Question 1

Incubator organizations can provide advice on structuring a new business.

Accepted Answer

A) True 
 B)False  True

Question 2

When making a decision regarding the extent of planning,an entrepreneur should consider the

Accepted Answer

A) preferences of employees. 
B) complexity of the environment. 
C) level of uncertainty of the venture. 
D) competitiveness of the product. 
A) preferences of employees. 
B) complexity of the environment. 
C) level of uncertainty of the venture. 
D) competitiveness of the product. C

Question 3

The financial plan section of a business plan should include balance sheets and income statements on an annual basis and cash flow statements on a monthly basis,all projected out for 2-3 years.

Accepted Answer

A) True 
 B)False  False

Question 4

The ______________ of a business plan identifies each of the succeeding sections and their page numbers.

Accepted Answer

A) executive summary 
B) company description 
C) cover page 
D) table of contents 
A) executive summary 
B) company description 
C) cover page 
D) table of contents

Question 5

The sources and uses table is a part of the ___________ of the business plan

Accepted Answer

A) critical risks section 
B) offering section 
C) exit strategy 
D) financial plan 
A) critical risks section 
B) offering section 
C) exit strategy 
D) financial plan

Question 6

The executive summary of a business plan presents a firm's history and its form of organization.

Accepted Answer

A) True 
 B)False

Question 7

The ___________ type of executive summary is better suited to a business that intends to market a new product or enter a new market.

Accepted Answer

A) informative 
B) synopsis 
C) narrative 
D) blended 
A) informative 
B) synopsis 
C) narrative 
D) blended

Question 8

The discussion of the opportunity in the business plan should reflect:

Accepted Answer

A) how the product or service will fill a need. 
B) the amount of return the investors should receive. 
C) the potential and attractiveness of the market and industry. 
D) the entrepreneur's enthusiasm for the business idea. 
A) how the product or service will fill a need. 
B) the amount of return the investors should receive. 
C) the potential and attractiveness of the market and industry. 
D) the entrepreneur's enthusiasm for the business idea.

Question 9

In Guy Kawasaki's 10/20/30 rule for pitches,the numbers stand for:​

Accepted Answer

A) ​number of attendees/slides/minutes 
B) ​number of selling points/slides/font point size 
C) ​number of slides/minutes/font point size 
D) ​number of pictures/slides/minutes 
A) ​number of attendees/slides/minutes 
B) ​number of selling points/slides/font point size 
C) ​number of slides/minutes/font point size 
D) ​number of pictures/slides/minutes

Question 10

The document that assists an entrepreneur and the management team in focusing on important issues and activities is

Accepted Answer

A) the organization chart. 
B) the budget. 
C) the sales analysis. 
D) the business plan. 
A) the organization chart. 
B) the budget. 
C) the sales analysis. 
D) the business plan.

Question 11

Once the decision is made to prepare a business plan,it should always be a comprehensive plan.

Accepted Answer

A) True 
 B)False

Question 12

The cost structure of a business model

Accepted Answer

A) defines the types of income. 
B) determines how much money is needed for positive cash flow. 
C) drives the company's cost and expenses. 
D) is the most critical component for long term success. 
A) defines the types of income. 
B) determines how much money is needed for positive cash flow. 
C) drives the company's cost and expenses. 
D) is the most critical component for long term success.

Question 13

Because Tom is planning a new business with a limited timeframe to capitalize on an opportunity,the best solution would be a ____ business plan.

Accepted Answer

A) comprehensive 
B) narrative 
C) subjective 
D) short 
A) comprehensive 
B) narrative 
C) subjective 
D) short

Question 14

When describing the product in the business plan,the entrepreneur should

Accepted Answer

A) use technical terms. 
B) state that product will sell itself. 
C) use layman terms. 
D) assume that others will like the product. 
A) use technical terms. 
B) state that product will sell itself. 
C) use layman terms. 
D) assume that others will like the product.

Question 15

The product/service plan section should include

Accepted Answer

A) a description of the competition's products. 
B) a description of the company's own product or service. 
C) a listing of the weaknesses of the competition's product or service. 
D) a statement of how the company intends to capture market share. 
A) a description of the competition's products. 
B) a description of the company's own product or service. 
C) a listing of the weaknesses of the competition's product or service. 
D) a statement of how the company intends to capture market share.

Question 16

Business planning

Accepted Answer

A) is an ongoing process. 
B) is an exacting science. 
C) equals business success. 
D) will prevent unexpected events. 
A) is an ongoing process. 
B) is an exacting science. 
C) equals business success. 
D) will prevent unexpected events.

Question 17

Investors who review business plans typically

Accepted Answer

A) cannot read through all they receive. 
B) read about one-half of a plan. 
C) read plans thoroughly. 
D) read only the marketing and finance sections. 
A) cannot read through all they receive. 
B) read about one-half of a plan. 
C) read plans thoroughly. 
D) read only the marketing and finance sections.

Question 18

Discuss the statement,"Writing a business plan is primarily an ongoing process and only secondarily the means to an outcome."

Accepted Answer

The writing process is just as important

Question 19

Information about the experience of key executives should be placed in the _______ of the business plan.

Accepted Answer

A) executive summary 
B) management team section 
C) operations and development plan 
D) critical risks section 
A) executive summary 
B) management team section 
C) operations and development plan 
D) critical risks section

Question 20

List five questions that a possible investor would want answered concerning the market of the new business.

Accepted Answer

Possible questions may include:
​
What i

Exam 6: The Business Plan: Visualizing the Dream

Incubator organizations can provide advice on structuring a new business.

When making a decision regarding the extent of planning,an entrepreneur should consider the

The financial plan section of a business plan should include balance sheets and income statements on an annual basis and cash flow statements on a monthly basis,all projected out for 2-3 years.

The ______________ of a business plan identifies each of the succeeding sections and their page numbers.

The sources and uses table is a part of the ___________ of the business plan

The executive summary of a business plan presents a firm's history and its form of organization.

The ___________ type of executive summary is better suited to a business that intends to market a new product or enter a new market.

The discussion of the opportunity in the business plan should reflect:

In Guy Kawasaki's 10/20/30 rule for pitches,the numbers stand for:​

The document that assists an entrepreneur and the management team in focusing on important issues and activities is

Once the decision is made to prepare a business plan,it should always be a comprehensive plan.

The cost structure of a business model

Because Tom is planning a new business with a limited timeframe to capitalize on an opportunity,the best solution would be a ____ business plan.

When describing the product in the business plan,the entrepreneur should

The product/service plan section should include

Business planning

Investors who review business plans typically

Discuss the statement,"Writing a business plan is primarily an ongoing process and only secondarily the means to an outcome."

Information about the experience of key executives should be placed in the _______ of the business plan.

List five questions that a possible investor would want answered concerning the market of the new business.

The Entrepreneurial Lifethe Entrepreneurial Life

Integrity, ethics, and Social Entrepreneurship

Starting a Small Business

Franchises and Buyouts

The Family Business

The Marketing Plan

The Organizational Plan: Teams, legal Structures, alliances, and Directors

The Location Plan

Understanding a Firms Financial Statements

Forecasting Financial Requirements

A Firms Sources of Financing

Planning for the Harvest

Building Customer Relationships

Product Development and Supply Chain Management

Pricing and Credit Decisions

Promotional Planning

Global Opportunities for Small Business

Professional Management and the Small Business

Managing Human Resources

Managing Small Business Operations

Managing the Firms Assets

Managing Risk

Filters

In Guy Kawasaki's 10/20/30 rule for pitches,the numbers stand for: