Entrepreneurs who write business plans early on are _______ times as likely to actually start their businesses than those who do not.
Entrepreneurs who write business plans early on areâ€‹Â _______ times as likely to actually start their businesses than those who do not.A.2.5B.6C.4.5D.7.5E.9Which test of a business plan involves proving that a market for the product or service really does exist and that the company can produce the product or provide the service at a reasonableâ€‹Â cost?A.competitiveB.priorityC.benefitD.valueE.realityWhich test of a business plan involves proving to potential lenders and investors that the proposed business offers a high probability of repayment or an attractive rate of return on investment.A.realityB.competitiveC.benefitD.valueE.priorityWhich of the following statements about creating a business plan isÂ falseâ€‹?A.Creating a business plan can reveal important problems that an entrepreneur must overcome to launch a business successfully.B.Entrepreneurs who create business plans and realize that the business justâ€‹Â won't work have wasted valuable time and resources.C.Building a business plan reduces the risk and uncertainty of launching a company.D.The real value in preparing a plan is not as much in the plan itself as it is in the process the entrepreneur goes through to create the plan.E.Exposing the flaws in a business idea and model with the help of a business plan allows an entrepreneur to address them and increases the chances of the businessâ€‹Â venture's successWhich of the following statements about writing a business plan isÂ trueâ€‹?A.The best business plans follow a standardâ€‹Â "cookie-cutter" approach so that potential lenders and investors can easily find the sections that they want to read.B.In addition to providing all of the relevant facts and analysis of a businessâ€‹Â opportunity, the best business plans also include a compelling story.C.Including financial forecasts and cash flow projections in a business plan really is not necessary.D.Every business plan should include the same elements covered in the same order.E.A business plan should be 50 to 100 pa ge long to ensure that an entrepreneur has explained the business opportunity thoroughly.Which section of the business plan equates to a written version of theâ€‹Â entrepreneur's elevatorâ€‹Â pitch?A.executive summaryB.mission statementC.marketing strategyD.industry profileE.vision statementWhich of the following elements isÂ notÂ recommended as part of anâ€‹Â entrepreneur's elevatorâ€‹Â pitch?A.Benefit dash- The benefit or advantage that the company offers customers.B.Context dash- What the company does inâ€‹Â easy-to-understand terms.C.Profit â€‹Â - The amount of profit the company expects to earn in its first year of operation.D.Point of differentiation dash- How a company sets apart itsâ€‹Â products, services, or solutions from other companies that provide similar offerings.E.Target customers dash- The group of customers for whom the company provides a benefit.In a businessâ€‹Â plan, theâ€‹Â ____________ is the broadest expression of aâ€‹Â company's purpose, defines the direction in which the company willâ€‹Â move, and serves as a thesis statement for the entire business plan by answering theâ€‹Â question, "What business am Iâ€‹Â in?"A.executive summaryB.mission statementC.product or service descriptionD.competitor analysisE.plan of operationAâ€‹Â ________ is a descriptive fact about a product orâ€‹Â service; aâ€‹Â _________ is what the customer gains from the product or service feature.A.unique sellingâ€‹Â proposition; featureB.â€‹feature; profileC.â€‹benefit; featureD.â€‹feature; benefit.E.â€‹characteristic; featureWhen creating projected financial statements for a businessâ€‹Â plan, an entrepreneur should notâ€‹:A.include an incomeâ€‹Â statement, a balanceâ€‹Â sheet, a cash flowâ€‹Â forecast, and a schedule of planned capital expenditures.B.include most likely forecasts but have available both pessimistic and optimistic financial forecasts in case potential lenders and investors ask for them.C.