Question 1

All of the following would be an operations information need except:

Accepted Answer

A) raw materials. 
B) break even numbers. 
C) equipment. 
D) labor skills. 
A) raw materials. 
B) break even numbers. 
C) equipment. 
D) labor skills.

Question 2

If a venture is not a manufacturing firm,an operations plan is not necessary.

Accepted Answer

A) True 
 B)False

Question 3

Investors often spend a lot of time conducting background checks.

Accepted Answer

A) True 
 B)False

Question 4

When determining how much help is needed to write the business plan an entrepreneur should conduct a self-assessment.In this self-assessment which skill set would not be considered?

Accepted Answer

A) product design 
B) organizing 
C) venture capital 
D) people management 
A) product design 
B) organizing 
C) venture capital 
D) people management

Question 5

By controlling __________,the firm can ensure maximum service to the customer.

Accepted Answer

A) production 
B) sales 
C) costs 
D) inventory 
A) production 
B) sales 
C) costs 
D) inventory

Question 6

Identify the most common reasons why business plans fail.
A.Goals set by the entrepreneur are unreasonable.
B.Objectives are not measurable.
C.The entrepreneur has not made a total commitment to the business or to the family.
D.The entrepreneur has no experience in the planned business.
E.The entrepreneur has no sense of potential threats or weaknesses to the business.
F.No customer need was established for the proposed product or service.

Accepted Answer

Business plans can fail for a variety of

Question 7

In writing the business plan an entrepreneur should consider four perspectives: the investor,the customer,the employees and themselves.

Accepted Answer

A) True 
 B)False

Question 8

The tendency among many entrepreneurs is to:

Accepted Answer

A) avoid planning. 
B) not take initiative. 
C) not market their product or services. 
D) lose focus on the business plan. 
A) avoid planning. 
B) not take initiative. 
C) not market their product or services. 
D) lose focus on the business plan.

Question 9

Discussing an exit strategy in the executive summary is not a good idea under any circumstances.

Accepted Answer

A) True 
 B)False

Question 10

An evaluation of cultural changes is irrelevant to the venture and should not be included in the business plan.

Accepted Answer

A) True 
 B)False

Question 11

The best way to address the concerns of all potential audiences when writing the business plan is to rely exclusively on a computer software package.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following documents is not usually included in the Financial Plan?

Accepted Answer

A) Statement of cash flows 
B) Income statement 
C) Price lists from suppliers 
D) Projected balance sheet 
A) Statement of cash flows 
B) Income statement 
C) Price lists from suppliers 
D) Projected balance sheet

Question 13

Identify 5 of the 9 skill areas an entrepreneur should review in order to determine whether or not they need help writing parts of the business plan.

Accepted Answer

Accounting/taxes
Planning
Fore

Question 14

Which of the following is not true about Steve Hafner featured in the opening profile of chapter 7?

Accepted Answer

A) Graduated from Dartmouth College 
B) Founded Expedia early in his career 
C) Worked for Boston Consulting Group after completing his Masters Degree 
D) Founded Kayak Corporation 
A) Graduated from Dartmouth College 
B) Founded Expedia early in his career 
C) Worked for Boston Consulting Group after completing his Masters Degree 
D) Founded Kayak Corporation

Question 15

The process of writing the business plan provides a self-assessment for the entrepreneur.

Accepted Answer

A) True 
 B)False

Question 16

Which source of financial information is a compilation of 276,000 financial statements of banking customers with ratios and benchmarks?

Accepted Answer

A) RMA eStatement Studies 
B) Market Share Reporter 
C) U.S.Census Statistical Abstracts 
D) Encyclopedia for American Industries and Mintel Reports 
A) RMA eStatement Studies 
B) Market Share Reporter 
C) U.S.Census Statistical Abstracts 
D) Encyclopedia for American Industries and Mintel Reports

Question 17

Before beginning the business plan,the entrepreneur should define the venture's goals and objectives.These goals should be:

Accepted Answer

A) general and broad. 
B) feasible. 
C) guaranteed. 
D) unique. 
A) general and broad. 
B) feasible. 
C) guaranteed. 
D) unique.

Question 18

Identify and explain,give examples when appropriate,of key areas that should be investigated when conducting an environmental analysis.

Accepted Answer

Economy.The entrepreneur should consider

Question 19

When gathering financial information,the entrepreneur should develop a budget that includes expected sales and expense figures for the first year.

