Writing a business plan

requires patience, research, thought, and time

What is entrepreneurship?

setting up a business with the aim of profits

A business plan is important for all of the following reasons except

it guarantees you will get financing for your business

What would be considered an entrepreneurship business

A guy going door to door to sell chocolate

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Entrepreneurship Quiz 3

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Questions 15

Answers

1
Writing a business plan
is quick but difficult
requires patience, research, thought, and time
is a quick and easy process
is too complex for most and requires professional help
2
An entrepreneur’s plan for extracting his or her money from a business after it is operating successfully
statement of purpose
executive summary
business plan
Exit strategy
3
A business plan is NOT intended for
potential investors
your bank
your competition
4
What is entrepreneurship?
marketing and selling products
acquiring leadership and managerial skills
setting up a business with the aim of profits
quickly advancing in positions within a corporation
5
A letter that introduces and explains an accompanying document or set of documents
business plan
executive summary
exit strategy
cover letter
6
Entrepreneurship is not an important skill
True
False
7
Which of the following organizations can provide assistance when writing your business plan?
bank
chamber of commerce
all of them
SBA
8
Organizations made up of professionals in a specific industry are called
trade associations
SBDCs
entrepreneurs
trade shows
9
A financial statement based on projected revenues and expenses
exit strategy
pro forma financial statement
SCORE
executive summary
10
There are 10 essential parts to a business plan.
False
True
11
Purposes of a business plan include which of the following?
describes the backgrounds and experience of those who will run the business
it sets specific objectives and describes how they will be achieved
all three
it explains your idea for a product or service
12
A business plan is important for all of the following reasons except
it guarantees you will get financing for your business
it makes you think about all aspects of your business
it can serve as a tool for managing your business
it helps you communicate your ideas to others
13
The main body of the business plan includes which of the following:
statement of purpose
supporting documents
executive summary
financial management
14
What would be considered an entrepreneurship business
A guy going door to door to sell chocolate
A guy working at the krusty krab
15
Mistakes to avoid when preparing a business plan include all of the following EXCEPT:
providing unrealistic financial projections
failing to define the target market
ignoring the competition
wasting time on research

Entrepreneurship Quiz 3 Flashcards | StudBud