Question 1

Match the business plan with its appropriate emphasis:

Accepted Answer

A)  summary business plan, works best for companies who are at the point where they need funding or financing; serves as a "blueprint" for the company's operations 
B)  operational business plan, works best for companies in the early stages of development that want to "test the waters" to see if investors are interested in their idea 
C)  full business plan, works best for companies in the early stages of development that want to "test the waters" to see if investors are interested in the idea 
D)  summary business plan, is meant primarily for an internal audience; works best as a tool for creating a blueprint for a company's operations and providing guidance to operational managers 
E)  summary business plan, works best for companies in the early stages of development that want to "test the waters" to see if investors are interested in their idea 
A)  summary business plan, works best for companies who are at the point where they need funding or financing; serves as a "blueprint" for the company's operations 
B)  operational business plan, works best for companies in the early stages of development that want to "test the waters" to see if investors are interested in their idea 
C)  full business plan, works best for companies in the early stages of development that want to "test the waters" to see if investors are interested in the idea 
D)  summary business plan, is meant primarily for an internal audience; works best as a tool for creating a blueprint for a company's operations and providing guidance to operational managers 
E)  summary business plan, works best for companies in the early stages of development that want to "test the waters" to see if investors are interested in their idea

Question 2

An organizational chart is a graphic representation of how authority and responsibility are distributed within a company.

Accepted Answer

A) True 
 B)False

Question 3

The document that does the best job of introducing potential investors and other stakeholders with the business opportunity the firm is pursuing and how it plans to pursue it is the:

Accepted Answer

A)  business plan 
B)  feasibility analysis 
C)  opportunity analysis 
D)  industry analysis 
E)  marketing plan 
A)  business plan 
B)  feasibility analysis 
C)  opportunity analysis 
D)  industry analysis 
E)  marketing plan

Question 4

A company's industry analysis and target market analysis are usually included in the same section of its business plan.

Accepted Answer

A) True 
 B)False

Question 5

According to the textbook, many investors and others who read business plans look first at the executive summary and then go directly to the ________ section of the business plan to make their preliminary assessment.

Accepted Answer

A)  management team and company structure 
B)  product (or service) design and development plan 
C)  industry analysis 
D)  marketing plan 
E)  operations plan 
A)  management team and company structure 
B)  product (or service) design and development plan 
C)  industry analysis 
D)  marketing plan 
E)  operations plan

Question 6

What is a business plan?

Accepted Answer

A business plan is a written n

Question 7

The ________ is a short overview of the entire business plan.

Accepted Answer

A)  administrative review 
B)  executive summary 
C)  managerial review 
D)  founder's introduction 
E)  synopsis 
A)  administrative review 
B)  executive summary 
C)  managerial review 
D)  founder's introduction 
E)  synopsis

Question 8

A milestone is a noteworthy or significant event.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following is one of the "red flags" listed in the textbook that raises questions about one or more aspects of a company's business plan?

Accepted Answer

A)  It takes several days or weeks to complete. 
B)  Founders that have their own money at risk. 
C)  overly aggressive financials 
D)  It is less than 50 pages long. 
E)  It is directed towards both an external and an internal audience. 
A)  It takes several days or weeks to complete. 
B)  Founders that have their own money at risk. 
C)  overly aggressive financials 
D)  It is less than 50 pages long. 
E)  It is directed towards both an external and an internal audience.

Question 10

According to the textbook, in the first meeting investors typically focus on whether the management team has the skills and experience to pull off the venture and:

Accepted Answer

A)  whether the new venture is properly structured 
B)  whether the new venture has intellectual property 
C)  legal and tax issues 
D)  whether a real opportunity exists 
E)  industry and competitor analysis 
A)  whether the new venture is properly structured 
B)  whether the new venture has intellectual property 
C)  legal and tax issues 
D)  whether a real opportunity exists 
E)  industry and competitor analysis

Question 11

Even though the executive summary appears at the beginning of the business plan, it should be written last.

Accepted Answer

A) True 
 B)False

Question 12

Cindy Kramer is in the very early stages of putting together a business startup, and is thinking about writing a business plan to request funds to conduct a feasibility analysis and write a more complete business plan. What type of business plan should Cindy write at this point?

Accepted Answer

A)  full business plan 
B)  tactical business plan 
C)  summary business plan 
D)  operational business plan 
E)  strategic business plan 
A)  full business plan 
B)  tactical business plan 
C)  summary business plan 
D)  operational business plan 
E)  strategic business plan

Question 13

A(n) ________, which is intended to be a blueprint for a company's operations, is 40-100 pages long and is meant primarily for an internal audience.

Accepted Answer

A)  operational business plan 
B)  full business plan 
C)  deliberate business plan 
D)  summary business plan 
E)  tactical business plan 
A)  operational business plan 
B)  full business plan 
C)  deliberate business plan 
D)  summary business plan 
E)  tactical business plan

Question 14

Which of the following is the main purpose for writing a business plan?

Accepted Answer

A)  The plan helps the company develop a "road map" to follow. 
B)  The plan introduces potential investors and other stakeholders to the business opportunity. 
C)  Both A and B are equally important. 
D)  Neither A nor B captures the true purpose of a business plan. 
E)  Reason A is the most important for experienced entrepreneurs and reason B is the most important for inexperienced entrepreneur. 
A)  The plan helps the company develop a "road map" to follow. 
B)  The plan introduces potential investors and other stakeholders to the business opportunity. 
C)  Both A and B are equally important. 
D)  Neither A nor B captures the true purpose of a business plan. 
E)  Reason A is the most important for experienced entrepreneurs and reason B is the most important for inexperienced entrepreneur.

