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Basics Of Business
Test Description: Basics
Instructions: Answer all questions to get your test result.
1) Collecting, reviewing, and interpreting surveys are a part of what stage of the entrepreneurial process?
A
Discovery
B
Concept Development
C
Actualization
D
Harvesting
2) Seeking people and companies to invest in your business venture is a part of what stage of the entrepreneurial process?
A
Concept Development
B
Resourcing
C
Actualization
D
Discovery
3) Which personal characteristic reflects that successful entrepreneurs are curious about things and are not afraid to ask questions?
A
Responsible
B
Creative
C
Inquisitive
D
Persistent
4) Which personal characteristic reflects that successful entrepreneurs want to make their own decisions, set their own schedules, and can work without supervision?
A
Independent
B
Risk-takers
C
Self-confident
D
Goal-oriented
5) Which is an example of the harvesting stage?
A
Having a grand opening
B
Considering opening a second store
C
Seeking financial assistance
D
Gathering market research data
6) If a business has been operating for two years, what stage of the entrepreneurial process?
A
Harvesting
B
Discovery
C
Actualization
D
Resourcing
7) Preparing a business plan, renting a store, and creating a website are all part of what stage of an entrepreneur?
A
Resourcing
B
Actualization
C
Concept Development
D
Discovery
8) Offering shares of stock to the public is a part of what stage of the entrepreneurial process?
A
Harvesting
B
Concept Development
C
Actualization
D
Resourcing
9) Having a summer clearance sale is an example of what stage of the entrepreneurial process?
A
Harvesting
B
Concept Development
C
Actualization
D
Resourcing
10) Which part of a business plan states how an owner will fund the business?
A
Marketing plan
B
Financial plan
C
Industry/market analysis
D
Operational plan
11) Which part of a business plan would an owner describe his training, knowledge, and experience?
A
Financial plan
B
Growth plan
C
Marketing plan
D
Management team plan
12) Which personal characteristic reflects that a successful entrepreneur develops a plan of action and makes decisions to help achieve that plan?
A
Risk-taker
B
Independent
C
Self-confident
D
Goal-oriented
13) Which part of the business plan gives a short description of the key points of the plan?
A
Executive summary
B
Management team plan
C
Industry/market analysis
D
Growth plan
14) Which part of the business plan would have survey results of competitors in the same area of the potential entrepreneur?
A
Growth plan
B
Executive summary
C
Industry/market analysis
D
Management team plan
15) Which part of the business plan describes the day to day activities of the business?
A
Industry/market analysis
B
Operational plan
C
Organization plan
D
Financial plan
16) Which part of a business plan would the entrepreneur state the target audience?
A
Marketing plan
B
Product/service plan
C
Financial plan
D
Organizational plan
17) Which part of the business plan would an entrepreneur discuss the future plans of expanding the business in 10 years?
A
Growth plan
B
Executive summary
C
Organizational plan
D
Operational plan
18) What could cause a new business to have very few sales in the first year?
A
Failure to apply for a loan or grant
B
Failure to pay taxes for the new business
C
Lack of a good advertising campaign
D
Lack of a trademark for the company logo
19) What could cause a new business to run short on cash during its first year?
A
Failure to pay taxes
B
Failure to apply for a loan or grant
C
Shortage of trained employees
D
Lack of good advertising
20) What could cause a new business to run short of cash during its first year?
A
Failure to apply for a loan or a grant
B
Lack of good advertising
C
Failure to secure proper permits and licenses
D
Shortage of trained employees
*select an answer for all questions
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