The expression to evaluate is:

$\left(\frac{1}{4}\right)^{-2} - \left(5^0 \cdot 2\right) \cdot 1^{-1}$

Let's break this down step by step:

1. Evaluate $\left(\frac{1}{4}\right)^{-2}$: $\left(\frac{1}{4}\right)^{-2} = \left(\frac{4}{1}\right)^2 = 4^2 = 16$

2. Evaluate $5^0 \cdot 2$: $5^0 = 1 \quad \text{(since any number to the power of 0 is 1)}$ $5^0 \cdot 2 = 1 \cdot 2 = 2$

3. Evaluate $1^{-1}$: $1^{-1} = \frac{1}{1} = 1$

4. Multiply $2 \cdot 1^{-1}$: $2 \cdot 1 = 2$

5. Finally, subtract the two results: $16 - 2 = 14$

So, the evaluated result of the expression is:

$\boxed{14}$

Would you like further details or have any questions?

Here are 5 related questions for further practice:

1. What is the value of $\left(\frac{1}{3}\right)^{-2}$?
2. Evaluate $2^{-3} \cdot 4^2$.
3. Simplify $\left(\frac{2}{5}\right)^{-3}$.
4. What is the result of $10^0 \cdot 3^{-1}$?
5. How would you simplify $\left(\frac{1}{2}\right)^{-4} - 4$?

Tip: Remember that a negative exponent means taking the reciprocal of the base and then raising it to the positive power.