â€‹"fudge theâ€‹Â numbers" to make them look better than the entrepreneur actually expects them to be because most lenders and investors discount forecasted revenues and inflate forecasted expenditures when they review them.D.include aâ€‹Â break-even analysis.E.include a statement of the assumptions on which the financial statements are built.__________, one of theâ€‹Â "five Cs ofâ€‹Â credit", is a synonym for cash flow.A.CharacterB.CollateralC.CapacityD.CapitalE.ConditionsThe most common reason banks give for rejecting small business loan applicationsâ€‹Â is:A.theâ€‹Â entrepreneur's poor credit rating.B.the entrepreneur lacks sufficient collateral to cover the loan in case the business fails.C.undercapitalization or too much debt.D.theâ€‹Â company's lack of profit.E.theâ€‹Â entrepreneur's lack of professionalism.Which one of theâ€‹Â "five Cs ofâ€‹Â credit" includes assets that an entrepreneur pledges as security for repayment of aâ€‹Â loan?A.conditionsB.capitalC.collateralD.capacityE.characterWhen potential lenders and investors consider this component of theâ€‹Â "five Cs ofâ€‹Â credit", they are evaluating factors that are beyond theâ€‹Â entrepreneur's control, such as the overall condition of theâ€‹Â economy, the intensity of competition the businessâ€‹Â faces, and other factors.A.conditionsB.capacityC.collateralD.characterE.capitalWhich of the following statements concerning making a business plan presentation isÂ falseâ€‹?A.The amount of time an entrepreneur has to present his or her plan usually is at least 40 minutes to an hour.B.Before making a business planâ€‹Â presentation, an entrepreneur shouldâ€‹Â rehearse, rehearse, and rehearse again.C.When making a business planâ€‹Â presentation, an entrepreneur should not begin with a detailed and highly technical explanation of the technology on which the product or service is based.D.A business plan presentation should include an explanation of theâ€‹Â company's business model dash- how it intends to satisfyâ€‹Â customers' needs, generateâ€‹Â revenue, and make a profit.E.A business plan presentation should demonstrate aâ€‹Â company's competitiveâ€‹Â edge, the combination of factors that set it apart from the competition.Which component of intellectual capital consists of theâ€‹Â talents, creativity,â€‹Â skills, and abilities of aâ€‹Â company's work force and shows up in the innovativeâ€‹Â strategies, plans, and processes the people of the organization develop andâ€‹Â pursue?A.customerB.structuralC.abstractD.humanE.cognitiveThe value proposition that sets a small business apart from its competitors and gives it a unique position in the market that is superior to its rivals isâ€‹Â its:A.missionB.strengthC.core competencyD.visionE.competitive advantageThe unique set of capabilities that a company develops in keyâ€‹Â areas, such as superiorâ€‹Â quality, customerâ€‹Â service, innovation,â€‹Â responsiveness, andâ€‹Â others, that allow it to vault past competitors is known as theâ€‹Â company's:A.core competenciesB.missionC.competitive advantageD.strengthE.vision________ are negative internal factors that inhibit aâ€‹Â company's ability to accomplish itsâ€‹Â mission, goals, and objectives.A.ThreatsB.OpportunitiesC.StrengthsD.Key success factorsE.Weaknesses_________ are factors that vary from one industry to another and determine aâ€‹Â company's ability to compete successfully in the marketplace.A.ThreatsB.WeaknessesC.Key success factorsD.StrengthsE.OpportunitiesMike owns a shop that specializes inâ€‹Â submarine-style sandwiches,â€‹Â fries, and sideâ€‹Â items, including salads. Across the street is aâ€‹Â quick-service franchise affiliated with a national chain that sells burgers andâ€‹Â fries, but its menu also includes chickenâ€‹Â sandwiches, fishâ€‹Â sandwiches, and onion rings. Toâ€‹Â Mike, the franchise represents aâ€‹Â _________ competitor.A.moderateB.directC.indirectD.significantE.minisculeMike owns a shop that specializes inâ€‹Â submarine-style sandwiches,â€‹Â fries, and sideâ€‹Â items, including salads. Less than a mile away is a submarine sandwich shop affiliated with a national chain whose product line is very similar toâ€‹Â Mike's. Toâ€‹Â Mike, this nearby franchise represents aâ€‹_________ competitor.A.minisculeB.directC.indirectD.moderateE.significantShere Vincente operates a travel service that specializes in arranging trips forâ€‹Â women, giving special attention to their needs and preferences from security and comfort to activities and events designed to appeal to her target customers. Vincente is pursuing which type of competitiveâ€‹strategy?A.consolidationB.differentiationC.