Accepted Answer

A) True 
 B)False

Question 20

When collecting marketing information the entrepreneur should:

Accepted Answer

A) not include general environmental information. 
B) start with narrow-based data and work down to a more broader scope of information. 
C) identify competitors. 
D) not aim to define a specific market. 
A) not include general environmental information. 
B) start with narrow-based data and work down to a more broader scope of information. 
C) identify competitors. 
D) not aim to define a specific market.

All of the following would be an operations information need except:

If a venture is not a manufacturing firm,an operations plan is not necessary.

Investors often spend a lot of time conducting background checks.

When determining how much help is needed to write the business plan an entrepreneur should conduct a self-assessment.In this self-assessment which skill set would not be considered?

By controlling __________,the firm can ensure maximum service to the customer.

In writing the business plan an entrepreneur should consider four perspectives: the investor,the customer,the employees and themselves.

The tendency among many entrepreneurs is to:

Discussing an exit strategy in the executive summary is not a good idea under any circumstances.

An evaluation of cultural changes is irrelevant to the venture and should not be included in the business plan.

The best way to address the concerns of all potential audiences when writing the business plan is to rely exclusively on a computer software package.

Which of the following documents is not usually included in the Financial Plan?

Identify 5 of the 9 skill areas an entrepreneur should review in order to determine whether or not they need help writing parts of the business plan.

Which of the following is not true about Steve Hafner featured in the opening profile of chapter 7?

The process of writing the business plan provides a self-assessment for the entrepreneur.

Which source of financial information is a compilation of 276,000 financial statements of banking customers with ratios and benchmarks?

Before beginning the business plan,the entrepreneur should define the venture's goals and objectives.These goals should be:

Identify and explain,give examples when appropriate,of key areas that should be investigated when conducting an environmental analysis.

When gathering financial information,the entrepreneur should develop a budget that includes expected sales and expense figures for the first year.

When collecting marketing information the entrepreneur should:

Entrepreneurship and the Entrepreneurial Mind-Set

Entrepreneurial Intentions and Corporate Entrepreneurship

Entrepreneurial Strategy: Generating and Exploiting New Entries

Creativity and the Business Idea

Identifying and Analyzing Domestic and International Opportunities

Intellectual Property and Other Legal Issues for the Entrepreneur

The Marketing Plan

The Organizational Plan

The Financial Plan

Sources of Capital

Informal Risk Capital, Venture Capital, and Going Public

Strategies for Growth and Managing the Implication of Growth

Accessing Resources for Growth From External Sources

Succession Planning and Strategies for Harvesting and Ending the Venture

Filters

Exam 7: The Business Plan: Creating and Starting the Venture

All of the following would be an operations information need except:

If a venture is not a manufacturing firm,an operations plan is not necessary.

Investors often spend a lot of time conducting background checks.

When determining how much help is needed to write the business plan an entrepreneur should conduct a self-assessment.In this self-assessment which skill set would not be considered?

By controlling __________,the firm can ensure maximum service to the customer.

In writing the business plan an entrepreneur should consider four perspectives: the investor,the customer,the employees and themselves.

The tendency among many entrepreneurs is to:

Discussing an exit strategy in the executive summary is not a good idea under any circumstances.

An evaluation of cultural changes is irrelevant to the venture and should not be included in the business plan.

The best way to address the concerns of all potential audiences when writing the business plan is to rely exclusively on a computer software package.

Which of the following documents is not usually included in the Financial Plan?

Identify 5 of the 9 skill areas an entrepreneur should review in order to determine whether or not they need help writing parts of the business plan.

Which of the following is not true about Steve Hafner featured in the opening profile of chapter 7?

The process of writing the business plan provides a self-assessment for the entrepreneur.

Which source of financial information is a compilation of 276,000 financial statements of banking customers with ratios and benchmarks?

Before beginning the business plan,the entrepreneur should define the venture's goals and objectives.These goals should be:

Identify and explain,give examples when appropriate,of key areas that should be investigated when conducting an environmental analysis.

When gathering financial information,the entrepreneur should develop a budget that includes expected sales and expense figures for the first year.

When collecting marketing information the entrepreneur should:

Entrepreneurship and the Entrepreneurial Mind-Set

Entrepreneurial Intentions and Corporate Entrepreneurship

Entrepreneurial Strategy: Generating and Exploiting New Entries

Creativity and the Business Idea

Identifying and Analyzing Domestic and International Opportunities

Intellectual Property and Other Legal Issues for the Entrepreneur

The Marketing Plan

The Organizational Plan

The Financial Plan

Sources of Capital

Informal Risk Capital, Venture Capital, and Going Public

Strategies for Growth and Managing the Implication of Growth

Accessing Resources for Growth From External Sources

Succession Planning and Strategies for Harvesting and Ending the Venture

Filters