Entrepreneurship
Multiple Choice (30 items)
1. What is a business plan?
a. A document outlining personal goals
b. A written statement of goals and objectives for a business with a strategy to achieve
them
c. A list of products and services
d. A marketing strategy
2. What does a mission statement describe?
a. The financial status of a business
b. The competitive advantage of a business
c. The purpose of the business
d. The marketing strategy
3. What is included in the company description section of a business plan?
a. Financial projections
b. Business activity, market, competitive advantage
c. Marketing strategies
d. Product pricing
4. What does a pro forma balance sheet report?
a. Marketing strategies
b. Business goals
c. Assets, liabilities, and net worth of the business
d. Product life cycle
5.What is the purpose of a pro forma income statement?
a. To outline the business structure
b. To project revenues and expenses to show profitability
c. To describe the market overview
d. To list the products and services
6. This page gives a brief description of the information that can be found on a specific
page. It allows the reader to go to a specific area of the business plan quickly.
a. Title Page
b. Table of Contents
c. Organizational Plan
d. Market Analysis
7. This page includes a compelling story to persuade the reader that the business is
going to succeed backed by evidence.
a. Mission Statement
b. Vision Statement
c. Executive Summary
d. Company Description
8.This page defines your company's purpose for being in business. Ask yourself why
your company exists.
a. Executive Summary
b. Title Page
c. Vision Statement
d. Mission Statement
9. This part of the business plan looks at areas such as production/manufacturing,
inventory, and distribution. You get down to the specifics of how you're going to make
your product, store it, and then ship it out to your customers.
a. Industry Overview
b. Operational Plan
c. Growth Plan
d. Contingency Plan
10.This part of the plan has details about sales revenue, expenses, profits, and financial
projections for the future.
a. Organizational Plan
b. Financial Plan
c. Growth Plan
d. Industry Overview
11. This part of the plan discusses whether your company will be set up as a sole
proprietorship, partnership, corporation, etc.
a. Marketing Plan
b. Organizational Plan
c. Operational Plan
d. Growth Plan
12. This part of the business plan talks about your advertising decisions and how you
are going to make your product known to the people around you.
a. Website Plan
b. Market Analysis
c. Marketing Plan
d. Organizational Plan
13. What does the 'The Funding' component of a business plan describe?
a. The number of employees needed and their roles
b. The marketing and advertising strategies
c. How to obtain the money needed to start the business
d. The pricing strategy of the business
14. Why are business plans important?
a. To ensure a business is well-organized and has a good chance of
succeeding
b. To list the costs of starting a business
c. To describe the pricing strategy of a business
d. To identify the competitors in the market
15. A plan presenting financial forecasts for the business
a. Loan Proposal
b. Financial Plan
c. Business Loan Plan
d. Investor Plan
16. Why do you need a business plan?
a. To explain your idea
b. the ability to get financing.
c. it's a road map that sets objectives and goals for the business
d. All of the above
17. Looking for employees for the business
a. Discovery
b. Concept Development
c. Harvesting
d. Resourcing
18.The purpose of including supporting documents in a business plan is to
a. make the plan lengthy
b. provide additional information
c. give the readers more information than they might need
d. explain your business idea
19. Mistakes to avoid when preparing a business plan include all of the
following except
a. providing unrealistic future projections
b. wasting time on research
c. ignoring the competition
d. failing to define the target market
20. The business plan is also known as...
a. venture plan
b. entrepreneur plan
c. business development proposal
d. all of these
21. Who need a business plan?
a. Creditors
b. Shareholders
c. Bankers
d. All of these
22. The importance of a business plan as below EXCEPT...
a. To lost investment
b. sets the business mission
c. determine barriers to the venture
d. increases the stakeholders' confidence
23. All of the processes used to determine and satisfy the needs of customers
and the company
a. marketing
b. marketing mix
c. market share
d. branding
24. Uses the needs of customers as the primary focus during the planning,
production, distribution, and promotion of a product or service
a. marketing concept
b. seasonal discount
c. market share
d. marketing mix
25. A part of the business processes that result in the production and delivery
of the product or service
a. Competitive Analysis
b. Company Description
c. Operational Plan
d. Organizational Plan
26. A business plan would normally be updated:
a. Every day
b. A month after the business starts
c. Once a business adjusts its aims/objectives
d. Every so often
27. What elements are not of a business plan?
a. Introduction
b. Insurance Plan
c. Marketing Plan
d. Financial Plan
28. A description that provides an outline of a business
a. Executive Summary
b. Company Description
c. Contingency Plan
d. Mission Statement
29. A description of the product or service to be offered
a. Operational Plan
b. Marketing Plan
c. Product and Service Plan
d. Industry Overview
PREPARED BY: MRS. MARYJANE L. DEL ROSARIO
SUBJECT TEACHER
