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Entrepreneurship Chapter 3 Test Review

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

A formal explanation of a company's goals

a)

mission statement

b)

company description

c)

financial plans

d)

management plan

2.

a brief overview of the company including the business name, a summary of the business and location of the business

a)

company description

b)

mission statement

c)

management plan

d)

financial plans

3.

the component of the business plan that refers to how a company will be organized

a)

company description

b)

mission statement

c)

management plan

d)

financial plans

4.

the income earned by a business

a)

company description

b)

revenue

c)

management plan

d)

financial plans

5.

a projection of what an entrepreneur expects out of the sales and expenses of a business

a)

pro forma financial statements

b)

revenue

c)

management plan

d)

financial plans

6.

the component of the business plan that contains a strategy for how a business will obtain start-up capital, identify sources of financing, and assess the costs and benefits of resources

a)

pro forma financial statements

b)

revenue

c)

management plan

d)

financial plans

7.

Which of the following is NOT a characteristic of a business plan?

a)

presentation outline

b)

operating plan

c)

cover page

d)

owner's credentials

8.

What type of plan refers to how a company will be organized?

a)

financial

b)

marketing

c)

theoretical

d)

management

9.

Additional information that may be needed about the business venture is often included in what section of a business plan?

a)

executive summary

b)

operating plan

c)

appendix

d)

mission statement

10.

What part of the business model canvas divides potential customers into categories based on shared attributes and behaviors.

a)

value proposition

b)

customer segment

c)

key activities

d)

channels

11.

There are typically __ areas outlined in a business canvas model that guides entrepreneurs.

a)

nine

b)

six

c)

ten

d)

five

12.

A __ clearly outlines the value a product or service brings to a customer segment.

a)

value proposition

b)

key activity

c)

customer segment

d)

mission statement

13.

The ___ is a physical statement of business goals and how the entrepreneur will achieve them.

a)

business plan

b)

organizational structure

c)

canvas model

d)

company description

14.

As part of a management plan, may entrepreneurs create an __ for their entrepreneurial venture and develop job descriptions for positions.

a)

organizational structure

b)

purpose

c)

business plan

d)

company description

15.

Marketing plans include ___ and taglines, target audience, market and competitive analysis, and a strategy for how products will be sold to the customer.

a)

logos

b)

net worth

c)

company description

d)

business canvas model

16.

___ are the most critical component of a business plan.

a)

financial plans

b)

canvas model

c)

company description

d)

business plan

17.

Three factors are forecasted in pro forma financial statements: projected income and revenue, projected cash flow and projected ____.

a)

net worth

b)

purpose

c)

financial plans

d)

business model

18.

The __of a business plan is to help entrepreneurs make realistic decisions about starting and operating a business.

a)

purpose

b)

logo

c)

organizational structure

d)

company description

19.

A business ___ is a template that entrepreneurs can use to guide them in defining the value their products and services will bring to the customer.

a)

canvas model

b)

plan

c)

company description

d)

financial statements

20.

The ___ section of a business plan is usually placed near the beginning to establish a framework for the reader.

a)

company description

b)

mission statement

c)

financial plan

d)

net worth