L&E BUSI EXAM QUESTIONS AND
CORRECT ANSWERS.
Most businesses do not need a plan to get started.
False
If your plan is not described in a formal document, chances are you do not really have a
plan.
False
The feasibility study helps determine whether the idea is a "go" or "no go"
True
A plan is a written description of the future you envision for your business, including what
you plan to do and how you plan to do it.
True
The purpose of the feasibility study is to provide a short-term plan for launching your
business.
False
The pitch deck is a presentation highlighting many of the essential elements found in a
feasibility study and a business plan.
True
The pitch deck has replaced the formal business plan in most venues.
True
In general, it is not a good idea to use visuals in a business plan.
False
All experts agree that writing a formal business plan is necessary for the success of a
startup
, False
Planning is the same as a plan.
False
According to the text, you are not ready to decide whether a business idea is viable until
you have talked to at least 50 potential customers.
Truw
A business plan must be thought of as a work in progress because nothing goes according
to plan.
True
The authors advise writing a formal business plan before testing ideas in the real world.
False
An entrepreneur must create a single business plan that will work for all audiences.
False
It is important to remember that only a business plan can be used to obtain funding.
False
All businesses, regardless of size, need a formal business plan.
False
Experts today are unanimous: the business plan is a critical first step for a successful
entrepreneur
False
Most startups do not have competition.
False
Key partners, key activities, and key resources are three of the nine blocks in the Business
Model Canvas.
CORRECT ANSWERS.
Most businesses do not need a plan to get started.
False
If your plan is not described in a formal document, chances are you do not really have a
plan.
False
The feasibility study helps determine whether the idea is a "go" or "no go"
True
A plan is a written description of the future you envision for your business, including what
you plan to do and how you plan to do it.
True
The purpose of the feasibility study is to provide a short-term plan for launching your
business.
False
The pitch deck is a presentation highlighting many of the essential elements found in a
feasibility study and a business plan.
True
The pitch deck has replaced the formal business plan in most venues.
True
In general, it is not a good idea to use visuals in a business plan.
False
All experts agree that writing a formal business plan is necessary for the success of a
startup
, False
Planning is the same as a plan.
False
According to the text, you are not ready to decide whether a business idea is viable until
you have talked to at least 50 potential customers.
Truw
A business plan must be thought of as a work in progress because nothing goes according
to plan.
True
The authors advise writing a formal business plan before testing ideas in the real world.
False
An entrepreneur must create a single business plan that will work for all audiences.
False
It is important to remember that only a business plan can be used to obtain funding.
False
All businesses, regardless of size, need a formal business plan.
False
Experts today are unanimous: the business plan is a critical first step for a successful
entrepreneur
False
Most startups do not have competition.
False
Key partners, key activities, and key resources are three of the nine blocks in the Business
Model Canvas.
