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