FBLA Entrepreneurship Test Questions With 100% Correct Answers.

Most startup companies can expect to need _____ capital than they anticipate. - More The primary cause of small business failures is: - Management Mistakes Entrepreneurs tend to be overly ______ and misjudge the ______ requirements to start a new business. - Optimistic; Financial The ability to develop new ideas is known as: - Creativity Which one of the following is usually included on the cover page of the business plan? - Disclaimer Which one of the following management skills should a prospective team member possess? - Prepared to Recruit High-Quality People Which one of the following is not true regarding a business plan? - A business plan is a document that describes the success factor of an ongoing business. Which one of the following is not a part of the executive summary section of the Business Plan? - Competition Information Which one of the following is an overview of the business plan intended to capture reader interest? - Executive Summary Which one of the following should be included in the environmental and industry analysis section of the business plan? - Trends at the national and international levels that could influence the business. Which one of the following should be identified form among the main competitors to the planned business? - Quality LeaderWhich one of the following is not a part of the marketing research and evaluation section of the business plan? - Potential for Long Term Growth All business plan information includes assumptions based on information available. How should this be addressed in the business plan? - The differing results if and when results differ from projections should be included. Every business plan contains forecasts that include risk. What is one positive way to address risk? - The business plan should present alternatives. Developing a business plan is a good way to: - Prevent costly oversights in the creation of a business. Which one of the following is true concerning the product/service description section of the business plan? - Plans to expand the product line or service. Which one of the following would be the most relevant important consideration in the selection of the right geographic location for a service business. - Proximity to Customers Which one of the following benefits to the community in which the business is or will be located should be addressed in the business plan? - Job Creation Which one of the following risks can be controlled or at least adequately prepared for? - Unexpected Development Costs The financial plan section of the business plan is an important component. Which one of the following is not required? - Statement of Changed in Equity Which one of the following would not be a recommended attribute for the business management team member? - Someone Whom the Owner Knows PersonallyWhich stage of the creative process involved viewing similarities and differences in the information collected? - Transformation _____ is a process in which a small group of people interacts to produce a large quantity of imaginative ideas. - Brainstorming