FBLA Entrepreneurship Test

Front

What is the primary purpose of a business plan?

Back

To guide the entrepreneur through the startup phase and beyond

Front

Which of the following is NOT a typical component of market research? Customer demographics, Competitor analysis, Financial projections, Industry trends

Back

Financial projections

Front

What is the main goal of financial projections in a business plan?

Back

To predict future revenue, expenses, and profitability

Front

Which of the following best describes the purpose of a marketing plan? Options: To document every possible marketing strategy regardless of cost, To outline specific strategies and actions to attract and retain customers, To ensure the product or service is developed flawlessly, To calculate the total marketing budget for the first year

Back

To outline specific strategies and actions to attract and retain customers

Front

Entrepreneurial leadership is best characterized by:

Back

Taking calculated risks and inspiring others to do the same

Front

In business plan development, the executive summary should:

Back

Provide a brief overview of the business concept, market, and competitive advantage

Front

Effective market research strategies often include: Relying solely on secondary data for cost-saving purposes, Ignoring trends that do not align with the initial business concept, Gathering both primary and secondary data for a comprehensive view, Focusing exclusively on the positive feedback received

Back

Gathering both primary and secondary data for a comprehensive view

Front

A common mistake in financial projections is: Being overly pessimistic about future sales, Including too much detail in the financial statements, Underestimating the cost of goods sold, Assumingly a constant month-to-month growth rate

Back

Underestimating the cost of goods sold

Front

A marketing plan implementation should NOT: Rely on untested channels to reach the target audience

Back

Rely on untested channels to reach the target audience

Front

Which of the following is NOT a characteristic of entrepreneurial leadership? High tolerance for ambiguity, Visionary thinking, Ability to motivate and inspire team members

Back

Preference for traditional methods over innovation