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WorksheetsEntrepreneurship Summative 1
Total questions: 30
Worksheet time: 20mins
What is the primary objective of a feasibility study?
To secure financing
To reduce risk
To determine the feasibility of a business idea
To create a detailed marketing strategy
Which part of the business plan describes the overall purpose and direction of the business?
Business Model
Environmental Analysis
Executive Summary
Marketing Strategy
Which of the following is NOT a type of business model mentioned in our discussion?
Retail Business Model
Subscription Business Model
Franchise Business Model
Partnership Business Model
What does consumer analysis focus on?
Market Forecast
Target Market
Competitor Strategies
Wealth Improvement Approaches
Which section outlines how a business will attract customers and drive sales?
Business Model
Competitor Analysis
Marketing Strategy
Financial Plan
What is included in the environmental analysis of a business plan?
Business Model
Industry Trends
Executive Summary
Product Position
What type of business model involves licensing a brand and operational procedures to others?
Subscription Model
Franchise Model
Freemium Model
Marketplace Model
What is the purpose of a business’s vision statement?
To outline the business's structure
To describe the business’s long-term aspirations
To detail the business’s marketing strategy
To identify the business’s target market
Which factor is NOT considered in deciding the location of a business?
Proximity to customers
Distance from raw materials
Geographic conditions
Employee salaries
What is the first step after having a business idea?
Prepare the business plan
Conduct a feasibility study
Test the possibility of the idea
Create a marketing strategy
A business plan is a detailed document that describes how a business will open and operate.
True
False
The feasibility study is more detailed than the business plan.
True
False
A business plan is necessary to secure financing for a business.
True
False
The executive summary of a business plan includes the business’s Vision, Mission, Goals, and Objectives.
True
False
Market forecast analyzes the strengths and weaknesses of competitors.
True
False
A freemium business model provides basic services for free and charges for premium features.
True
False
The marketing strategy outlines how a business will handle its internal operations.
True
False
A retail business model involves selling directly to customers at a markup.
True
False
The feasibility study results have no impact on whether a business plan should be prepared.
True
False
The description of the business should include its mission and vision.
True
False
The part of the business plan that includes Vision, Mission, Goals, and Objectives.
(a)
The strategic tool that helps determine external and internal factors affecting the business.
(a)
The (a) Business Model is businesses offer basic services for free and premium features for a fee.
The (a) study is the detailed investigation that examines all aspects of the business idea.
The (a) analysis focuses on the target market and customer needs.
The document that describes how a business will open and operate.
(a)
The W_____ I______ Approach outlines how a business will increase its wealth over time.
(a)
The M (a) Business Model involves a platform connecting buyers and sellers.
The analysis that evaluates competitors in the market.
(a)
The B_____ M_____ is the part of the business plan that describes how the business will create and capture value.
(a)
