BUSN 101 Week 6 Chapter 7 Business Plan Creating and Starting the Venture Practice Exam | Complete Study Guide, Feasibility Analysis, Business Planning, Marketing, Financial Planning and Exam Review Exam Questions Verified and Provided with Complete A+ Gr

BUSN 101 Week 6 Chapter 7 Business Plan Creating and Starting the Venture Practice Exam | Complete Study Guide, Feasibility Analysis, Business Planning, Marketing, Financial Planning and Exam Review Exam Questions Verified and Provided with Complete A+ Graded Answers Latest Updated 2026 A true statement about a business plan for a new venture is that it is usually ______. a combination of functional plans like marketing, finance, manufacturing, and human resources created to address only short-term decision making for the first three years of operation framed by investors, suppliers, and potential customers a road map prepared by the employees of a firm a combination of functional plans like marketing, finance, manufacturing, and human resources How should an entrepreneur decide whether to hire a consultant or to make use of other resources when preparing a business plan for a new venture? By hiring engineers who can assess other resources subjectively By making a subjective assessment of accountants' skills By assessing his or her own skills objectively By assigning lawyers to create the core of the plan By assessing his or her own skills objectively Before conducting a quick feasibility study of the business concept of a new venture, an entrepreneur should ______. provide a brief summary of the business plan's contents stimulate the interest of a potential investor hire lawyers, accountants, and engineers precisely state the goals and objectives of the business precisely state the goals and objectives of the business Fatima, an entrepreneur, plans to start a retail store in her neighborhood. She plans to use an upside-down pyramid approach to gathering market information. Arrange the groups of trends that she needs to analyze as part of using this approach in the order in which they should be analyzed. (Place the group of trends that needs to be analyzed first at the top.) - 1. General environmental and demographic trends . - 2. National retail industry trends . - 3. Local environmental and demographic trends . - 4. Local retail industry trends . - 5. Local competition strengths and weaknesses . Select all that apply: Identify the areas in which an entrepreneur requires information when conducting a feasibility study of the manufacturing operations of a new venture. (Check all that apply.) Location Profit gains Equipment Employee engagement Labor skills Raw materials Location, Equipment, Labor Skills, Raw Materials A written document prepared by an entrepreneur that describes all the relevant external and internal elements involved in starting a new venture is known as a(n) ____ ____. Field 1: business Field 2: plan Before preparing the financial section of a business plan for a new venture, an entrepreneur should ______. prepare an appendix that needs to be included in the plan stimulate the interest of a potential investor through creating an actual budget prepare the final pro forma statements in the financial plan create a budget including lists of possible expenditures in the first year and revenue sources create a budget including lists of possible expenditures in the first year and revenue sources Identify a true statement about the preparation of a business plan for a new venture. It should be created by an entrepreneur. It should be created by marketing consultants. When creating the plan, an entrepreneur should avoid assessing his or her own skills. When creating the plan, an entrepreneur should avoid consulting lawyers. It should be created by an entrepreneur. Select all that apply: Identify the true statements about the introductory page of a business plan for a new venture. (Check all that apply.) It establishes the basic concept that an entrepreneur is trying to develop. It is of least interest to the investors of the business. It is prepared after the total plan is written. It gives a brief summary of the business plan's contents. It estab