Entrepreneurship & Business Strategy Quiz

What is the primary purpose of a gap analysis in business development?

• To identify customer demographics

• To compare actual performance with potential or desired performance

• To reduce project costs

• To manage employee performance

Which of the following BEST defines a 'business opportunity'?

• A gap between current solutions and customer needs

• A high-risk venture

• A newly established partnership

• A completed project proposal

When identifying a business need, which factor should be considered first?

• Available budget

• Competitor pricing

• Target market pain points

• Internal employee feedback

What is the purpose of a business plan?

• To assign employee tasks

• To legally register a company

• To provide a roadmap for starting and growing a business

• To assess competitor performance

Which section of a business plan outlines how the company will earn revenue?

• Executive Summary

• Operations Plan

• Marketing Strategy

• Financial Plan

What is the main objective of priority screening analysis in project planning?

• To finalize budget allocation

• To assign team members

• To rank and filter potential projects

• To estimate project completion time

Which of the following is NOT a typical screening criterion in priority screening analysis?

• Strategic alignment

• Potential return on investment

• Popularity among employees

• Risk level

What is the final step in the project life cycle?

• Execution

• Planning

• Closure

• Initiation

During the execution phase, the primary goal is to:

• Develop the business case

• Complete project deliverables

• Evaluate competitor threats

• Conduct feasibility analysis

Which document officially ends a project?

• Final Budget Report

• Project Charter

• Closure Report

• Status Update