Business Planning
Exam Review
Course Introduction
Business Planning is a comprehensive course that introduces students to the foundational concepts and practical applications involved in creating, developing, and managing business plans. The course covers essential topics such as market analysis, financial forecasting, competitive strategy, operations, and risk management. Through case studies, group projects, and real-world simulations, students learn to assess business opportunities, define clear objectives, and articulate actionable strategies for launching or expanding a business. Emphasis is placed on translating innovative ideas into viable business models, enabling students to develop a complete business plan that can attract investment and guide organizational success.
Recommended Textbook
Entrepreneurship The Practice and Mindset 1st Edition by Heidi M. Neck
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18 Chapters
1697 Verified Questions
1697 Flashcards
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Chapter 1: Entrepreneurship: a Global Social Movement
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) ______ are small, short-term loans to the impoverished who are perceived as ineligible to receive traditional bank loans to start their own businesses.
A)charitable contributions
B)microloans
C)short-term notes
D)miniloans
Answer: B
Q2) Sally has an idea for her own business.Which statement is true about Sally's business venture?
A)If her business is successful, the startup does not remain a startup.
B)Her business can develop into a larger organization.
C)Her business can be merged with or acquired by another business.
D)all of these
Answer: D
Q3) Bill Gates was an overnight success because it took only three months to become a success.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Practicing Entrepreneurship
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) In the fifth grade, Paula began to learn to play the clarinet.At first, it felt funny on her lips and the notes that came out of the instrument were very squeaky.She did not let this deter her and she kept at it.Last week, she won first place ribbons for her performances in a statewide music competition.This is an example of ______.
A)deliberate practice
B)loving music
C)supportive parents
D)a good school system
Answer: A
Q2) The approach as a body of skills or practices that together comprise a toolkit for entrepreneurial action is ______.
A)the method approach
B)the process approach
C)the entrepreneurial approach
D)the management approach
Answer: A
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Chapter 3: Developing an Entrepreneurial Mindset
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) Martha, a mother of a fifth grader, was praising her son for his hard work and effort on his first test.She was pleased ______.
A)that he did so well
B)to know of Dweck's study that praising for hard work and effort caused fifth graders to choose the more difficult problem the next time
C)he studied hard for the test
D)his grades were improving
Answer: B
Q2) When Mandi is frustrated, she perseveres until she resolves the issue causing her frustration.Mandi has a ______.
A)growth mindset
B)fixed mindset
C)angry mindset
D)right attitude
Answer: A
Q3) Define the components of the self-leadership habit.
Answer: process of influencing and controlling own behavior, actions and thinking; includes ability for self-direction, self-motivation
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5
Chapter 4: Supporting Social Entrepreneurship
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100 Flashcards
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Sample Questions
Q1) Zayden wants to join a global association of social entrepreneurs to connect and fund social entrepreneurs in the citizen sector.She should join ______.
A)Ashoka
B)Echoing Green
C)Envirolink
D)Global Social Venture
Q2) ______ can seek investment from social venture capitalists known as impact-investment funds.
A)For profit as well as nonprofits
B)Only nonprofits with social agendas
C)Only social entrepreneurs
D)all of these
Q3) Compare and contrast the high-engagement and multiyear support characteristics of venture philanthropists.
Q4) An example of social entrepreneurship is ______.
A)the Grameen Bank which gives microloans to the poor
B)Aravind, an initiative for sustainable development in Egypt
C)the ability to argue for the social benefits of an NGO
D)to continue with a mission of making a profit while changing others' lives
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Chapter 5: Generating New Ideas
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Sample Questions
Q1) Which of the following was NOT a result of imagination-based strategy spinoffs from NASA?
A)water filter
B)memory foam
C)fast recharging cell phone batteries
D)cell phone camera
Q2) List 5 of the everyday spinoffs from NASA.
Q3) Karter likes to consciously make links between concepts or ideas that are not normally associated with each other.He is using which strategy?
A)relationship-seeking strategies
B)development strategies
C)interpersonal strategies
D)brainstorming
Q4) D.G.Mitton, author of "The Complete Entrepreneur" states ______.
A)entrepreneurs look at the usual and only sees the ordinary
B)entrepreneurs look for the ordinary and see the extraordinary
C)entrepreneurs are always looking for the "next big thing"
D)all of these
Q5) List the seven main strategies for idea generation and give an example of each.
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Chapter 6: Using Design Thinking
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) The idea of a coasting bicycle was produced in which stage of the design-thinking process?
A)diversification
B)implementation
C)ideation
D)inspiration
Q2) What do the authors mean when they refer to "peeling the onion"?
A)Keep asking questions until you understand the core of the problem.
B)Go slowly to avoid the tears that can come from failure or from peeling onions.
C)First ask the questions your customers will want to answer most, and then move to other questions.
D)Discover the challenges a person faces by encouraging dialogue.
Q3) What is an empathy map?
