FBLA Entrepreneurship Test Most startup companies can expect to need _____ capital than they anticipate. - correct answer -More The primary cause of small business failures is: - correct answer -Management Mistakes Entrepreneurs tend to be overly ______ and misjudge the ______ requirements to start a new business.
- correct answer -Optimistic; Financial
The ability to develop new ideas is known as: - correct answer -Creativity
Which one of the following is usually included on the cover page of the business plan? - correct answer - Disclaimer Which one of the following management skills should a prospective team member possess? - correct answer -Prepared to Recruit High-Quality People Which one of the following is not true regarding a business plan? - correct answer -A business plan is a document that describes the success factor of an ongoing business.Which one of the following is not a part of the executive summary section of the Business Plan? - correct answer -Competition Information Which one of the following is an overview of the business plan intended to capture reader interest? - correct answer -Executive Summary Which one of the following should be included in the environmental and industry analysis section of the business plan? - correct answer -Trends at the national and international levels that could influence the business. 1 / 2
Which one of the following should be identified form among the main competitors to the planned business? - correct answer -Quality Leader Which one of the following is not a part of the marketing research and evaluation section of the business plan? - correct answer -Potential for Long Term Growth All business plan information includes assumptions based on information available. How should this be addressed in the business plan? - correct answer -The differing results if and when results differ from projections should be included.Every business plan contains forecasts that include risk. What is one positive way to address risk? - correct answer -The business plan should present alternatives.Developing a business plan is a good way to: - correct answer -Prevent costly oversights in the creation of a business.Which one of the following is true concerning the product/service description section of the business plan? - correct answer -Plans to expand the product line or service.Which one of the following would be the most relevant important consideration in the selection of the right geographic location for a service business. - correct answer -Proximity to Customers Which one of the following benefits to the community in which the business is or will be located should be addressed in the business plan? - correct answer -Job Creation Which one of the following risks can be controlled or at least adequately prepared for? - correct answer -Unexpected Development Costs The financial plan section of the business plan is an important component. Which one of the following is not required? - correct answer -Statement of Changed in Equity Which one of the following would not be a recommended attribute for the business management team member? - correct answer -Someone Whom the Owner Knows Personally
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