Business Planning
Exam Questions
Course Introduction
Business Planning is a comprehensive course that explores the principles, processes, and tools essential for developing effective business plans. Students learn how to analyze markets, assess competition, evaluate financial feasibility, and identify strategic opportunities for new and existing ventures. Through case studies and hands-on projects, the course emphasizes the integration of marketing, operations, finance, and management strategies to formulate actionable business plans that can attract investors and guide organizational growth. The curriculum is designed to equip students with practical skills necessary to translate business ideas into structured, viable proposals within a competitive business environment.
Recommended Textbook
Entrepreneurship Successfully Launching New Ventures 5th Edition by Bruce R. Barringer
Source URL: https://quizplus.com/study-set/288
Chapter 1: Introduction to Entrepreneurship
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4778
Sample Questions
Q1) Stacey Wills, who is at heart a craftsperson, recently started a firm to manufacturer a new innovative food blender. Stacey's desire is to sell her food blender to as many people as possible because she firmly believes in the merits of her product. Stacey's story best illustrates which of the following characteristics, or attributes, of a successful entrepreneur?
A) Product/customer focus
B) Execution intelligence
C) Tenacity despite failure
D) A desire to please consumers
E) A desire to gain financial rewards
Answer: A
Q2) Which of the following was not identified in the textbook as one of the common traits and characteristics of entrepreneurs?
A) Lengthy attention span
B) Self-starter
C) Tolerant of ambiguity
D) Tenacious
E) Pessimistic disposition
Answer: E
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Recognizing Opportunities and Generating Ideas
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4779
Sample Questions
Q1) The term "window of opportunity" is a metaphor describing the time period in which a firm can realistically raise money.
A)True
B)False
Answer: False
Q2) An increased focus on health and wellness has resulted in a number of new business ideas including healthier foods and beverages, yoga instruction and training centers, and nutrition consulting. An increased focus on health and wellness is an important ________ that is creating opportunities in many areas for entrepreneurial firms.
A) economic force
B) regulatory force
C) legal force
D) technological advances
E) social force
Answer: E
Q3) Brainstorming is used to generate a number of ideas quickly.
A)True
B)False
Answer: True
Page 4
To view all questions and flashcards with answers, click on the resource link above.
Chapter 3: Feasibility Analysis
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4780
Sample Questions
Q1) Which of the following is incorrect regarding the "total startup cash needed" component of financial feasibility analysis?
A) It's not necessary to complete an actual budget of startup expenses.
B) When explaining where the startup funds will come from, avoid cursory explanations such as "I plan to bring investors on board" or "I'll borrow the money."
C) There are worksheets posted online that help entrepreneurs determine the startup costs to launch their venture.
D) An explanation of where the startup funds will come from should be included.
E) If the money will come from friends and family or is raised through other means, a reasonable plan should be stipulated to repay the money.
Answer: A
Q2) The mechanics for filling out a First Screen worksheet are complicated.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above.
5
Chapter 4: Developing an Effective Business Model
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4781
Sample Questions
Q1) Which section of the Barringer/Ireland Business Model Template is the only section that describes how it makes money?
A) Core strategy
B) Resources
C) Financials
D) Operations
E) Value proposition
Q2) In the terminology of the Barringer/Ireland Business Model Template, a firm's ________ structure describes the most important costs incurred to support its business model.
A) expense
B) cost
C) budget
D) overhead
E) outflow
Q3) The operations section of the Barringer/Ireland Business Model Template includes three sections: product (or service) production, channels, and key partners.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 6
Chapter 5: Industry and Competitor Analysis
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4782
Sample Questions
Q1) Identify the five competitive forces that determine industry profitably. Explain the purpose of analyzing these forces?
Q2) Once a firm decides to enter an industry and chooses a market in which to compete, it must gain an understanding of its competitive environment. This challenge can be undertaken by completing a(n) ________ analysis.
A) business
B) industry
C) competitor
D) strategic
E) market
Q3) Which of Porter's five forces is most directly influenced by the number and balance of competitors, degree of difference between products, growth rate of an industry, and level of fixed costs?
