsible for receiving legal documents
31
Money paid by a company to a person who owns stock in that company.
Profits
Dividend
Credit
Investment Earnings
32
Which of the following is a school expectation:
perfect attendance or expulsion / termination
two months of summer vacation
driving and texting results in expulsion / termination
two weeks of vacation
33
Which of the following is an essential skill for a successful entrepreneur or businessman?
ability to intimidate others
ability to do complex mathematical functions in your head
Interacting in a friendly and effective way with anyone
ability to use hand tools
34
A legal decision requiring a person or company to pay another person or company.
Judgment
Lawsuit
Pro Quorum
Damages
35
Which is an entrepreneur?
the convenience store clerk
a manager of the biggest chain grocery store in town
the bank CEO who started out as a teller 30 years ago
an man who cut grass as a teen and now runs a lawn business
36
The right to take possession of collateral until a debt is repaid.
Lien
Non Sequitur
Legal Injunction
Liability
37
Entrepreneurial problem solvers exhibit the following behaviors:
comfort performing under pressure
ability to forget important details
loyalty to standard practices
comfort conceding defeat
38
The geauxBIZ portal is:
a Louisiana Workforce Commission for small business owners
a Louisiana Revenue website businesses use to pay taxes
a joint state and federal website for filing IRS forms
a website entrepreneurs use to register a company
39
How a business communicates with large numbers of customers, ...
Marketing
Closeout Sales
Special Offereings
Advertising
40
Publicly traded stocks, government bonds, corporate bonds that can be quickly turned into cash.
Liquidity
Securities
Mutual Funds
Cash Instruments
41
Bank loan applications:
can be challenging, complex and detailed
are easy to complete
are short
are completed in the presence of a banker only
