Planning for Entrepreneurs in Entrepreneurship MCQs
Planning for Entrepreneurs in Entrepreneurship MCQs
Answer these 10 Planning for Entrepreneurs in Entrepreneurship MCQs and assess your grip on the subject of Planning for Entrepreneurs in Entrepreneurship.
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1: Business Plan is the most formal of planning tools. It is typically a lengthy written document discussing the business concept, product mix, marketing plan, operations plan, development plan, and financial forecast.
A. True
B. False
2: A written representation of your vision for your product or service is known as?
A. Feasibility Study
B. Concept Statement
C. Planning
D. None of these
3: Best statement for Feasibility Study is
A. A process of envisioning the future for a business, including what one plans to do and how one plans to do it.
B. A method whereby market tests are conducted to get early feedback and acquire important learning and information.
C. A change in business direction.
D. None of these
4: A process of envisioning the future for a business are called ?
A. Planning
B. Feasibility Study
C. Both a & b
D. Incorrect statement
5: ______ challenges the entrepreneur to imagine what a business could be three years into the future, as three years is a reasonable amount of time to “nail down” specific, measurable goals.
A. Vivid vision
B. Profitability planning
C. Revenue mapping
D. Cash projecting
6: A business plan should indicate that you ______, demonstrating that you know how your product or service will be delivered to your target customers.
A. avoid the exaggerated hockey stick
B. are honest about your weaknesses
C. understand your distribution channels
D. focus on your competition
7: The ______ element of the TRIM framework answers questions like, “Who is your primary customer?”, “What are your customers willing to pay?”, and “How will you reach your customers, and how will they hear and learn about your about your product/service?”
A. resources
B. market
C. relationship
D. implementation plan
8: A(n) ______ is a planning tool that allows entrepreneurs to test the possibilities of an initial idea to see if it is worth pursuing.
A. business brief
B. pitch deck
C. feasibility study
D. elevator pitch
9: A ______ is a 2- to 3-page typed document that is well formatted and professional looking; its purpose is to have something in writing to show anybody interested in the business.
A. business brief
B. business model canvas
C. back-of-a-napkin plan
D. business plan
10: ______ consists of 10 to 20 slides, depending on length and purpose of the presentation, with the goals of getting to the next meeting with a potential investor, applying to an incubator program, winning a competition, and/or getting funding,
A. Sketch on a page
B. Business model canvas
C. A pitch deck
D. A business plan
11: Which of the following tips encompasses the idea that everything in a business plan should be based in fact, or well-researched assumptions?
A. avoid the exaggerated hockey stick
B. be realistic
C. remove any of the fluff
D. use visuals
12: Which of the following tips includes the idea that, whenever possible, you should back up your projections with examples to show investors that you are at least in the right ballpark?
A. avoid the exaggerated hockey stick
B. be realistic
C. remove any of the fluff
D. use visuals
13: Which of the following is an argument FOR writing a business plan?
A. Spending 200 hours to write a comprehensive business plan, at an opportunity cost of US$10,000 is financially prudent compared to launching a poor idea and/or unproven concept.
B. A business plan is an effective roadmap for startups to chart their course from idea to execution and implementation.
C. A business plan is the best way to organize financial projections when there is little or no existing financial data from which to work.
D. A business plan allows an entrepreneur to determine the feasibility of their idea prior to launch.
14: From an entrepreneurial perspective, ______ is a description of the future you envision for your business.
A. a plan
B. a mission
C. a vision
D. prospecting
15: Which of the following is an argument AGAINST writing a business plan?
A. Spending 200 hours to write a comprehensive business plan, at an opportunity cost of $10,000 is financially prudent compared to launching a poor idea and/or unproven concept.
B. A business plan limits a startups culture from developing organically as it takes on new partners and employees.
C. A business plan is a document that is out of date once created, and based on assumptions and financial projections of questionable validity.
D. A business plan is no longer required to obtain financing.
16: Which of the following is true about business plans?
A. A well-written business plan is one that is generalized to apply to any stakeholder.
B. The key to a successful business plan is including multiple visual aids.
C. Your passion and vision are more important than your market research, because projections are necessarily imprecise, but your passion predicts your success.
D. It is important to consider the purpose of the business plan before writing it.
17: ______ is a type of visual plan that identifies any gaps in the business idea and integrates the various components of the idea.
A. Sketches on a page
B. Business model canvas
C. Back-of-a-napkin
D. Business plan
18: The ______ element of the TRIM framework answers questions like, “What are your startup costs?”, “What do you currently have that you can use to get started?”, and “What assets are needed to start?”
A. resources
B. market
C. relationship
D. implementation plan
19: The TRIM framework is a planning tool that identifies which of the following categories?
A. Team, Resources, Implementation plan, Management structure
B. Technical requirements, Resources, Idea, Management structure
C. Technical requirements, Relationship, Implementation plan, Market
D. Team, Resources, Idea, Market
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Planning for Entrepreneurs in Entrepreneurship MCQs
