Q3 ENTREP 9 REVIEWER

What does the term "micro" mean?

• Large

• Very small

• Medium

• Unlimited

What is the process of setting up goals for a business called?

• Marketing

• Business planning

• Management

• Feasibility study

Which of the following is a benefit of making a business plan?

• Increases risks

• Minimizes risks

• Increases costs

• Reduces efficiency

What must planning be based on to be realistic?

• Unlimited resources

• Available human, financial, and physical resources

• Future predictions

• Competitors' strategies

What is a feasibility study used for?

• To increase production costs

• To minimize risk and ascertain the viability of a project

• To create marketing strategies

• To manage employees

Which component of a feasibility study deals with the manufacturing process?

• Marketing study

• Technical study

• Management study

• Financial study

What does a concept paper represent?

• A detailed financial plan

• A written plan for managing a business

• A marketing strategy

• A production schedule

Which part of a concept paper discusses the significant details of the product/service?

• Objectives

• Introduction

• Rationale

• Recommendations

What is the purpose of a business plan?

• To describe the nature of the business and its strategies

• To manage daily operations

• To hire employees

• To create advertisements

Which component of a business plan involves determining the fiscal needs of the business?

• Production plan

• Organizational plan

• Financial plan

• Marketing plan