FORTUNE 500 THIRD QUIZ QUESTIONS

What is the goal of a ‘lean startup’ approach to entrepreneurship?

• To minimize product development time and cost while focusing on customer feedback

• To launch products quickly without any customer validation

• C. To focus on building complex, feature-rich products

• D. To secure large investments before launching a product

53. Which of the following is the primary responsibility of a ‘Chief Financial Officer (CFO)’?

• Overseeing all business operations

• Managing company finances, including financial reporting and planning

• Setting up marketing strategies

• Managing customer relations

What is the purpose of ‘cost-benefit analysis’ in decision-making?

• A. To assess the financial viability of a business

• To determine the potential return on investment for a project or decision

• To evaluate market demand for a product

• To identify potential competitors in the marke

Which of these best describes ‘business incubation’?

• A. A stage in a startup’s life cycle where it has reached profitability

• A program that helps early-stage startups grow by providing resources, mentoring, and funding

• A process of automating business operations

• The method of expanding to multiple countries quickly

What is the key factor to consider when crafting a unique value proposition for your business?

• The cost of raw materials

• The demand for your product or service in international markets

• The specific benefits your product or service offers that set you apart from competitors

• The number of competitors in the market

Which of the following best describes ‘market penetration’?

• The ability to secure large loans to fuel business expansion

• The strategy of increasing market share for existing products or services within existing markets

• The process of launching new products in new markets

• The development of marketing campaigns for new products

What is the purpose of ‘business forecasting’?

• To predict future revenue, expenses, and financial needs based on current data

• To determine the impact of competitors’ actions on your business

• To design marketing strategies for the next quarter

• To assess employee satisfaction

Which is a critical factor in maintaining long-term customer loyalty?

• Providing the cheapest product in the market

• Offering high-quality customer service and consistent product experience

• Constantly changing products to match trends

• Limiting customer engagement to product-focused communication

What is ‘social entrepreneurship’ focused on?

• Achieving financial success at the expense of social issues

• Solving social, cultural, or environmental issues through innovative business solutions

• Establishing international partnerships for global growth

• Developing technology-based solutions for maximizing profits

What is the significance of having a ‘business mentor’?

• A mentor offers financial backing for the business

• A mentor guides through decision-making by sharing experience, knowledge, and insight

• A mentor directly manages the company’s day-to-day operations

• A mentor develops the business’s marketing strategy