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Entrep - Business Plans

Total questions: 25

Worksheet time: 13mins

Name
Class
Date
1.
What are the advantages of buying an existing business?
a)
Limited potential for growth
b)
Higher risk of failure
c)
Complete control over business operations
d)
Established customer base
2.
What is the purpose of a mission statement and vision statement?
a)
To outline the company's financial goals
b)
To create a marketing strategy
c)
To define the company's core values and purpose
d)
To attract potential investors
3.
What type of tax do businesses pay on their income?
a)
Property tax
b)
Sales tax
c)
Payroll tax
d)
Income tax
4.
What is the purpose of developing job descriptions for positions within a business?
a)
To define the roles and responsibilities of employees
b)
To attract potential investors
c)
To create a marketing strategy
d)
To outline the company's financial goals
5.
What is the first step in creating a business organizational structure?
a)
Developing a marketing plan
b)
Determining the legal structure of the business
c)
Defining the company's mission and vision
d)
Hiring employees
6.
What is the purpose of creating a business plan?
a)
To define the company's core values and purpose
b)
To attract potential investors
c)
To outline the company's financial goals
d)
All of the above
7.
How does entrepreneurship benefit the economy?
a)
It has no impact on the economy
b)
It decreases competition
c)
It encourages innovation and creates jobs
d)
It leads to increased unemployment
8.
What is the formula for calculating net profit?
a)
Expenses - Income
b)
Income - Gross profit
c)
Income - Expenses
d)
Gross profit - Expenses
9.
Which of the following is an example of a license that a small business must obtain?
a)
Gym membership
b)
Sales tax I.D.
c)
Library card
d)
Driver's license
10.

Statistical data that describes a given market
by criteria such as age, gender, and income

a)

Demographics

b)

Geographics

c)

Psychographics

d)

Marketing

11.

Which inventory system is continually updated on a daily basis?

a)

Weekly

b)

Just-in-Time

c)

Perpetual

d)

Tracking

12.

The ______________________________ is the first thing you should see on  a Business Plan

a)

Marketing Summary

b)

Business Summary

c)

Proposed Summary

d)

Executive Summary

13.

What type of pricing strategy is used to offer products in the same line at several different
prices; low, medium, and high? This would be like the different models of a Porche 911 car. 

a)

Price Lining

b)

 

Odd-Even Pricing

c)

Mixed Pricing

d)

Demand-based Pricing

14.

What type of pricing method lowers prices for a limited time to stimulate demand?

a)

Seasonal discount

b)

Niners

c)

Bundle pricing

d)

Promotional pricing

15.

Which category of the Marketing Mix deals with intermediaries?

a)

Publicity

b)

Price

c)

Place

d)

Promotion

16.

This legal form of ownership operates apart
from its owners, and lives-on after the owner
dies

a)

Promotional mix

b)

Partnership

c)

LLC

d)

Corporation

17.

Includes advertising, publicity, personal
selling, and sales promotions.

a)

Channels of Distribution

b)

Business Plan

c)

Promotional Mix

d)

The P's of Marketing

18.

A business with two or more owners who
share ideas, abilities or financial obligations.

a)

Partnership disclosure

b)

Partnership

c)

Business Chart

d)

Public company

19.

The _______________________________ section features a customer demographic
profile, identifies competitors, and explains your competitive advantage by utilizing your
research.

a)

Marketing Plan

b)

Product and services

c)

Financial Statements

d)

Marketing and Competitive Analysis

20.

In the ___________________________section of the Business Plan, a business description, customer location, market research and proposed organizational structure takes place. 

a)

Section I: Financing

b)

Section II: Analysis of Business Situation

c)

Section III: Marketing and Promotional Plan

d)

Section IV: Executive Summary

21.

A discount pricing method that is often used when ordering t-shirts for the school—the larger the order, the cheaper the per-unit price

a)

Promotion

b)

Price Lining

c)

Quantity Discounts

d)

Cash Discount

22.

Which of the following is NOT a good management skill?

a)

Conceptual

b)

Technical

c)

Networking

d)

Commuting

23.

Pricing based on the level of demand for the product where the price will often change. For Example when hotel prices increase in Las Vegas when the Raiders have home games.

a)

Demand based pricing

b)

Prestige pricing

c)

Price gouging

d)

Price lining

24.

Different products or brands sold by a company

a)

Marketing Mix

b)

Product Mix

c)

Product Depth

d)

Product 4 P's

25.

Before writing this section, an accountant and/or attorney should be consulted to determine what ________________________________ would most benefit your company needs, size, or issues of liability

a)

4 P's

b)

Type of Product

c)

Form of Ownership

d)

LLC