Entrepreneurship, Business Planning & Financial Literacy Quiz

Your friend is developing a marketing plan for her new business. What should she put in this plan?

• Where she wants to sell her product

• The price of her product

• A description of the people in her target market

• All of the above

Which statement is the best description of a Value Proposition?

• The cost of creating the product.

• A component of the business plan that identifies the target market for the product.

• The features and benefits that make the product or business unique.

• None of the above

What is the main purpose of developing a business pitch?

• To tell investors all the important details and goals of your business so they don't need to read the business plan.

• To provide customers with an in-depth description of how your business was formed.

• To briefly share the most important information about your business to people in an engaging way.

• To determine whether your business idea is a business opportunity.

Which of the following is probably NOT an important point to include in a business pitch?

• A. A detailed description of the meaning behind the company's name.

• B. The problems that the product or service solves or the demands it meets.

• C. How the product or service is different.

• D. Clear reasons why the potential customers and investors should care about the business.

5. It is important to conduct market research on your target audience before building your marketing plan because:

• It helps you understand your audience's needs and preferences.

• It guarantees immediate sales.

• It eliminates all competition.

• It reduces the need for advertising.

Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?

• Challenge the Usual

• Think Backward

• Judge Each Idea as Realistic or Not

• Draw Idea Maps

Sharon is thinking about opening a bakery. Which of the following would NOT be a good early step?

• Immediately finding a storefront property for her business, putting down a deposit, and signing a lease.

• Contacting a mentor who has experience in the restaurant industry.

• Creating an initial elevator pitch with her limited information and starting to ask around for advice.

• Beginning to estimate her target market for her business.

What kind of research should Sharon do to evaluate her business opportunity?

• Conduct market research to determine whether her business idea meets a consumer need or want.

• Discuss the situation with her cousin who has shopped at the local bakery a few times.

• Discuss the situation with a family friend who has money and might want to invest in her idea.

• Analyze a national chain that sells pies and model her new business after it.

What are the four parts of a SWOT Analysis?

• The four parts of a SWOT Analysis are Strengths, Weaknesses, Opportunities, and Threats.

• The four parts of a SWOT Analysis are Sales, Workforce, Operations, and Technology.

• The four parts of a SWOT Analysis are Strategy, Wealth, Organization, and Tactics.

• The four parts of a SWOT Analysis are Structure, Work, Output, and Team.

Which one of these is NOT part of the market research process?

• Identify research objectives and write down the questions they want answered.

• Conduct research—both primary and secondary—to hear from people firsthand.

• Start promoting their shoe store to people in the neighborhood.

• Draw conclusions and make decisions based on the research results.