A) Threat of new entrants
B) Rivalry among existing firms
C) Threat of substitutes
D) Bargaining power of buyers
E) Bargaining power of suppliers
To view all questions and flashcards with answers, click on the resource link above.
Chapter 6: Writing a Business Plan
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4783
Sample Questions
Q1) A company's industry analysis and target market analysis are usually included in the same section of its business plan.
A)True
B)False
Q2) A business plan is important as it forces the founding team to systematically think through every aspect of their new venture and ________.
A) it is a budget
B) it is a public relations document that can be used to promote the firm
C) it is a contract that is signed by the founders of the firm
D) it is a financial analysis
E) it communicates the merits of a new venture to outsiders, such as investors and bankers
Q3) What is a business plan?
Q4) A prototype is ________.
A) a form of opportunity recognition
B) a tool for evaluating the industry a new firm plans to enter
C) a financial model
D) the first physical depiction of a new product
E) a tool for evaluating the organizational prowess of a new firm
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Preparing the Proper Ethical and Legal Foundation
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4784
Sample Questions
Q1) Which of the following statements is incorrect regarding sole proprietorships?
A) There is one owner.
B) Sole proprietor is in full control.
C) Business ends at the owner's death or loss of interest in the business.
D) Liquidity of the investment is high.
E) Money must be raised by the sole proprietor.
Q2) Describe the purpose of a nondisclosure agreement. Provide an example of when a nondisclosure agreement kicks in.
Q3) Stock options are a special form of incentive compensation.
A)True
B)False
Q4) In a ________ corporation, the voting stock is held by a small number of individuals and is very thinly or infrequently traded.
A) public
B) private
C) narrow
D) cautious public
E) closely-held
Page 9
To view all questions and flashcards with answers, click on the resource link above.
Chapter 8: Assessing a New Venture's Financial Strength and Viability
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4785
Sample Questions
Q1) A firm's ________ reflects the results of its operations over a specified period and shows whether it is making a profit or is experiencing a loss.
A) statement of cash flows
B) income statement
C) forecast
D) balance sheet
E) operating budget
Q2) Pro forma financial statements are projections for future periods based on forecasts and are typically completed for 2 to 3 years into the future.
A)True
B)False
Q3) ________ financial statements reflect past performance and are usually prepared on a quarterly and annual basis.
A) Chronological
B) Ad-hoc
C) Historical
D) Concurrent
E) Pro forma
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: Building a New-Venture Team
Available Study Resources on Quizplus for this Chatper
74 Verified Questions
74 Flashcards
Source URL: https://quizplus.com/quiz/4786
Sample Questions
Q1) Adam Miller is a general partner in a venture capital firm that just funded Gold Coast Software, a software firm in Santa Barbara, California. Gold Coast Software is incorporated, and Adam has taken a seat on the firm's board of directors. In board of directors terminology, Keith is a(n) ________ director.
A) subordinate
B) senior
C) distant
D) inside
E) outside
Q2) A(n) ________ is a panel of experts who are asked by a firm's managers to provide counsel and advice on an ongoing basis.
A) consultation board
B) idea panel
C) counseling panel
D) advisory board
E) suggestion panel
Q3) What is SCORE? What is its role in helping a firm fill out its new venture team?
Q4) What is the difference between a heterogeneous and a homogeneous founding team? Which type of team has the advantage?
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Getting Financing or Funding
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4787
Sample Questions
Q1) Which "phase" of the SBIR Program is a six-month feasibility study in which the recipient must demonstrate the technical feasibility of the proposed innovation?
A) Phase I
B) Phase II
C) Phase III
D) Phase V
E) Phase X
Q2) Katy Anderson's startup, which is in the organic fruit and vegetables industry, was launched on January 1, 2015. However, prior to its formal launch, Katy spent many hours working on her business, particularly during the feasibility analysis stage. The time and effort that entrepreneurs put into their venture, that can't be easily measured from a financial point of view, is referred to as ________ equity.
