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| 1 | |
"When outsiders expect it" is one circumstance under which creating a business plan is absolutely necessary. |
| | A) | True |
| | B) | False |
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| 2 | |
According to research, without a business plan firms are more likely to close down. |
| | A) | True |
| | B) | False |
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| 3 | |
Internal understanding is the extent to which employees know the business' purpose. |
| | A) | True |
| | B) | False |
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| 4 | |
Suitable for investors, bankers, and lawyers to read, executive summaries are written in a formal style. |
| | A) | True |
| | B) | False |
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| 5 | |
A business model is described in the last part of the company's background. |
| | A) | True |
| | B) | False |
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| 6 | |
For an existing business, the financial section should report 5-year projections and not the past years since progress forward is what bankers lend you money for. |
| | A) | True |
| | B) | False |
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| 7 | |
The marketing plan is the only type of plan that adds material and value to a full business plan. |
| | A) | True |
| | B) | False |
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| 8 | |
______ is a document designed to detail the major characteristics of a firm. |
| | A) | Mission statement |
| | B) | Business plan |
| | C) | Executive summary |
| | D) | Marketing plan |
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| 9 | |
______ is NOT a business plan concern of family and friend investors. |
| | A) | Amounts and schedules for returns |
| | B) | Funds use |
| | C) | Competitive advantage |
| | D) | Stability of firm |
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| 10 | |
All of these are business plan concerns of bankers EXCEPT |
| | A) | monitoring compliance. |
| | B) | asset/collateral base. |
| | C) | cash flow and cash cycle. |
| | D) | long-term prospects. |
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| 11 | |
______ is not included in the business planning presentation types. |
| | A) | Mission |
| | B) | Elevator pitch |
| | C) | Executive summary |
| | D) | Annual objectives |
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| 12 | |
What is an ideal length of an elevator pitch? |
| | A) | 20 – 50 words |
| | B) | 250 – 500 words |
| | C) | 60 – 100 words |
| | D) | 5 – 10 words |
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| 13 | |
The firm's goals and competitive advantages can be described by |
| | A) | mission statement. |
| | B) | vision statement. |
| | C) | executive summary. |
| | D) | elevator pitch. |
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| 14 | |
_______ is a one- to two-page overview of the business, its business model, market, expectations, and immediate goals. |
| | A) | Vision statement |
| | B) | Executive summary |
| | C) | Mission statement |
| | D) | Elevator pitch |
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| 15 | |
The appropriate size for a business plan, where the type of business is well established is |
| | A) | 15 pages. |
| | B) | 25 pages. |
| | C) | 10 pages. |
| | D) | 40 pages. |
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| 16 | |
A one-page document on letterhead introducing the business plan is considered a |
| | A) | Cover letter. |
| | B) | Business plan. |
| | C) | Outline. |
| | D) | Executive summary. |
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| 17 | |
______ is a product or service that is kept as a trade secret or is protected legally using patients, trademarks, copyright, or service mark. |
| | A) | Tagline |
| | B) | Pioneering business |
| | C) | Test marketing |
| | D) | Proprietary technology |
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| 18 | |
______ is NOT an idea that good marketing strategy focuses on. |
| | A) | Harvesting the business plan |
| | B) | Overall strategy your firm pursues in the market |
| | C) | The sales plan |
| | D) | The longer-term competitive plan |
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| 19 | |
______ is a statement that is not expected in the business plan. |
| | A) | Balance sheet |
| | B) | Income statement |
| | C) | SEC filing statement |
| | D) | Cash flow statement |
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| 20 | |
______ is when a firm sells its products in a limited area, for a limited time. |
| | A) | R & D venture |
| | B) | Pioneering business |
| | C) | New entrant business |
| | D) | Test marketing |
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| 21 | |
______ is a firm whose product is new to the industry. |
| | A) | R & D venture |
| | B) | Pioneering business |
| | C) | New entrant business |
| | D) | Test marketing |
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| 22 | |
All of these are special purpose plans EXCEPT which of these? |
| | A) | Business plan |
| | B) | Screening plan |
| | C) | Invention plan |
| | D) | Informational plan |
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| 23 | |
______ provides information on the company and critical risks to prospective business partners. |
| | A) | Partner plan |
| | B) | Invention plan |
| | C) | Operational plan |
| | D) | Concept plan |
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| 24 | |
Out of the total population of people you approach, __________ is the percentage of people who buy. |
| | A) | mini plan |
| | B) | test marketing |
| | C) | hit rate |
| | D) | proof-of-concept |
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