Question 1

Bankers agree that most business failures are due to the entrepreneur's inability to obtain financing.

Accepted Answer

A) True 
 B)False  False

Question 2

Which of the following is not true about the operations plan portion of the business plan?

Accepted Answer

A) Only service businesses need an operations plan. 
B) An operations plan describes the flow of goods and services from production to customer. 
C) The role of technology in the business transaction process is discussed. 
D) The shipping process and inventory control process can be discussed in this section. 
A) Only service businesses need an operations plan. 
B) An operations plan describes the flow of goods and services from production to customer. 
C) The role of technology in the business transaction process is discussed. 
D) The shipping process and inventory control process can be discussed in this section. A

Question 3

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 D

Question 4

The part of the plan that describes the location and size of the business,the personnel and office equipment that will be needed,and the history of the venture is called the:

Accepted Answer

A) organizational plan. 
B) description of the venture. 
C) production plan. 
D) executive summary. 
A) organizational plan. 
B) description of the venture. 
C) production plan. 
D) executive summary.

Question 5

In 2011 online retail sales are expected to reach 400 billion dollars.

Accepted Answer

A) True 
 B)False

Question 6

An assessment of external uncontrollable variables that may impact the business plan is known as:

Accepted Answer

A) an environmental analysis. 
B) a description of the venture. 
C) a trend analysis. 
D) an executive summary. 
A) an environmental analysis. 
B) a description of the venture. 
C) a trend analysis. 
D) an executive summary.

Question 7

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.

Question 8

The business plan presentation for potential investors:

Accepted Answer

A) should be presented only in writing. 
B) should contain no negative projections. 
C) should enable the entrepreneur to "sell" his or her business concept in a designated period of time. 
D) should provide the entrepreneur's own perspective. 
A) should be presented only in writing. 
B) should contain no negative projections. 
C) should enable the entrepreneur to "sell" his or her business concept in a designated period of time. 
D) should provide the entrepreneur's own perspective.

Question 9

______ control compares the cost figures estimated in the business plan with actual day-to-day operations costs.

Accepted Answer

A) Production 
B) Sales 
C) Inventory 
D) Costs 
A) Production 
B) Sales 
C) Inventory 
D) Costs

Question 10

Typically business plan projections are made in a 36-month schedule.

Accepted Answer

A) True 
 B)False

Question 11

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 12

_______ identifies potential hazards and alternative strategies to meet business plan goals and objectives.

Accepted Answer

A) Assessment of risk 
B) Financial planning 
C) Alternative planning analysis 
D) The financial plan 
A) Assessment of risk 
B) Financial planning 
C) Alternative planning analysis 
D) The financial plan

Question 13

Which of the following interested parties should not have access to the venture's business plan?

Accepted Answer

A) Competitors 
B) Lenders 
C) Investors 
D) Suppliers 
A) Competitors 
B) Lenders 
C) Investors 
D) Suppliers

Question 14

Which U.S.Census publication gives statistics such as industry outputs,inputs,and operating data on manufacturing activity,by industry groups?

Accepted Answer

A) Service Annual Survey 
B) Current Industrial Report 
C) County Business Patterns 
D) Annual Survey of Manufacturers 
A) Service Annual Survey 
B) Current Industrial Report 
C) County Business Patterns 
D) Annual Survey of Manufacturers

Question 15

To determine the figures in the budget,the entrepreneur should identify benchmarks or norms in the industry.

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

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 18

Standard & Poor's and RDS Tablebase are good sources of industry and market data.

Accepted Answer

A) True 
 B)False

Question 19

In preparing the business plan,entrepreneurs can provide their own perspective and should consider the needs of external sources.

Accepted Answer

A) True 
 B)False

Question 20

To assess the potential profitability of a venture,the entrepreneur needs to ascertain expected sales and expense figures for the first:

Accepted Answer

A) month. 
B) year. 
C) quarter. 
D) three years. 
A) month. 
B) year. 
C) quarter. 
D) three years.

Bankers agree that most business failures are due to the entrepreneur's inability to obtain financing.

Which of the following is not true about the operations plan portion of the business plan?

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

The part of the plan that describes the location and size of the business,the personnel and office equipment that will be needed,and the history of the venture is called the:

In 2011 online retail sales are expected to reach 400 billion dollars.

An assessment of external uncontrollable variables that may impact the business plan is known as:

When collecting marketing information the entrepreneur should:

The business plan presentation for potential investors:

______ control compares the cost figures estimated in the business plan with actual day-to-day operations costs.

Typically business plan projections are made in a 36-month schedule.

The tendency among many entrepreneurs is to:

_______ identifies potential hazards and alternative strategies to meet business plan goals and objectives.

Which of the following interested parties should not have access to the venture's business plan?

Which U.S.Census publication gives statistics such as industry outputs,inputs,and operating data on manufacturing activity,by industry groups?

To determine the figures in the budget,the entrepreneur should identify benchmarks or norms in the industry.

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

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.

Standard & Poor's and RDS Tablebase are good sources of industry and market data.

In preparing the business plan,entrepreneurs can provide their own perspective and should consider the needs of external sources.

To assess the potential profitability of a venture,the entrepreneur needs to ascertain expected sales and expense figures for the first:

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

Bankers agree that most business failures are due to the entrepreneur's inability to obtain financing.

Which of the following is not true about the operations plan portion of the business plan?

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

The part of the plan that describes the location and size of the business,the personnel and office equipment that will be needed,and the history of the venture is called the:

In 2011 online retail sales are expected to reach 400 billion dollars.

An assessment of external uncontrollable variables that may impact the business plan is known as:

When collecting marketing information the entrepreneur should:

The business plan presentation for potential investors:

______ control compares the cost figures estimated in the business plan with actual day-to-day operations costs.

Typically business plan projections are made in a 36-month schedule.

The tendency among many entrepreneurs is to:

_______ identifies potential hazards and alternative strategies to meet business plan goals and objectives.

Which of the following interested parties should not have access to the venture's business plan?

Which U.S.Census publication gives statistics such as industry outputs,inputs,and operating data on manufacturing activity,by industry groups?

To determine the figures in the budget,the entrepreneur should identify benchmarks or norms in the industry.

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

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.

Standard & Poor's and RDS Tablebase are good sources of industry and market data.

In preparing the business plan,entrepreneurs can provide their own perspective and should consider the needs of external sources.

To assess the potential profitability of a venture,the entrepreneur needs to ascertain expected sales and expense figures for the first:

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