A) effort
B) intangible
C) sweat
D) worry
E) fret
Q3) Why do most firms need funding? Provide a brief explanation of each reason.
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: Unique Marketing Issues
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4788
Sample Questions
Q1) A(n) ________ is an early user of a firm's product who is willing to give a testimonial regarding his or her experience with the product.
A) tribute account
B) reference account
C) approval report
D) appreciation account
E) acknowledgment report
Q2) Social plugins are tools that Web sites can use to provide users with personalized social experiences.
A)True
B)False
Q3) Some companies monitor the integrity of their brands through a program of brand
A) administration
B) persistence
C) determination
D) resolution
E) management
Q4) What is a brand? How does a new firm develop a brand?
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: The Importance of Intellectual Property
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4789
Sample Questions
Q1) While stealing trade secrets is widely considered to be unethical, it is not a criminal offense.
A)True
B)False
Q2) Identify and briefly describe the three types of patents.
Q3) What is intellectual property? Why is it called "intellectual" property? Why is intellectual property such an important issue for entrepreneurial firms?
Q4) Trademark law falls under the Lanham Act, which passed in 1946.
A)True
B)False
Q5) Trade secret disputes arise most frequently when one firm alleges that a trade secret claimed by another firm is common knowledge, and can therefore be used by anyone.
A)True B)False
Q6) What are the two primary rules of thumb for determining whether intellectual property protection should be pursued for a particular intellectual asset?
Q7) What is a trademark? Why are trademarks important?
Page 14
To view all questions and flashcards with answers, click on the resource link above.
Chapter 13: Preparing for and Evaluating the Challenges of Growth
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4790
Sample Questions
Q1) The Partnering for Success feature in Chapter 13 focuses on Threadless, the popular community-centered T-shirt design site. According to the feature, at one point during its early growth, Threadless almost collapsed under the weight of operational problems. Threadless solved the problem by ________.
A) hiring professional managers
B) replacing the founder CEO with a seasoned CEO from an established company
C) hiring a consulting firm
D) selling a minority interest to a venture capital firm, which provided Threadless operational assistance
E) merging with Zappos and folding its operations into Zappos' operations
Q2) London Simpson owns a company that makes smartphone accessories. She is trying to increase her sales, primarily because she knows that increasing production lowers the average cost of each unit produced. The reason for growth illustrated in this example is
A) economies of scope
B) market leadership
C) influence, power, and survivability
D) need to accommodate the growth of key customers
E) economies of scale
To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 14: Strategies for Firm Growth
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4791
Sample Questions
Q1) Describe what a joint venture is. Identify the two types of joint ventures.
Q2) An acquisition is the pooling of interests to combine two or more firms into one. A merger is the outright purchase of one firm by another.
A)True
B)False
Q3) Rachel Watts owns a chain of office supply stores. Over the past three years, Rachel has significantly increased her sales through the outright purchase of additional office supply stores. Rachel is pursuing a(n) ________ strategy.
A) acquisition
B) merger
C) strategic alliance
D) joint venture
E) licensing
Q4) Internally generated growth is often called organic growth because it does not rely on outside intervention.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 16
Chapter 15: Franchising
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4792
Sample Questions
Q1) In the majority of cases, a franchisee pays the franchisor a royalty based on
A) a predetermined fixed weekly or monthly amount
B) weekly or monthly net income
C) the size of the franchise outlet
D) weekly or monthly gross income
E) the age of the franchise outlet
Q2) Uptown Cheapskate, the company profiled in the opening feature of Chapter 15, was started by Chelsea and Scott Sloan. According to the feature, Chelsea and Scott decided to grow Uptown Cheapskate via franchising because they wanted to ________.
A) grow quickly without making a huge investments in real estate
B) capture the prestige of being a franchise organization
C) maintain maximum control of their business while at the same time maximizing profits
D) grow quickly while at the same time maintaining maximum control of their business
E) grow slowly while at the same time maximizing profits
Q3) How can a person tell if franchising is right for them?
Q4) List and explain three of the common misconceptions about franchising.
To view all questions and flashcards with answers, click on the resource link above.
Page 17