A)a map that helps you rate and organize the emotional content of an interview
B)a tool that helps you collate and integrate your observations to discover new insights
C)a tool that helps you organize your thoughts during the interview
D)a tool that helps you define your assumptions and beliefs
Q4) Explain why design thinking is important to the entrepreneur.
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Page 8
Chapter 7: Testing and Experimenting in Markets
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) Dholakia and Durha conducted an experiment to assess businesses effect on consumers.What was the researchers' hypothesis?
A)Non-Facebook users would use Facebook if invited.
B)Customers would follow businesses on Facebook.
C)Only Facebook users would follow a business on Facebook.
D)They did not have a hypothesis.
Q2) What phase of design thinking is associated with experimentation?
A)inspiration
B)ideation
C)implementation
D)nonlinearization
Q3) What question is asked when an entrepreneur draws conclusions from the results of the data analysis?
A)What can be put into charts and graphs?
B)Can the results be communicated?
C)Do the results support the hypothesis?
D)How can the observations be summarized?
Q4) Observations are not acceptable data in an experiment.
A)True
B)False
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Chapter 8: Building Business Models
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99 Verified Questions
99 Flashcards
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Sample Questions
Q1) Which of the following would be included when describing the infrastructure?
A)financial viability
B)customers
C)facilities
D)the offering
Q2) What do Uber and Airbnb have in common in the BMC?
A)They advertise on the Internet.
B)Customers can make direct transactions with the service provider.
C)They provide a unique service.
D)They follow traditional service guidelines.
Q3) Perfect Grind is a coffee shop near Seattle, Washington.What might be considered one of its key activities?
A)purchasing a coffee steamer
B)stock management
C)customer relationships
D)determining resources for expansion
Q4) Consider the manufacturer of a solar lighting system.Identify who the key partners might be.Could some activities be outsourced? Who would you negotiate with to modify your BMC?
Q5) Explain why a shopping center is an example of a multisided market.
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Chapter 9: Planning for Entrepreneurs
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) Most decisions are not definitively ethical or unethical but land in "gray areas" that lie between these binaries.
A)True
B)False
Q2) Imagine that you want to engage in a planning experience with your team members and early investors.Select a planning tool and explain why that tool would be appropriate.
Q3) What is described in the business concept of the business plan?
A)the industry, structure, products, services
B)a description of potential customers, plan implementation
C)the overall implementation plan
D)the operations and management
Q4) Which of the following would be most appropriate to present in a collegiate competition for entrepreneurial funding?
A)concept plan
B)feasibility plan
C)pitch deck
D)business model
Q5) Describe how you would incorporate ethics into the plan for your business.
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Chapter 10: Creating Revenue Models
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) A Las Vegas theater offers a free performance.There is a two-drink minimum.This is an example of what strategy?
A)value-based pricing
B)cross subsidies
C)multiparty
D)utility and usage
Q2) A local hardware store offers flashlights at "3 for a dollar." This action would indicate which of the following strategies?
A)psychological pricing
B)loss-leader pricing
C)value-based pricing
D)fair pricing
Q3) The component of revenue that is addressed when a company offers a frequent shopper award is:
A)frequency
B)selling price
C)selling process
D)customers
Q4) Explain the advantages of bundled pricing and give an example.
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Chapter 11: Learning From Failure
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99 Flashcards
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Sample Questions
Q1) This type of failure is caused by crossing an ethical boundary, leading to mismanagement of the venture:
A)inattention
B)deviance
C)lack of ability
D)uncertainty
Q2) What is the reason that people in innovation-driven economies may be less likely to start a business?
A)They do not see potential opportunities.
B)They have a lower level of education and skills.
C)The different types of businesses that are introduced into this type of economy.
D)Lack of entrepreneurial experience.
Q3) People in factor-driven economies have the greatest confidence in starting a business.What might contribute to this confidence?
A)People in these economies are poorer and have fewer options.
B)Hard work is the key to success.
C)They have greater skills to achieve success.
D)They see a variety of businesses around them so there are more options.
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13
Chapter 12: Bootstrapping for Resources
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Sample Questions
Q1) Why is crowdfunding a growing choice for entrepreneurs?
A)Connecting with people through the Internet demonstrates tech-savviness to later investors
B)Banks and investors are growing more cautious, so crowdfunding is a more viable option.
C)All types of entrepreneurs can receive backing to start their own business.
D)Young investors tend to be more willing to invest.
Q2) When asking for a loan from one of his friends, Lonnie states that the product is ready to go into stores.In fact, the product is still under development.The friend is expecting the loan to be repaid in 3 months.This would be an example of:
A)guerilla marketing
B)acceptable exaggeration
C)a potential ethical transgression
D)an accurate description of product readiness
Q3) What is the characteristic of the investor model of crowdfunders?
A)investors provide financial support with no expectation of direct return
B)investors are rewarded for their financial support
C)equity is exchanged for the contribution
D)funds are treated as loans
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Page 14
Chapter 13: Financing for Startups
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99 Flashcards
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Sample Questions
Q1) This action allows the stock to be purchased on the open market and gives investors a chance to get a return of cash.
A)liquidation
B)IPO
C)exit plans and clauses
D)company registration
Q2) What is a typical investment range for angel investors?
A)less than $5,000
B)Less than$20,000
C)between $25,000 and $100,000
D)between $75,000 and $150,000
Q3) Imagine that you are about to go on Shark Tank to obtain financial backing.Describe what factors you should consider when valuing your company.
Q4) If an entrepreneur issues convertible debt, he or she will lose control of the company.
A)True
B)False
Q5) Describe what might occur during the market analysis component of due diligence, prior to the actual investment.
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Chapter 14: Developing Networks
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Sample Questions
Q1) Paul is assessing his social ties and starts by listing everyone he knows, regardless of the type of relationship.He then intends to classify them.Paul is working on which dimension of social ties?
A)relational
B)structural
C)dimensional
D)cognitive
Q2) Shari hates networking.She feels that it is awkward to ask people for business or to make friends when she really just wants them to buy her product.What advice would you give Shari, given that you know the advantages of networking?
A)find other ways of marketing her business
B)think of networking as making friends
C)focus on how she can help others succeed in their business or personal life
D)take on a role in the meeting where talking with others is not critical
Q3) Power refers to which of the following?
A)senior executives who can introduce you to other powerful people
B)people who have the ability to fund your project
C)experts in the field
D)the ability that you have to convince others of your endeavor.
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Page 16
Chapter 15: Navigating Legal and Ip Issues
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Sample Questions
Q1) Which of the following would be considered fair use of copyrighted material?
A)A writer references a portion of a comedian's script in a book in order to demonstrate a key point in the book.
B)A writer copies a portion of a new book on chess in which he reveals the secrets in the competitor's book.He credits the original author.
C)A songwriter puts the words of a poem to a musical score.
D)A writer and biologist copy 30 diagrams from another textbook, citing the original author.
Q2) The term vesting can best be described as which of the following?
A)shares paid out to employees on a regular, usually annual basis
B)a concept that determines how much of the company value a cofounder earns based on certain time periods
C)the time and duties the cofounders must contribute to the business.
D)the investment that each cofounder must contribute to the start and growth of the business
Q3) A company must have an EIN before hiring employees
A)True
B)False
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17
Chapter 16: Marketing and Pitching Your Idea
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) In presenting a plan for your new service for a shared car cooperative, what elements of promotion might be considered?
Q2) Stephen has opened a BBQ restaurant that he hopes will be favored as a sports bar.Which of the following best describes an example of a need for positioning?
A)Stephen receives a complaint from a customer about the lack of heat in the BBQ sauce.
B)Stephen notices several Facebook postings that describe his restaurant as "a good family restaurant" and "a perfect end to a day of shopping."
C)Stephen notices several Facebook postings that describe his restaurant as good but a bit pricey.
D)Stephen notices that many calls are coming in asking for directions to his location.
Q3) What advantage did the use of Facebook have in marketing the product The Natural Grip?
A)The startup was able to reach a mass audience of Facebook users.
B)The startup was able to connect with sports fans around the world.
C)The startup was able to identify where gymnasts and weightlifters congregated.
D)The startup identified investors who helped fund the company.
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Chapter 17: Financial Statements and Projections for Startups
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Sample Questions
Q1) Earnings before interest, taxes, depreciation, and amortization is the same as ______.
A)EBT
B)EBIT
C)EBITDA
D)net income
Q2) Describe how you calculate CCC, Cash Conversion Cycle.
Q3) Describe DOI.
Q4) Presenting carefully thought-out financial projections to investors is an exercise in lowering perceived risk in both you as an entrepreneur and your idea.
A)True
B)False
Q5) The financial statement that subtracts cost of goods sold from revenue to arrive at gross profit is is a(n) ______.
A)balance sheet
B)cash flow statement
C)entrepreneurs scorecard
D)income statement
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Q6) Compare and contrast the Income Statement and the Statement of Cash Flows.
Chapter 18: the Pitch Deck
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Sample Questions
Q1) A call to action is to be used by sales people and not appropriate for executives, managers, or business owners.
A)True
B)False
Q2) Discuss the nature and purpose of using pitch decks.
Q3) Call to Action is a very important slide and concept to discuss.
A)This message will change depending on your audience.
B)The call will always be about closing the sale of your products and/or services.
C)The call will always be about volunteering for the cause.
D)The Call to Action has no place in the pitch deck.
Q4) Adding company purpose and description should:
A)be included in the pitch deck, perhaps even as early as slide #2
B)be private, as competition might take the opportunity away if they heard what you were doing
C)should come at the end of the deck
D)be spoken, not in the slide deck
Q5) For pitches in front of investors, or application to incubators, or pitch competitions, what questions should you expect to be asked about your financial status?
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