FBLA Entrepreneurship Exam Questions and Correct Answers Latest Update 2024 (Graded A+)
The overall purpose of a business plan is to... - Answers Identify all actions required up to the point
when the firm opens its doors.
Researching the Market - Answers Most important in developing a business plan.
Sustained competitive advantage - Answers A cost saving manufactoring proccess that competitors can't
imitate.
Entrepreneurs - Answers People who start businesses.
Resource deployment - Answers how to spend your resources to achieve the goals
Strategic formulation - Answers Establishing strategy and tactics necessary to achieve the mission of the
organization.
Distinctive competence - Answers Concentrating on things one does well
Economy of scale - Answers Relationship between cost and production
Personal financial resources - Answers Most common source of funds for entrepreneurs
Sale of stocks - Answers Not a method used by entrepreneurs to finance their new business
Cash flow problems - Answers One of the four factors contributing to the failure rate of small
businesses.
Buying an existing business - Answers Historical records answer questions about cash flow problems
(Mike's Place)
Starting a business from scratch - Answers May not be able to negotiate favorable credit terms with
suppliers (Danielle's Art Gallery =P)
Buying a franchise - Answers Obtains ongoing access to advice from experts (Micky D's)
A desirable characteristic of the industry being considered is... - Answers The new company will sell a
newly patented invention that is not yet well known but is expected to dominate the market.
Size of initial capital investment - Answers The reason service businesses are the fastest growing
segment of all small business enterprises.
Provision of capital to large businesses - Answers Not generally considered to be a role performed by
small businesses
The overall purpose of a business plan is to... - Answers Identify all actions required up to the point
when the firm opens its doors.
Researching the Market - Answers Most important in developing a business plan.
Sustained competitive advantage - Answers A cost saving manufactoring proccess that competitors can't
imitate.
Entrepreneurs - Answers People who start businesses.
Resource deployment - Answers how to spend your resources to achieve the goals
Strategic formulation - Answers Establishing strategy and tactics necessary to achieve the mission of the
organization.
Distinctive competence - Answers Concentrating on things one does well
Economy of scale - Answers Relationship between cost and production
Personal financial resources - Answers Most common source of funds for entrepreneurs
Sale of stocks - Answers Not a method used by entrepreneurs to finance their new business
Cash flow problems - Answers One of the four factors contributing to the failure rate of small
businesses.
Buying an existing business - Answers Historical records answer questions about cash flow problems
(Mike's Place)
Starting a business from scratch - Answers May not be able to negotiate favorable credit terms with
suppliers (Danielle's Art Gallery =P)
Buying a franchise - Answers Obtains ongoing access to advice from experts (Micky D's)
A desirable characteristic of the industry being considered is... - Answers The new company will sell a
newly patented invention that is not yet well known but is expected to dominate the market.
Size of initial capital investment - Answers The reason service businesses are the fastest growing
segment of all small business enterprises.
Provision of capital to large businesses - Answers Not generally considered to be a role performed by
small businesses
