Micro-Enterprise Midterm Exam Review

Question 1

Which of the following is an example of an entrepreneur?

Accepted Answer

A woman who designs her own clothes and sells them

Question 2

A creditworthy individual or business responsible for repaying a loan if the debtholder cannot.

Accepted Answer

Guarantor

Question 3

Which of the following is a successful characteristic of an entrepreneur?

Accepted Answer

Independence

Question 4

Which of the following is a characteristic of an online loan?

Accepted Answer

More expensive than bank loans

Question 5

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

Accepted Answer

Self-Motivation

Question 6

Which factor reduces the cost of borrowing from a bank?

Accepted Answer

Guarantor

Question 7

Which of the following is an example of fixed costs?

Accepted Answer

Rent

Question 8

Which of the following is characteristic of a successful entrepreneur?

Accepted Answer

Grit

Question 9

Which of the following is a work expectation?

Accepted Answer

serious consequences for failures in self-discipline

Question 10

Which of the following is a characteristic of a successful entrepreneur?

Accepted Answer

Optimism

Question 11

Which of the following is a characteristic of a bank loan?

Accepted Answer

Complex

Question 12

Which of the following terms best describes self-discipline?

Accepted Answer

persistence

Question 13

Which of the following is a school expectation?

Accepted Answer

Two months summer vacation

Question 14

Which of the following is an example of variable costs?

Accepted Answer

Cost of Goods Sold

Question 15

Which of the following exhibits problem-solving abilities of an entrepreneur?

Accepted Answer

comfort performing under pressure

Question 16

Costs that remain the same no matter how many customers the business serves.

Accepted Answer

Fixed Costs

Question 17

Which of the following is an example of intellectual property?

Accepted Answer

Patent

Question 18

The ability to interact in a friendly and effective way with people you do not know.

Accepted Answer

Comfort engaging with strangers

Question 19

An employee is someone who?

Accepted Answer

works for someone else

Question 20

Which of the following is a characteristic of a successful entrepreneur?

Accepted Answer

Interact with people you don't know

Questions 20