Deck 2: The Business Plan: Road Map to Success

Question 1

The Business Model Canvas has ________ core building blocks that are intended to supply answers to critical questions.

A) 3
B) 9
C) 6
D) 8

Answer 1

B

Question 2

The Executive Summary contains the ________.

A) inspired enthusiasm for success
B) story of the business
C) funding request
D) All of the above.

Answer 2

D

Question 3

It is best to wait to write a business plan until you find lenders or investors.

Answer 3

False

Question 4

The ________ section of the business plan should be written last.

A) Cover Page
B) Mission, Vision, Culture
C) Executive Summary
D) Financial Statements

Question 5

Your business plan projections should be ________.

A) incredible and impossible to reach
B) optimistic and a bit of a stretch
C) practical and easy to reach
D) realistic and attainable

Question 6

Explain 3 reasons why a start-up organization would have a written business plan.

Question 7

The ________ addresses the roles of the community, region, nation, and world in a business.

A) business analysis
B) environmental analysis
C) industry analysis
D) proof of market

Question 8

A business plan is the key to raising capital.

Question 9

Advertising is ________ promotion through media outlets.

A) paid
B) free
C) discounted
D) personal

Question 10

A(n) ________ is a company's plan to generate revenue and make a profit from operations.

A) business plan
B) marketing plan
C) analysis
D) business model

Question 11

Writing a business plan can ensure that you ________.

A) achieve your expense projections
B) figure out how to make your business work
C) meet your target revenue goals
D) make a profit

Question 12

A feasibility analysis is a study to assist in making a go/no go decision based upon a close examination of product/service, market, industry, and financial data in a sufficient degree of detail to ensure confidence in the results.

Question 13

Price should reflect the organization's ________.

A) policy
B) vision
C) strategy
D) All of the above.

Question 14

Target market segments are defined by common factors such as ________.

A) psychographics
B) geography
C) demographics
D) All of the above.

Question 15

The four factors that form marketing mix are ________.

A) product, price, promotion, and place
B) product, place, politics, and price
C) product, packaging, promotion, and price
D) product, price, promotion, and public opinion

Question 16

One section of the business plan that is often neglected is the ________.

A) Marketing Plan
B) Opportunity Analysis and Research
C) Executive Summary
D) Financial Projections

Question 17

Making the beliefs, values, and behavioral norms explicit and intentional builds the ________ of an organization.

A) culture
B) vision
C) mission
D) All of the above.

Question 18

A competitive analysis is an important component of ________.

A) a mission statement
B) opportunity analysis
C) a vision statement
D) All of the above.

Question 19

Bankers and other potential investors will often refuse to see an entrepreneur who does not have a ________.

A) complete business plan
B) sales forecast
C) resumé
D) marketing plan

Question 20

A(n) ________ can be a front line of defense against a poor idea.

A) goal
B) mission
C) objective
D) business plan

Question 21

Ratio analysis can help business owners ________.

A) secure funding
B) manage operations
C) understand their performance relative to peers
D) All of the above.

Question 22

What are the types of financial information to include in a business plan and why are they important?

Question 23

In a business plan, it is important to demonstrate that you have "skin in the game."

Question 24

Resumes and position descriptions should be included in business plans for ________.

A) all employees
B) key managers
C) Both of these.
D) Neither of these.

Question 25

Which of the following is not a best practice?

A) Write for your audience.
B) Use technical language and jargon.
C) Show that you are emotionally, intellectually and financially invested in the business.
D) Explain why the business will be successful.

Question 26

Cash flow ________ be negative before debt and equity infusions and ________ be negative after them.

A) can, cannot
B) cannot, cannot
C) cannot, can
D) can, can

Question 27

When you make an in-person presentation to prospective investors you should ________.

A) be prompt
B) establish rapport with the audience
C) use clear visual aids
D) All of the above.

Question 28

What a business owns is called ________.

A) liabilities
B) assets
C) net worth
D) owner's equity

Question 29

Telemarketing is a form of ________.

A) advertising
B) publicity
C) direct marketing
D) None of the above.

Question 30

What is the importance of having a professional, polished business plan?

Question 31

Discuss the significance of the management section of the business plan and what it should contain.

Question 32

Describe mission, vision and culture.

Question 33

The marketing plan is based on the marketing mix of product, price, place, and packaging.

Question 34

Which of the following is not needed in all business management teams?

A) operations
B) outside directors
C) marketing
D) accounting

Question 35

A(n) ________ is a 30-second to a 2-minute summary of your business.

A) story
B) advertisement
C) elevator pitch
D) executive summary

Question 36

Business plan and venture competitions for students are held worldwide. Many of them include ________.

A) oral presentations
B) prizes
C) travel
D) All of the above.

Question 37

A factor to consider when selecting a physical location is ________.

A) nearby university
B) wage rates
C) work force availability
D) All of the above.

Question 38

An IPO is a(n) ________ exit strategy for entrepreneurial ventures.

A) extinct
B) rare
C) common
D) alternative for a buyout plan

Question 39

Income statement projections realistically ________ in the first few months of operations.

A) show losses
B) show profits
C) break even
D) show marginal profits

Question 40

If a company does not have ________, it will fail.

A) property
B) cash
C) advertising
D) advanced technology