FBLA Entrepreneurship Test UPDATED
Exam Questions and CORRECT Answers
Most startup companies can expect to need _____ capital than they anticipate. - CORRECT
ANSWER - More
The primary cause of small business failures is: - CORRECT ANSWER - Management
Mistakes
Entrepreneurs tend to be overly ______ and misjudge the ______ requirements to start a new
business. - CORRECT ANSWER - Optimistic; Financial
The ability to develop new ideas is known as: - CORRECT ANSWER - Creativity
Which one of the following is usually included on the cover page of the business plan? -
CORRECT ANSWER - Disclaimer
Which one of the following management skills should a prospective team member possess? -
CORRECT ANSWER - Prepared to Recruit High-Quality People
Which one of the following is not true regarding a business plan? - CORRECT
ANSWER - 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?
- CORRECT ANSWER - Competition Information
Which one of the following is an overview of the business plan intended to capture reader
interest? - CORRECT ANSWER - Executive Summary
, Which one of the following should be included in the environmental and industry analysis
section of the business plan? - CORRECT ANSWER - 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? - CORRECT ANSWER - Quality Leader
Which one of the following is not a part of the marketing research and evaluation section of the
business plan? - CORRECT ANSWER - Potential for Long Term Growth
All business plan information includes assumptions based on information available. How should
this be addressed in the business plan? - CORRECT ANSWER - 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? - CORRECT ANSWER - The business plan should present alternatives.
Developing a business plan is a good way to: - CORRECT ANSWER - 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? - CORRECT ANSWER - 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. - CORRECT ANSWER - 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? - CORRECT ANSWER - Job Creation
Which one of the following risks can be controlled or at least adequately prepared for? -
CORRECT ANSWER - Unexpected Development Costs
Exam Questions and CORRECT Answers
Most startup companies can expect to need _____ capital than they anticipate. - CORRECT
ANSWER - More
The primary cause of small business failures is: - CORRECT ANSWER - Management
Mistakes
Entrepreneurs tend to be overly ______ and misjudge the ______ requirements to start a new
business. - CORRECT ANSWER - Optimistic; Financial
The ability to develop new ideas is known as: - CORRECT ANSWER - Creativity
Which one of the following is usually included on the cover page of the business plan? -
CORRECT ANSWER - Disclaimer
Which one of the following management skills should a prospective team member possess? -
CORRECT ANSWER - Prepared to Recruit High-Quality People
Which one of the following is not true regarding a business plan? - CORRECT
ANSWER - 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?
- CORRECT ANSWER - Competition Information
Which one of the following is an overview of the business plan intended to capture reader
interest? - CORRECT ANSWER - Executive Summary
, Which one of the following should be included in the environmental and industry analysis
section of the business plan? - CORRECT ANSWER - 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? - CORRECT ANSWER - Quality Leader
Which one of the following is not a part of the marketing research and evaluation section of the
business plan? - CORRECT ANSWER - Potential for Long Term Growth
All business plan information includes assumptions based on information available. How should
this be addressed in the business plan? - CORRECT ANSWER - 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? - CORRECT ANSWER - The business plan should present alternatives.
Developing a business plan is a good way to: - CORRECT ANSWER - 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? - CORRECT ANSWER - 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. - CORRECT ANSWER - 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? - CORRECT ANSWER - Job Creation
Which one of the following risks can be controlled or at least adequately prepared for? -
CORRECT ANSWER - Unexpected Development Costs