â€‹cost-leadershipD.focusE.positioningThe Ice Hotel in Sweden is unlike any other hotel in the world. Everything in theâ€‹Â hotel, including theâ€‹Â walls, theâ€‹Â decorations, theâ€‹Â glasses, and even theâ€‹Â beds, is made out of ice. Despiteâ€‹Â below-freezing temperatures, thousands of guests pay up toâ€‹Â 11,305 Swedish Kronerâ€‹Â (about $1,350) for the adventure of staying there. The Ice Hotel is pursuing which type of competitiveâ€‹Â strategy?A.positioningB.â€‹cost-leadershipC.consolidationD.focusE.differentiationThe IntuitÂ Future of Small Business ReportÂ forecasts increasingly fragmented markets andâ€‹Â customers' growing demand for customized products. Small companies pursuing which of the following strategies are most likely to benefit from thisâ€‹Â scenario?A.differentiationB.focusC.â€‹cost-leadershipD.consolidationE.positioningThe best form of ownership isâ€‹Â the:A.there is noâ€‹Â "best" form of ownership because the form of ownership that suits oneâ€‹Â entrepreneur's needs and requirements may not suit those of another entrepreneur.B.corporationC.limited liability companyD.partnershipE.sole proprietorshipTheÂ mostÂ popular form of ownershipâ€‹Â (percentage ofâ€‹Â businesses) in the United States isâ€‹Â the:A.sole proprietorshipB.limited liability companyC.partnershipD.limited partnershipE.â€‹S-corporationWhich form of ownership isÂ leastÂ popular in the Unitedâ€‹Â States?A.limited partnershipB.C corporationC.limited liability companyD.S corporationE.sole proprietorshipWhich form of ownership is the simplest and least costly toâ€‹Â form?A.sole proprietorshipB.limited liability companyC.corporationD.limited partnershipE.S corporationWhich of the following is the greatest disadvantage of the soleâ€‹Â proprietorship?A.The cost associated with forming a sole proprietorship.B.The feeling of isolation the owner experiences as the sole owner of the business.C.The unlimited personal liability that the sole proprietor has for theâ€‹Â business's debts.D.The tax treatment of the net income from a sole proprietorship.E.The limited access to capital that this form of ownership provides.Which of the following statements about partnerships isÂ falseâ€‹?A.The three key elements of a partnership are common ownership interest in theâ€‹Â business, agreement on how theâ€‹Â business's profits and losses will beâ€‹Â shared, and the right to participate in managing the operation of the partnership.B.In aâ€‹Â partnership, a general partner has unlimited liability for theâ€‹Â partnership's debts and usually take an active role in managing the business.C.If the partners in a partnership fail to crete a partnershipâ€‹Â agreement, the Revised Uniform Partnership Act states that the partners share equally in theâ€‹Â partnership's profits, even if their capital contributions were unequal.D.A limited partnership is composed of at least one general partner and at least one limited partner.E.The Revised Uniform Partnership Act requires every partnership to file a partnership agreement with the appropriate stateâ€‹Â office, usually the Secretary of State.In aâ€‹Â partnership, aâ€‹Â __________ partner is treated as an investor in theâ€‹Â business, has limited liability for theâ€‹Â business's debts, and cannot take an active role in managing the business.A.silentB.generalC.transientD.dormantE.limitedIn aâ€‹Â partnership, aâ€‹Â __________ partner has unlimited liability for the debts of the business and usually takes an active role in managing the business.A.limitedB.generalC.dormantD.silentE.transientA corporation whose shares of ownership are controlled by a relatively small number ofâ€‹Â people, often familyâ€‹Â members, friends, orâ€‹Â employees, is calledâ€‹Â a(n) ___________ corporation.A.SB.publicly heldC.closely heldD.CE.limited liabilityWhich type of corporation is taxed like aâ€‹Â partnership?A.closely heldB.SC.CD.publicly heldE.generalWhich form of ownership suffers from the disadvantage of doubleâ€‹Â taxation?A.limited liability companyB.sole proprietorshipC.partnershipD.C corporationE.S corporationAn S corporation can have no more thanâ€‹Â _____ shareholders.A.75B.125C.50D.35E.100The owners of a limited liability company areâ€‹Â called:A.limited partnersB.stockholdersC.membersD.partnersE.investorsA limited liabilityâ€‹Â company's ________ is similar to aâ€‹Â corporation's bylaws and outlines the way the LLC will conduct business.A.founding contractB.charterC.articles of organizationD.operating agreementE.