Question 15

Fragmented industries are more receptive to new entrants than industries that are dominated by a handful of large firms.

Accepted Answer

A) True 
 B)False

Question 16

A prototype is:

Accepted Answer

A)  a form of opportunity recognition 
B)  a tool for evaluating the industry a new firm plans to enter 
C)  a financial model 
D)  the first physical depiction of a new product 
E)  a tool for evaluating the organizational prowess of a new firm 
A)  a form of opportunity recognition 
B)  a tool for evaluating the industry a new firm plans to enter 
C)  a financial model 
D)  the first physical depiction of a new product 
E)  a tool for evaluating the organizational prowess of a new firm

Question 17

A company's mission statement should be placed in the ________ section of its business plan.

Accepted Answer

A)  marketing plan 
B)  management team and company structure 
C)  company description 
D)  market analysis 
E)  industry analysis 
A)  marketing plan 
B)  management team and company structure 
C)  company description 
D)  market analysis 
E)  industry analysis

Question 18

A business plan can usually be completed in one to three days.

Accepted Answer

A) True 
 B)False

Question 19

What section of the business plan deals with the day-to-day operations of a company?

Accepted Answer

A)  financial plan 
B)  marketing plan 
C)  operations plan 
D)  industry analysis 
E)  executive summary 
A)  financial plan 
B)  marketing plan 
C)  operations plan 
D)  industry analysis 
E)  executive summary

Question 20

According to the textbook, a business plan is best described as a:

Accepted Answer

A)  narrative description of a new business 
B)  contract 
C)  budget 
D)  agreement 
E)  marketing initiative 
A)  narrative description of a new business 
B)  contract 
C)  budget 
D)  agreement 
E)  marketing initiative

Match the business plan with its appropriate emphasis:

An organizational chart is a graphic representation of how authority and responsibility are distributed within a company.

The document that does the best job of introducing potential investors and other stakeholders with the business opportunity the firm is pursuing and how it plans to pursue it is the:

A company's industry analysis and target market analysis are usually included in the same section of its business plan.

According to the textbook, many investors and others who read business plans look first at the executive summary and then go directly to the ________ section of the business plan to make their preliminary assessment.

What is a business plan?

The ________ is a short overview of the entire business plan.

A milestone is a noteworthy or significant event.

Which of the following is one of the "red flags" listed in the textbook that raises questions about one or more aspects of a company's business plan?

According to the textbook, in the first meeting investors typically focus on whether the management team has the skills and experience to pull off the venture and:

Even though the executive summary appears at the beginning of the business plan, it should be written last.

Cindy Kramer is in the very early stages of putting together a business startup, and is thinking about writing a business plan to request funds to conduct a feasibility analysis and write a more complete business plan. What type of business plan should Cindy write at this point?

A(n) ________, which is intended to be a blueprint for a company's operations, is 40-100 pages long and is meant primarily for an internal audience.

Which of the following is the main purpose for writing a business plan?

Fragmented industries are more receptive to new entrants than industries that are dominated by a handful of large firms.

A prototype is:

A company's mission statement should be placed in the ________ section of its business plan.

A business plan can usually be completed in one to three days.

What section of the business plan deals with the day-to-day operations of a company?

According to the textbook, a business plan is best described as a:

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Industry and Competitor Analysis

Developing an Effective Business Model

Preparing the Proper Ethical and Legal Foundation

Assessing a New Venture's Financial Strength and Viability

Building a New Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters

Exam 4: Writing a Business Plan

Match the business plan with its appropriate emphasis:

An organizational chart is a graphic representation of how authority and responsibility are distributed within a company.

The document that does the best job of introducing potential investors and other stakeholders with the business opportunity the firm is pursuing and how it plans to pursue it is the:

A company's industry analysis and target market analysis are usually included in the same section of its business plan.

According to the textbook, many investors and others who read business plans look first at the executive summary and then go directly to the ________ section of the business plan to make their preliminary assessment.

What is a business plan?

The ________ is a short overview of the entire business plan.

A milestone is a noteworthy or significant event.

Which of the following is one of the "red flags" listed in the textbook that raises questions about one or more aspects of a company's business plan?

According to the textbook, in the first meeting investors typically focus on whether the management team has the skills and experience to pull off the venture and:

Even though the executive summary appears at the beginning of the business plan, it should be written last.

Cindy Kramer is in the very early stages of putting together a business startup, and is thinking about writing a business plan to request funds to conduct a feasibility analysis and write a more complete business plan. What type of business plan should Cindy write at this point?

A(n) ________, which is intended to be a blueprint for a company's operations, is 40-100 pages long and is meant primarily for an internal audience.

Which of the following is the main purpose for writing a business plan?

Fragmented industries are more receptive to new entrants than industries that are dominated by a handful of large firms.

A prototype is:

A company's mission statement should be placed in the ________ section of its business plan.

A business plan can usually be completed in one to three days.

What section of the business plan deals with the day-to-day operations of a company?

According to the textbook, a business plan is best described as a:

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Industry and Competitor Analysis

Developing an Effective Business Model

Preparing the Proper Ethical and Legal Foundation

Assessing a New Venture's Financial Strength and Viability

Building a New Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters