New Venture Creation Practice Exam
Course Introduction
New Venture Creation is a dynamic course designed to guide students through the process of transforming innovative ideas into viable business ventures. The course covers key entrepreneurial concepts such as opportunity recognition, market analysis, business model development, and resource acquisition. Students engage in hands-on activities, including developing a business plan, pitching to potential investors, and exploring strategies for launching and scaling new businesses. Emphasis is placed on strategic planning, risk assessment, and the practical application of entrepreneurial theory, preparing students to navigate the challenges of starting and managing a successful enterprise.
Recommended Textbook
Building Your Dream A Canadian Guide to Starting Your Own Business 9th Edition by Walter Good
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11 Chapters
462 Verified Questions
462 Flashcards
Source URL: https://quizplus.com/study-set/2965
Page 2
Chapter 1: Buying a Franchise
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39 Verified Questions
39 Flashcards
Source URL: https://quizplus.com/quiz/58969
Sample Questions
Q1) The "typical entrepreneur" is most closely associated with the Empire builder type of entrepreneur.
A)True
B)False
Answer: True
Q2) Agencies such as Equifax Canada Inc.assemble information about how you pay your bills and then enter this information into your credit file.An individual who is always late in paying their bills is given a rating of:
A)R1
B)R2
C)R3
D)R4
Answer: D
Q3) The three types of reaction identified by Robinson et al.are:
A)Cognition,Affect,and Behaviour
B)Cognition,Intelligence,and Emotion
C)Empathy,Confusion,and Clarity
D)Passion,Avoidance,and Ignorance
Answer: A
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Page 3
Chapter 2: Marketing
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31 Verified Questions
31 Flashcards
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Sample Questions
Q1) The first thing you need to start a business is:
A)An idea
B)Financial support
C)A product or service
D)A business plan
Answer: A
Q2) Of the three basic categories into which most new concepts fall,which of the following types introduces new technologies to the marketplace?
A)Type A
B)Type B
C)Type C
D)Type D
Answer: B
Q3) A key factor in starting a high-growth venture is:
A)Selecting the correct location.
B)Choosing the right industry to enter.
C)Retaining the best leadership.
D)Attracting the most investors.
Answer: B
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Page 4
Chapter 3: Financing Your Business and Accounting Practices
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66 Verified Questions
66 Flashcards
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Sample Questions
Q1) In the model for small business growth,the key issue in the maturity stage is:
A)Obtaining customers
B)Increasing competition
C)Expansion into new products or markets
D)Finding growth opportunities
Answer: D
Q2) Examples of psychographic factors include the desire for status,the pursuit of fun,and the desire to be environmentally conscious.
A)True
B)False
Answer: True
Q3) Which part of the feasibility study contains information about the nature of your competition?
A)Marketing plan
B)Technical feasibility
C)Market assessment
D)Profit assessment
Answer: C
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Chapter 4: Legal Considerations
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48 Verified Questions
48 Flashcards
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Sample Questions
Q1) The break-even point is affected by several factors,including your fixed and variable costs and your selling price.
A)True
B)False
Q2) What is the formula used to determine cash flow from operating activities?
Q3) Debts you expect to incur that will fall due in less than 12 months are considered:
A)Current liabilities
B)Current assets
C)Fixes assets
D)Long-term liabilities
Q4) (p.129 (templates on Connect))Which of the following is a comprehensive,objective evaluation of the viability of your new business venture?
A)A lean business plan
B)A pro forma income statement
C)A ratio analysis
D)A feasibility study
Q5) (p.129 (templates on Connect))A feasibility study will help you determine all of the following,except HYPERLINK "" :
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Chapter 5: Business Plans
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39 Verified Questions
39 Flashcards
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Sample Questions
Q1) According to Tim Berry,business planning has become:
A)Lengthy and verbose
B)Leaner and more agile
C)Long-winded and overly formal
D)Short and inadequate
Q2) Contingency plans are not described in a business plan.
A)True
B)False
Q3) In what ways can an effective business plan serve you externally,or outside of the immediate internal planning function.
Q4) If your potential business is a manufacturing business,what items should be addressed in the production/operations plan?
Q5) A budget is generally included in the full business plan. A)True B)False
Q6) Outline the key components of the vision statement.
Q7) The typical business plan is roughly 20 pages in length. A)True B)False
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Chapter 6: Cost and Profitability Assessment
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74 Verified Questions
74 Flashcards
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Sample Questions
Q1) Which of the following is an example of a regular deduction your business will be required to make from employees' paycheques?
A)Fitness memberships
B)Parking
C)Dental insurance
D)Employment Insurance
Q2) A(n)__________ comprises the features of shape,configuration,pattern,or ornament applied to a finished article made by hand,tool,or machine.
A)Industrial design
B)Copyright
C)Patent
D)Trademark
Q3) All of the following are advantages of the sole proprietorship form of business organization,except:
A)Tax simplicity
B)Individual control
C)No sharing of profits
D)Limited liability
Q4) How can a patent improve the profitability of your creation?
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Chapter 7: Market Feasibility Study
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42 Verified Questions
42 Flashcards
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Sample Questions
Q1) Debt financing is when a firm raises money by selling all of the following,except:
A)Bonds
B)Bills
C)Notes
D)Shares
Q2) Equity funding is money supplied by a financial institution in exchange for periodic interest payments and a promise to repay the principal at a specified maturity date.
A)True
B)False
Q3) What are the 5 C's of Credit?
Q4) ______ is the cash and other liquid assets you personally have or are prepared to invest in the business.
A)Character
B)Capital
C)Collateral
D)Capacity
Q5) What are some of the less well-known allowable expenses permitted by the Canada Revenue Agency?
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Chapter 8: Exploring Business Ideas and Opportunities
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34 Verified Questions
34 Flashcards
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Sample Questions
Q1) What are the four core principles identified in The Viral Video Manifesto?
Q2) Which of the following types of advertising is losing its audience today?
A)Mobile
B)Internet
C)Radio
D)Print
Q3) Which of the following is the result of poor Twitter Etiquette,uninteresting or crass posts,too much spamming,and basically,too much 'noise'?
A)Tweet
B)Follower
C)Retweet
D)Unfollow
Q4) One way to generate traffic towards your website is through ______.
A)Coupons
B)Discounts
C)Backlinks
D)Back alleys
Q5) Compare click-through landing pages to lead generation landing pages.
Q6) What elements should be included in your "elevator pitch"?
Q7) What is meant by the term "elevator pitch"?
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Chapter 9: Assessing Your Potential for an Entrepreneurial Career
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) Those accounts that have a verified need in your products and/or services are called:
A)Subject accounts
B)Verified accounts
C)Concrete accounts
D)Prospect accounts
Q2) Most customers appreciate all of the following,except:
A)Being greeted by their name
B)Being ignored
C)Being listened to
D)Transparency
Q3) When preparing a sales presentation,it is important to do all of the following,except:
A)Write down your objectives
B)Develop a schedule for completion of your presentation
C)Find out as much information as you can about the person who will be making the business decision
D)Arm yourself with information that will discredit the competition and begin your presentation with those facts
Q4) List a variety of ways for a salesperson to generate leads.
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Chapter 10: Buying a Business
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28 Verified Questions
28 Flashcards
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Sample Questions
Q1) There are many accounting techniques which allow business owners to present a less than accurate picture of the financial situation of their company.
A)True
B)False
Q2) What might chronically low cash flow indicate?
Q3) The most important intangible assets to an owner of a business are all of the following,except:
A)Goodwill
B)Franchise rights
C)Inventory
D)Trademarks
Q4) Which of the following reasons for why an existing business is up for sale should concern you?
A)The owner wants to retire.
B)The owner is ill and cannot handle the responsibilities.
C)The owner wishes to pursue other interests.
D)The owner cannot raise adequate financing.
Q5) How can you prepare for the running of a family business?
Q6) What is the rule-of-thumb for evaluating businesses with few tangible assets?
Page 12
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Chapter 11: Sales
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34 Verified Questions
34 Flashcards
Source URL: https://quizplus.com/quiz/58967
Sample Questions
Q1) The application form normally requires you to provide a deposit,typically in the range of:
A)$100-$250
B)$500-$1000
C)$2000-$5000
D)$5000-$10000
Q2) If you make the decision to franchise,the next step is to develop both a business plan and a detailed operations manual.
A)True
B)False
Q3) Franchisors are not required by law in Ontario to provide prospective franchisees with a disclosure document.
A)True
B)False
Q4) For a fast-food franchise,typical royalties range from:
A)1-2 percent
B)3-8 percent
C)8-12 percent
D)12-15 percent
Q5) What are some of the obligations imposed on the franchisee?
Page 13
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