â€‹founder's agreementA limited liabilityâ€‹Â company's _____________ is similar to aâ€‹Â corporation's articles of incorporation and create the LLC by establishing itsâ€‹Â name, address, method ofâ€‹Â management, duration, and the names and addresses of its organizers.A.â€‹founder's agreementB.founding contractC.articles of organizationD.operating agreementE.charterIf an entrepreneur intends to make an initial public offering at some point in the future to raise money to fuel the growth of herâ€‹Â company, which form of ownership should sheâ€‹Â use?A.S corporationB.sole proprietorshipC.C corporationD.limited partnershipE.limited liability companyWhat percentage of business owners intend to leave their companies within the next decade and their most likely exit strategy is selling the business toâ€‹Â someone?A.25B.75C.60D.50E.40The failure rate for entrepreneurs who purchase troubled companies in hopes of turning them around isâ€‹Â _____ percent.A.65B.45C.85D.75E.35Which type of business buyer searches for a business that is manageable and easy to run alone or with a small group ofâ€‹Â employees?A.Corporate refugeeB.Main Street buyerC.Financial buyerD.Serial entrepreneurE.Social entrepreneurWhich type of business buyer searches for a service business that has commercial clients and existing contractâ€‹Â revenue?A.Serial entrepreneurB.Social entrepreneurC.Corporate refugeeD.Main Street buyerE.Financial buyerWhat percentage of all business sales that are initiated fallâ€‹Â through?A.25 to 40B.10 to 25C.75 to 90D.95E.50 to 75Art has decided to leave his job with a large corporation and realize his dream of owning a business of his own. Rather than start a business fromâ€‹Â scratch, Art prefers to buy an existing business. What should be hisÂ firstÂ â€‹step?A.Conducting aâ€‹Â self-inventory to analyze hisâ€‹Â skills, abilities, and interests to determine the types of businesses that offer the best fit.B.Arranging financing from local banks or other lenders.C.Putting together a team of accountants and lawyers to help negotiate a deal.D.Conducting an Internet search to discover the types of businesses that are available for sale.E.Contacting a business broker to discover the types of businesses that are available for sale.The most common cause of a business sale failing to close isâ€‹Â the:A.â€‹seller's unwillingness to provide a portion of the financing of the purchase price.B.â€‹buyer's unwillingness to pay theâ€‹Â seller's asking price.C.â€‹seller's unwillingness to negotiate on the price of the business.D.lack of available financing.E.higher failure rate associated with buying an existing business than with starting a business from scratch.Inâ€‹Â _____ percent of businessâ€‹Â sales, the seller provides at least some of the financing of the purchase price.A.90B.10C.30D.70E.50Which of the following statements about purchasing an existing business isÂ falseâ€‹?A.In a businessâ€‹Â sale, the party who is the better negotiator usually comes out on top.B.The hidden market of companies that might be for sale but are not advertised as being for sale is one of the richest sources forâ€‹Â top-quality businesses.C.In a businessâ€‹Â sale, value is what a business isâ€‹Â worth; price is what the buyer agrees to pay.D.Most business sellers are not willing finance any of theâ€‹Â business's purchase price.E.After conducting aâ€‹Â self-analysis to identify his or herâ€‹Â skills, abilities, andâ€‹Â interests, a business buyer should develop a list of criteria that a potential business acquisition must meet.
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Jan 02, 2020
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