Planning for Entrepreneurs in Entrepreneurship MCQ
Planning for Entrepreneurs in Entrepreneurship MCQ
1. The TRIM framework is a planning tool that identifies which of the following categories?
Answer
Correct Answer:
Team, Resources, Idea, Market
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2. The ______ element of the TRIM framework answers questions like, “What are your startup costs?”, “What do you currently have that you can use to get started?”, and “What assets are needed to start?”
Answer
Correct Answer:
resources
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3. ______ is a type of visual plan that identifies any gaps in the business idea and integrates the various components of the idea.
Answer
Correct Answer:
Business model canvas
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4. Which of the following is true about business plans?
Answer
Correct Answer:
It is important to consider the purpose of the business plan before writing it.
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5. Which of the following is an argument AGAINST writing a business plan?
Answer
Correct Answer:
A business plan is a document that is out of date once created, and based on assumptions and financial projections of questionable validity.
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6. From an entrepreneurial perspective, ______ is a description of the future you envision for your business.
Answer
Correct Answer:
a plan
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7. Which of the following is an argument FOR writing a business plan?
Answer
Correct Answer:
Spending 200 hours to write a comprehensive business plan, at an opportunity cost of US$10,000 is financially prudent compared to launching a poor idea and/or unproven concept.
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8. Which of the following tips includes the idea that, whenever possible, you should back up your projections with examples to show investors that you are at least in the right ballpark?
Answer
Correct Answer:
avoid the exaggerated hockey stick
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9. Which of the following tips encompasses the idea that everything in a business plan should be based in fact, or well-researched assumptions?
Answer
Correct Answer:
be realistic
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10. ______ consists of 10 to 20 slides, depending on length and purpose of the presentation, with the goals of getting to the next meeting with a potential investor, applying to an incubator program, winning a competition, and/or getting funding,
Answer
Correct Answer:
A pitch deck
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11. A ______ is a 2- to 3-page typed document that is well formatted and professional looking; its purpose is to have something in writing to show anybody interested in the business.
Answer
Correct Answer:
business brief
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12. A(n) ______ is a planning tool that allows entrepreneurs to test the possibilities of an initial idea to see if it is worth pursuing.
Answer
Correct Answer:
feasibility study
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13. The ______ element of the TRIM framework answers questions like, “Who is your primary customer?”, “What are your customers willing to pay?”, and “How will you reach your customers, and how will they hear and learn about your about your product/service?”
Answer
Correct Answer:
market
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14. A business plan should indicate that you ______, demonstrating that you know how your product or service will be delivered to your target customers.
Answer
Correct Answer:
understand your distribution channels
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15. ______ challenges the entrepreneur to imagine what a business could be three years into the future, as three years is a reasonable amount of time to “nail down” specific, measurable goals.
Answer
Correct Answer:
Vivid vision
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16. A process of envisioning the future for a business are called ?
Answer
Correct Answer:
Planning
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17. Best statement for Feasibility Study is
Answer
Correct Answer:
None of these
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18. A written representation of your vision for your product or service is known as?
Answer
Correct Answer:
Concept Statement
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19. Business Plan is the most formal of planning tools. It is typically a lengthy written document discussing the business concept, product mix, marketing plan, operations plan, development plan, and financial forecast.
Answer
Correct Answer:
True
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