Virtual Business Review Quiz

Which of the following would be indirect competition for a candy store?

• Walmart, which sells candy

• A hard candies boutique shop

• A candy superstore

• None of these

What does SWOT stand for?

• Special Wholesale Offers and Terms

• Simple Ways Of Teambuilding

• Strengths, Weaknesses, Opportunities, Threats

• Swings, Waterworks, Octagons, Treats

The first step in market research is:

• Gathering information

• Define the question

• Take action

• Evaluate results

The purpose of market research by entrepreneurs is to:

• Gather data

• Analyze data

• Make better decisions

• None of these

A business plan is best described as:

• A 30-second pitch given to investors

• The historical record of what's been done with the business so far

• A blueprint for the business

• A projection of all possible future scenarios

A business plan should:

• Include and discuss risks

• Never mention risks because they scare off investors

• Primarily focus on risks

• None of these

A target consumer is:

• Who you will pitch to

• A potential investor

• Someone likely to purchase your product or service

• A consumer agency

The most convincing elevator pitches do NOT:

• Sound enthusiastic

• Set your business apart

• Last a very short time

• Describe how you will copy existing successful competitors

An advantage to joining a family business is:

• The other employees are often well known

• You are likely to have unlimited control

• Emotional decisions are less common in family businesses than in large corporations

• Financing is never an issue

Which form of business gives you, the business owner, the most protection from lawsuits targeting your business?

• Sole proprietorship

• Partnership

• Corporation

• Sole partnership