Business Leadership Exam

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Question 1

An attractive industry is all of the following except:

		young rather than old
		growing instead of shrinking
		not crowded
		late in the life cycle

 

Question 2

An entrepreneur is someone who:

		pursues opportunities
		takes risks
		wants to be their own boss
		all the above

 

Question 3

Entrepreneurs are said to identify this type of gap in the marketplace:

		niche
		opportunity
		unknown
		communication

 

Question 4

Of the 12 most important slides to include in the investor presentation of the business plan, which slide is not recommended?

		firm history
		problem and solution
		financing sought
		management team

Question 5

Organizational feasibility does not involve:

		management prowess
		at least 2 major competitors
		resource sufficiency
		organizational competence

 

Spending the time and resources necessary to move forward with the business idea depends on the:

		feasibility analysis
		breakeven point
		investors’ vote
		business plan

 

Question 7

The ________________ is a written narrative, typically 25-35 pages, that describes what a new business intends to accomplish and how it intends to accomplish it.

		business proposal
		request for funding
		business plan
		executive summary

 

Question 8

The concept test occurs in which type of feasibility analysis?

		industry
		organizational
		financial
		product/service

 

Question 9

The feasibility analysis determines if a business idea is:

		replicable
		profitable
		viable
		successful

 

Question 10

The pro forma financial statements included in a business plan are:

		industry averages
		projected numbers
		actual numbers
		summary figures

 

Question 11

This is a favorable set of circumstances that creates a need for a new product, service or business.

		option
		opportunity
		market deficiency
		idea

 

Question 12

This is a thought, an impression, or a notion.

		brainstorm
		challege
		idea
		opportunity

 

Question 13

This is not one of the environmental areas that is helpful to evaluate when determining areas that are ripe for new business ideas.

		economic forces
		social forces
		educational trends
		political and regulatory changes

 

Question 14

This is not one of the ways the book recommends to identify opportunities.

		create and distribute surveys
		observe trends
		solving a problem
		findings gaps in the marketplace

 

Question 15

This is one way to encourage the development of new ideas in business.

		phone calls
		establishing a focal point for ideas
		surveys
		direct mail

 

Question 16

This item comes first in the business plan.

		introduction
		appendix
		abstract
		executive summary

 

Question 17

This item is not included in the financial feasibility analysis.

		total start-up cash needed
		financial performance of similar businesses
		profit margins
		overall financial attractiveness of the proposed venture

 

Question 18

This step comes last in the process to generate creative ideas.

		preparation
		incubation
		evaluation
		elaboration

 

Question 19

To make the best impression, the business plan should follow a(n) ____________________ structure.

		unique
		innovative
		conventional
		unusual

 

Question 20

A low budget approach to marketing with unusual tactics is called:

		guerilla marketing
		fast marketing
		extreme marketing
		nontraditional marketng

 

Question 21

Adverse selection is when:

		it is difficult to find employees with the right skills with the right management
		it is difficult to perform background checks on all employees
		it is hard to keep employees from being hired by competitors
		is it hard to keep employees from leaving the firm

 

Question 22

Assets, liabilities and owners equity are included in the:

		income statement
		balance sheet
		statement of cash flows
		annual reports

 

Question 45

What is the engine of growth in the U.S. economy?

		medium sized businesses
		corporations
		small businesses
		non-profits

 

Question 46

Which statement applies to aspiring or potential entrepreneurs?

		pay a consultant to monitor your business for the first year
		be sure you have covered every possibility in your business plan before you open the business
		don’t open your business until you are 100% sure it will succeed
		find a nice in the market and fill it

 

Question 47

Entrepreneurs must continually:

		monitor the competition
		monitor the external environment
		monitor the industry
		all of the above

 

Question 48

What is the best age to start a business?

		in your 20s
		after retirement
		any age is a good age to start a business
		none of the above

 

Question 49

Which group has become more active in the past 10 years?

		child entrepreneurs
		male entrepreneurs
		adult entrepreneurs
		family entrepreneurs

 

Question 50

The business mission and vision should include some comments about the business’s:

		accounting processes
		ethics and corporate social responsibility
		employee education levels
		exit plan