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WorksheetsLesson 3 Opportunity Recognition
Total questions: 12
Worksheet time: 6mins
Which of the following is not one of “The
Three C’s”?
concept
competition
customer
capital
A patent
is issued by the U.S. government
provides a legal means for protecting an
invention
involves research to avoid duplication
all of the above
A brief summary business plan should take no
more than
30 seconds to 3 minutes
3 to 5 minutes
5 to 10 minutes
10 to 15 minutes
The period of time you have to act on a business
opportunity before it disappears is called the
opportunity time limit
window of opportunity
reasonable time frame
none of the above
The type of business that provides the greatest
amount of entrepreneurial freedom is a(n)
business you start from scratch
independent business you purchase
franchise
family business
Which of the following types of business plans is
meant for use within the business only?
brief summary
oral presentation
investor’s business plan
operational business plan
Which of the following is not used to evaluate the
feasibility of a business opportunity?
invention analysis
cost/benefit analysis
opportunity-cost analysis
SWOT analysis
Who is the intended audience for the oral presentation
type of business plan?
potential employees
potential investors
newspaper reporters
a and c
Which of the following is not a characteristic of
creative thinking?
using your imagination
lateral thinking
looking at a situation in new ways
vertical thinking
A royalty fee is a(n)
single fee paid when a franchise agreement
expires
ongoing payment based on a percentage
of sales
single fee paid when the franchise agreement
is signed
ongoing payment based on the value of
the business
The business plan of a for-profit company typically
focuses on
the business mission
the products or services that support the
mission
financial goals
a and b
Which of the following is true about a business
plan?
developing it is simple and straightforward
once developed, it doesn’t change
it has a set format
it will need to be changed from time to time
