Entrepreneurial Mind Second Final Quiz [Reviewer]

Which statement is true about failure in entrepreneurship?

• Failure is avoidable with proper planning.

• Failure and success are unrelated.

• Failure is a natural part of the entrepreneurial journey.

• Failure always leads to giving up.
  

Which of the following is not a benefit of planning?

• Focusing on goals

• Guaranteed financial success

• Keeping track of progress

• Identifying risks beforehand

What does TRIM from TRIM framework stands for?

• Team, Resources, Idea, Market

• Team, Resources, Initiative, Market

• Team, Resources, Idea, Management

• Team, Resources, Initiative, Market

What is the main purpose of a business brief?

• To develop a product design

• To persuade stakeholders to take action

• To finalize budgets

• To evaluate competitors

Why is a business plan important for new entrepreneurs?

• It guarantees funding.

• It organizes ideas and anticipates challenges.

• It eliminates the need for marketing.

• It secures immediate investor approval.

Which of these is a common reason for business failure?

• Overplanning

• Lack of appropriate planning

• Expanding too slowly

• Hiring too many employees

Which of the following is the first communication instrument that provides an overview of the business in order to raise funds?

• Pitch deck

• Business brief

• Feasibility study

• Business model canvas

Which of the following is NOT a reason for failure?

• Proper selection of a business.

• Expanding too soon.

• Having inadequate capital.

• Helps anticipate possible problems.

What does the Income Statement primarily reflect?

• Assets, Liabilities, and Equity

• Cash Inflows and Outflows

• Revenues, Expenses, and Profit/Loss

• Pricing Strategies and Cost Allocation

Why might a business choose a subscription revenue model over a usage-based model?

• Subscriptions generate variable income that adapts to customer usage.

• Subscriptions provide consistent and predictable revenue streams.

• Subscriptions encourage one-time payments for access.

• Subscriptions are better suited for products with minimal recurring costs.