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Entrepreneurship - Business Planning Online Quiz

Description: General Business Planning Questions #Economics, Business Plan Outline, Finances
Number of Questions: 20
Created by:
Tags: entrepreneur
Attempted 0/20 Correct 0 Score 0

Individuals or companies that make a living investing in startup companies are called

  1. Venture Capitalists

  2. Bank investments

  3. Company shares

  4. None of the above


Correct Option: A

If your direct competitor lowers the price of similar goods and services, demand would...

  1. Increase for your goods/services

  2. Decrease for your goods/services

  3. stay the same, but price would drop

  4. none of the above


Correct Option: B

Money invested in a business in return for a share in profits of the business is referred to

  1. Debt to Equity ratio

  2. Debt Capital

  3. Equity Capital

  4. Bank Loan


Correct Option: C

The marketing section of your plan should do all of the following except

  1. explain who your prospective customers are

  2. describe the market for your product

  3. explain any unique features of your product

  4. show the expertise of your sales force


Correct Option: D

The executive summary of the business plan is....

  1. the second introductory element

  2. should capture the interest of the readers

  3. includes the name, address, and phone number of your company

  4. is rarely read by lenders or investors


Correct Option: B

The appendix of the business plan is where you place which of the following?

  1. Sales projections

  2. Contracts and signed leases

  3. Competitive analysis

  4. none of the above


Correct Option: B

The personal net worth equation =

  1. Total liabilities - Total assets

  2. Networth - Total liabilities

  3. Total assets - Total Liabilities

  4. None of the above


Correct Option: C

Identification of risks and your plan to deal with them should be in your business plan’s ..?

  1. Introduction

  2. Executive Summary

  3. Management Plan

  4. Financial Plan


Correct Option: D

An example of a business assets would be

  1. Bank loans

  2. accounts receivable

  3. inventory on hand

  4. salaries payable


Correct Option: C

Without a business plan you will not be able to...

  1. manage your business

  2. obtain a business loan

  3. make sales projections

  4. locate a space for your business


Correct Option: B

The operations section discusses growth potential and forecasts for your business’s industry.

  1. True

  2. False


Correct Option: B

Which of the following is not a purpose of a business plan?

  1. Which of the following is not a purpose of a business plan?

  2. describe how you expect to achieve specific objectives

  3. describe how you will locate reliable suppliers

  4. To spell out how your product or service will be sold


Correct Option: C

The marketing section should describe how your business will be managed on a day-to-day basis.

  1. True

  2. False


Correct Option: B

Your business idea is described in the introduction section of the business plan.

  1. True

  2. False


Correct Option: A

The higher percentage you invested in your company, the harder it is to get others to invest.

  1. True

  2. False


Correct Option: B

Writing out a business plan helps you convince people to buy your product or service.

  1. True

  2. False


Correct Option: B

To calculate necessary start up costs for your business, you should...

  1. Itemize costs necessary to operate

  2. Consider the factors of production

  3. Consider start up assets necessary

  4. all of the above


Correct Option: D

A business plan needs to outline goals for the business only for the short term and medium term

  1. True

  2. False


Correct Option: B

A business plan is helpful in the initial stages of your company and in future decision making

  1. True

  2. False


Correct Option: A

In your business plan, you need to identify who your target customer is and how to keep them.

  1. True

  2. False


Correct Option: A
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