ELE 3010 Exam 1 Questions and Answers Latest Update 2025-2026
Before writing the business plan an entrepreneur should conduct an objective self-assessment
of his or her abilities which include areas such as planning and sales skills - Answers True
When collecting marketing information the entrepreneur should: - Answers Identify competitors
It is recommended that an entrepreneur avoid using the internet as a resource for finding
information to to write a business plan because the information found there is often incorrect or
unreliable. - Answers False
The ______ element of the marketing mix involves decisions as to what is the most appropriate
channel. - Answers Distribution
The section of the business plan in which the entrepreneur identifies changes occurring on the
national and international level is the: - Answers Executive Summary
When elevating business plans,_______ are primarily concerned with the 4 Cs of Credit - Answers
Lendors
Which of the following statements is(are) true? - Answers The business plan describes both
internal and external elements
If the new venture is a manufacturing operation a(n) ________ in the business plan is necessary -
Answers Production Plan
A focus group should consist of: - Answers 10-12 potential customers
Focus Groups: - Answers Are an informal method of gathering marketing information
Which is the first step in preparing a marketing plan? - Answers Define the Business Situation
Which stage of marketing research is considered to be the most difficult for an entrepreneur
due to lack of knowledge or experience in marketing? - Answers Analyzing and interpreting the
results
The part of the plan that describes the location and size of the business, the personnel and
office equipment that will be needed, and the history of the venture is called the: - Answers
Description of venture
The organization plan describes the business: - Answers Form of Ownership
Information that already exists is called: - Answers Secondary Data
The depth and detail of a business plan depend on: - Answers The size and scope of the new
venture
The business plan addresses only short-term decision making - Answers False
Before writing the business plan an entrepreneur should conduct an objective self-assessment
of his or her abilities which include areas such as planning and sales skills - Answers True
When collecting marketing information the entrepreneur should: - Answers Identify competitors
It is recommended that an entrepreneur avoid using the internet as a resource for finding
information to to write a business plan because the information found there is often incorrect or
unreliable. - Answers False
The ______ element of the marketing mix involves decisions as to what is the most appropriate
channel. - Answers Distribution
The section of the business plan in which the entrepreneur identifies changes occurring on the
national and international level is the: - Answers Executive Summary
When elevating business plans,_______ are primarily concerned with the 4 Cs of Credit - Answers
Lendors
Which of the following statements is(are) true? - Answers The business plan describes both
internal and external elements
If the new venture is a manufacturing operation a(n) ________ in the business plan is necessary -
Answers Production Plan
A focus group should consist of: - Answers 10-12 potential customers
Focus Groups: - Answers Are an informal method of gathering marketing information
Which is the first step in preparing a marketing plan? - Answers Define the Business Situation
Which stage of marketing research is considered to be the most difficult for an entrepreneur
due to lack of knowledge or experience in marketing? - Answers Analyzing and interpreting the
results
The part of the plan that describes the location and size of the business, the personnel and
office equipment that will be needed, and the history of the venture is called the: - Answers
Description of venture
The organization plan describes the business: - Answers Form of Ownership
Information that already exists is called: - Answers Secondary Data
The depth and detail of a business plan depend on: - Answers The size and scope of the new
venture
The business plan addresses only short-term decision making - Answers False
