OpenStax Entrepreneurship Test Bank
Chapter 7: Telling Your Entrepreneurial Story and Pitching the Idea
Chapter 7: Telling Your Entrepreneurial Story and Pitching the Idea
* = Correct answer
Multiple Choice/Fill in the Blank
1. A(n) ________ is a formal presentation that you typically deliver to potential investors.
A. ideation
B. narrative
C. pitch*
D. value proposition
Difficulty: Easy
2. Why does an organization need a strong mission statement?
A. It ensures the business will be successful.
B. It helps prioritize action steps and guides decisions.*
C. It is necessary to secure funding.
D. It states your aspirational goal.
Difficulty: Moderate
3. LinkedIn’s website (https://about.linkedin.com/) states, “Create economic opportunity for
every member of the global workforce.” This statement is an example of a ________.
A. goal statement
B. mission statement
C. value proposition
D. vision statement*
Difficulty: Moderate
4. Nordstrom’s website states, “To give customers the most compelling shopping experience
possible.” This statement is an example of a ________.
A. goal statement
B. mission statement*
C. value proposition
D. vision statement
Difficulty: Moderate
5. How is SMART goal setting a tactic for getting things done?
A. You can set up several attainable goals over a period of time to build a more complex plan.*
B. The SMART goals are arranged in order of likelihood of success or failure.
C. The concept aligns with the required components of a business plan.
D. The goals start over with the most complex and are broken down into smaller parts.
Page 1 of 11
, OpenStax Entrepreneurship Test Bank
Chapter 7: Telling Your Entrepreneurial Story and Pitching the Idea
Difficulty: Moderate
6. Which of the following is the story of the business?
A. corporate narrative*
B. mission
C. pitch
D. SMART goal
Difficulty: Easy
7. Which of the following is your pitch audience when the major outcome you are seeking is to
network and inform?
A. competition judges
B. early investors
C. family/friends
D. trade group*
Difficulty: Difficult
8. The pitch deck should be sent beforehand when pitching to ________.
A. competition judges
B. early investors*
C. employees
D. trade groups
Difficulty: Difficult
9. The primary purpose of the pitch is to ________.
A. advertise new products
B. ask for something*
C. find employees
D. inform customers
Difficulty: Moderate
10. Which of the following is one way to help protect your ideas from being stolen?
A. thoroughly investigating everyone you plan to partner with*
B. not sharing your idea with anyone until the final product is ready
C. getting as many patents as possible during the entire process
D. only sharing your ideas during pitch competitions
Difficulty: Difficult
11. A(n) ________ is typically less than 5 minutes.
A. elevator pitch*
Page 2 of 11
Chapter 7: Telling Your Entrepreneurial Story and Pitching the Idea
Chapter 7: Telling Your Entrepreneurial Story and Pitching the Idea
* = Correct answer
Multiple Choice/Fill in the Blank
1. A(n) ________ is a formal presentation that you typically deliver to potential investors.
A. ideation
B. narrative
C. pitch*
D. value proposition
Difficulty: Easy
2. Why does an organization need a strong mission statement?
A. It ensures the business will be successful.
B. It helps prioritize action steps and guides decisions.*
C. It is necessary to secure funding.
D. It states your aspirational goal.
Difficulty: Moderate
3. LinkedIn’s website (https://about.linkedin.com/) states, “Create economic opportunity for
every member of the global workforce.” This statement is an example of a ________.
A. goal statement
B. mission statement
C. value proposition
D. vision statement*
Difficulty: Moderate
4. Nordstrom’s website states, “To give customers the most compelling shopping experience
possible.” This statement is an example of a ________.
A. goal statement
B. mission statement*
C. value proposition
D. vision statement
Difficulty: Moderate
5. How is SMART goal setting a tactic for getting things done?
A. You can set up several attainable goals over a period of time to build a more complex plan.*
B. The SMART goals are arranged in order of likelihood of success or failure.
C. The concept aligns with the required components of a business plan.
D. The goals start over with the most complex and are broken down into smaller parts.
Page 1 of 11
, OpenStax Entrepreneurship Test Bank
Chapter 7: Telling Your Entrepreneurial Story and Pitching the Idea
Difficulty: Moderate
6. Which of the following is the story of the business?
A. corporate narrative*
B. mission
C. pitch
D. SMART goal
Difficulty: Easy
7. Which of the following is your pitch audience when the major outcome you are seeking is to
network and inform?
A. competition judges
B. early investors
C. family/friends
D. trade group*
Difficulty: Difficult
8. The pitch deck should be sent beforehand when pitching to ________.
A. competition judges
B. early investors*
C. employees
D. trade groups
Difficulty: Difficult
9. The primary purpose of the pitch is to ________.
A. advertise new products
B. ask for something*
C. find employees
D. inform customers
Difficulty: Moderate
10. Which of the following is one way to help protect your ideas from being stolen?
A. thoroughly investigating everyone you plan to partner with*
B. not sharing your idea with anyone until the final product is ready
C. getting as many patents as possible during the entire process
D. only sharing your ideas during pitch competitions
Difficulty: Difficult
11. A(n) ________ is typically less than 5 minutes.
A. elevator pitch*
Page 2 of 11
