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Entrepreneurship Quiz

Total questions: 38

Worksheet time: 19mins

Name
Class
Date
1.
An analysis of the business’s advantage over its competitors
a)
Growth Plan
b)
Competitive Analysis
c)
Contingency Plan
d)
Market Analysis
2.
A part of the business processes that result in the production and delivery of the product or service
a)
Competitive Analysis
b)
Company Description
c)
Operational Plan
d)
Organizational Plan
3.
How a company will make customers aware of its products/services
a)
Marketing Plan
b)
Industry Overview
c)
Product and Service Plan
d)
Growth Plan
4.
Looks at likely risks to the business
a)
Contingency Plan
b)
Management Team Plan
c)
Marketing Plan
d)
Industry Overview
5.
Looks at how the business will expand in the future
a)
Growth Plan
b)
Product and Service Plan
c)
Contingency Plan
d)
Company Description
6.
A potential business owner’s qualifications and those of any partners
a)
Company Description
b)
Management Team Plan
c)
Growth Plan
d)
Executive Summary
7.
A brief account of the key points contained in a business plan
a)
Executive Summary
b)
Company Description
c)
Mission Statement
d)
Vision Statement
8.
A description that provides an outline of a business
a)
Executive Summary
b)
Company Description
c)
Contingency Plan
d)
Mission Statement
9.
A description of the product or service to be offered
a)
Operational Plan
b)
Marketing Plan
c)
Product and Service Plan
d)
Industry Overview
10.
Who will run the company as well as management’s philosophy
a)
Organizational Plan
b)
Operational Plan
c)
Executive Summary
d)
Company Description
11.
Research of the potential business’s industry
a)
Market Analysis
b)
Industry Overview
c)
Contingency Plan
d)
Marketing Plan
12.
Research of the potential customer’s profile
a)
Market Analysis
b)
Marketing Plan
c)
Mission Statement
d)
Growth Plan
13.
A plan presenting financial forecasts for the business
a)
Loan Proposal
b)
Financial Plan
c)
Business Loan Plan
d)
Investor Plan
14.
The specific aspirations of a company, the major goals it will try to reach.
a)
Vision Statement
b)
Company Description
c)
Mission Statement
d)
Executive Summary
15.

What is a business plan?

a)

Written document that only outlines the business practices of the new business.

b)

Written document that describes the financial aspects of the business.

c)

Written document that only describes the ownership of the business.

d)

Written document that describes all the steps necessary for opening and operating a successful business.

16.

Why do you need a business plan?

a)

To explain your idea

b)

the ability to get financing.

c)

it's a road map that sets objectives and goals for the business.

d)

To help reduce the risk of business failure.

e)

All of the above.

17.

Complete the sentence: A business plan...

a)

is useful once your business is operational but not much help during the startup phase

b)

is not usually needed once the business is up and running

c)

can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running.

18.

Which of the following is NOT a heading on a business plan?

a)

The staff

b)

The idea

c)

Market research

d)

Advertising campaign examples

e)

Competitors

19.

Which of the following would be interested in seeing the business plan of a new company? (More than one answer)

a)

Customers

b)

Potential investors

c)

The owners of the company

d)

Banks/ potential lenders

e)

Local council

20.

A business plan would normally be updated:

a)

Every day

b)

A month after the business starts

c)

Once a business adjusts its aims/objectives

d)

Every so often

e)

Never - It stays the same in its original form

21.
Which section of a business plan is generally first but written last?
a)
Executive summary
b)
Business description and vision
c)
Organization and management
d)
Description of market
22.
What's the biggest mistake you can make when preparing a business plan?
a)
Failing to include at least one appendix
b)
Not telling a compelling story
c)
Misrepresenting facts
d)
Failing to have a clear vision of the business
23.
Which of the following information is never included in the financial management section of a business plan?
a)
An income statement
b)
A cash flow statement
c)
A personal financial statement
d)
None of the answers are correct
24.
What's a typical time frame that a business plan addresses?
a)
Three to five years
b)
One year
c)
The anticipated life of the business
d)
At least ten years
25.
What do you call a written document that outlines a business's objectives and the strategy and tactics that it will use to achieve those objectives over anywhere from a three to five year period of time.
a)
A business plan
b)
A medium term plan
c)
A strategic plan
d)
An SBA certified business plan
26.
Why is being an entrepreneur risky?
a)
Because there are no more creative enterprises to create a business out of.
b)
Because entrepreneurs always fail.
c)
Because you often risk your own personal wealth.
d)
Because people don't trust entrepreneurs.
27.
If you possess excellent organizational skills, but are risk-averse and don't like taking initiative, would being an entrepreneur be a good profession for you?
a)
Yes, entrepreneurs should be risk-averse.
b)
No, entrepreneurs should rely on others to organize the business.
c)
No, entrepreneurs must be risk-takers who take initiative and have excellent organizational skills.
d)
Yes, all you need is good organizational skills.
28.
Bill Gates is probably all of the following EXCEPT:
a)
independent.
b)
a risk-taker.
c)
an effective communicator.
d)
someone who relies on the opinions of others.
29.
Why is creating an entrepreneurial team a good idea?
a)
Because it increases your investments.
b)
Because entrepreneurs prefer to work with people.
c)
Because it ensures your business will be a success.
d)
Because you spread out the risk and use each other's skills.
30.
Which one of the following is NOT a type of problem that an entrepreneur must often solve?
a)
Product design
b)
Management
c)
Financing
d)
None of the answers are correct
31.

The following are the prime reasons for preparing a business plan, except

a)

to allow the entrepreneur to objectively, critically and practically evaluate a business proposal

b)

to study and evaluate the viability of the proposed project before it is implemented

c)

to ensure that the proposed project is free of all problems

d)

to instil confident in potential financiers for the purpose of securing financial facilities

32.

A good business objective is a useful basis in constructing an effective business plan and strategy. (True/False)

(a)  

33.

A business plan gives room for entrepreneurs and their employees to develop an effective strategy to run the business.(True/False)

(a)  

34.

Lack of commitment and dedication is one of the pitfalls in preparing a business plan.(True/False)

a)

True

b)

False

35.

Poor management can guarantee the success of a business plan.(True/False)

a)

True

b)

False

36.

Business plans should be kept as short and precise as possible. (True/False)

a)

True

b)

False

37.

If an entrepreneur has a product or service that is good enough to sell, the business plan is not really necessary as the product or service will sell by itself. (True/False)

a)

True

b)

False

38.

Why do you need a business plan?

a)

To help reduce the risk of business failure.

b)

To explain your idea.

c)

It's a road mapthat sets objective and goals for the business.

d)

The abiity to get financing.

e)

All of the above.

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