MMCC Entrepreneurship Pre-Test/Combined

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MMCC Entrepreneurship Pre-Test/Combined

Email *

Record my email address with my response

First Name

Last Name

Your School Name

Grade Level

What is your Passion (things you love to do)?

What is your School

What does breakeven mean in a business context?

4 points

A) When expenses exceed revenues

B) When revenues equal expenses

C) When all debt is paid off

D) When a company has no expenses

Clear selection

What is a budget?

4 points

a) A plan for how much money to spend and save

b) A tool to track your investments

c) A savings account for emergencies

d) A type of loan

Clear selection

What is cash flow?

4 points

A) The amount of profit after expenses

B) The total amount of money moving in and out of a business

C) The balance of a company’s bank account

D) The sales revenue

Clear selection

Which of the following is a fixed expense?

4 points

A) Raw materials cost

B) Employee wages

C) Rent

D) Utilities

Clear selection

What are variable expenses?

4 points

A) Costs that do not change over time

B) Costs that fluctuate depending on the level of business activity

C) Salaries of full-time employees

D) Mortgage payments

Clear selection

COGS (Cost of Goods Sold) refers to:

4 points

A) The total sales of a company

B) The total fixed expenses of a company

C) The direct costs associated with producing goods

D) The cost of marketing products

Clear selection

Gross profit is calculated as:

4 points

A) Revenue minus expenses

B) Revenue minus cost of goods sold

C) Revenue minus taxes

D) Expenses minus cost of goods sold

Clear selection

Net profit is:

4 points

A) Revenue minus all expenses, taxes, and costs

B) Revenue minus cost of goods sold

C) The total sales minus expenses

D) Revenue plus gross profit

Clear selection

The target market refers to:

0 points

A) Competitors in the same industry

B) The specific group of consumers a business aims to serve

C) The financial goals of a company

D) The geographic location of a business

Clear selection

What is a value proposition?

4 points

A) A detailed business plan

B) The unique benefit a company offers to its customers

C) The legal structure of a company

D) The cash balance of a business

Which of the following is a key metric for a business?

4 points

A) The location of the business

B) The amount of product sold

C) The customer service satisfaction rate

D) The color of the product packaging

The cost structure of a business refers to:

4 points

A) The total number of employees

B) The fixed and variable expenses that a business incurs

C) The pricing strategy

D) The revenue generated from sales

Revenue refers to:

4 points

A) The amount of money spent on supplies

B) The total amount of money earned from sales

C) The operating expenses

D) The gross profit

What is the main purpose of an emergency fund?

4 points

To invest in stocks

To cover unexpected expenses

To buy luxury items

To pay off a mortgage

According to the 50/30/20 budget rule, setting aside money for an emergency fund falls under which category?

4 points

50% – Needs

30% – Wants

20% – Savings and debt repayment

None of the above

Which of the following is not one of the four types of business structures?

4 points

A) Sole proprietorship

B) Partnership

C) Limited liability company

D) Sole merger

Angel investors are:

4 points

A) Government-backed investors

B) High-net-worth individuals who invest in startups

C) Bankers who provide loans

D) Venture capitalists who invest in large corporations

Compounding interest is:

4 points

A) Interest earned on the initial principal and the accumulated interest

B) Interest earned only on the initial principal

C) The rate of return from selling a product

D) The fee a bank charges for a loan

Operating expenses are

4 points

A) The money a business makes from selling goods

B) The ongoing costs of running a business

C) The revenue a company earns

D) The loans taken out by a business

Which of the following is a direct competitor?

4 points

A) The money a business makes from selling goodsA) A company that offers products in a different industry

B) A business that offers the same or similar products in the same market

C) A business in a distant geographic location

D) A supplier to the business

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