Entrepreneurship: Building a Business

Chapter 5: Feasibility and Business Planning

Chapter Practice Tests

1
A ________________ is a clear and concise description of an opportunity.
A)business model
B)feasibility analysis
C)business concept
D)business plan
2
The process used to test a business concept is called a________________.
A)feasibility analysis
B)consumer trend
C)focus group
D)value chain
3
A/An _________is a group of businesses with a common interest.
A)association
B)trade union
C)industry
D)manufacturer
4
Those most likely to buy a business's products and services are________.
A)manufacturers
B)trade organizations
C)other businesses
D)target customers
5
To develop a new business first you need to create a/an________________.
A)plan
B)prototype
C)account
D)layout
6
A___________describes how you intend to make money with your business concept.
A)brainstorm
B)trend
C)business model
D)prototype
7
The________is the distribution channel through which your product or service flows from the producer to the customer.
A)highway system
B)value chain
C)distribution channel
D)direct channel
8
When you have a feasible business concept, the next step is to develop a/an__________________.
A)business plan
B)financial analysis
C)feasibility analysis
D)industry
9
A_________expresses the specific aspirations of a company.
A)blueprint
B)vision statement
C)flow chart
D)mission statement
10
A______________is the means by which you deliver a product or service to the customer.
A)direct channel
B)distribution channel
C)delivery method
D)layout
11
The___________looks at the people aspects of the business.
A)growth plan
B)contingency plan
C)organizational plan
D)business plan
12
The financial plan presents_________for the future of the business.
A)forecasts
B)finances
C)trends
D)studies
13
In projecting growth levels, investors will be impressed by __________.
A)large sales figures
B)conservative calculations
C)communication skills
D)underestimating the need for capital
14
The_______________is a government agency that provides services to new entrepreneurs.
A)Better Business Bureau
B)Census Bureau
C)Internet
D)Small Business Administration (SBA)
15
A___________offers technical and general assistance in a specific profession.
A)trade association
B)trade mission
C)banking institution
D)chamber of commerce
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