MGT602 Quiz 3 by VU Sparky

Q1. A well written business plan leads to:

1. Refinement of a business output
2. Effective initiation of a business
3. Generation of a business idea
4. Measurement of a business performance

Q2. Which of the following statement is most true regarding a business plan?

1. Business idea precedes business plan
2. Business idea and business plan are same components
3. Business idea is irrelevant to a business plan
4. Business plan precedes business idea

Q3. Which of the following helps an entrepreneur in identifying the right opportunity?

1. All of the given options are correct
2. Networks
3. Prior knowledge of market
4. Prior knowledge of customer problems

Q4. Executive summary is a glimpse of the whole business plan document.

1. False
2. True

Q5. Potential investor is not a beneficiary to a business plan document.

1. True
2. False

Q6. Business plan tells us about the outcome of a business activity.

1. True
2. False

Q7. Business idea then business plan then business practice is the wrong sequence.

1. False
2. True

Q8. Which of the following best describes the individuals who recognize a social problem and use their entrepreneurial skills to create a program, business or process to find a solution?

1. Social entrepreneurs
2. Social enterprise owners
3. Social innovators
4. All of the given options are correct

Q9. Which of the following section of a business plan is a guide to explore the whole document?

1. Executive Summary
2. Management plan
3. Appendix
4. Table of Contents

Q10. The term “Backbone of a business startup” is entitled to a:

1. Business plan
2. Business concept
3. Business idea
4. Business outcome

Q11. Which of the following is NOT the technique of idea generation?

1. Mind mapping
2. Brain storming
3. Problem inventory analysis
4. Market research

Q12. Decisions based on the gut feeling or intuitions are always right.

1. True
2. False

Q13. An entrepreneur’s traits of leadership and networking help him at which stage of entrepreneurial process?

1. Venture development
2. Idea generation
3. Production and operations
4. Sustainability and growth

Q14. An entrepreneur’s traits of knowledge and inspiration help him in venture development.

1. True
2. False

Q15. Business plan and business idea are different to each other.

1. False
2. True