What is the primary purpose of a business plan?
FBLA Entrepreneurship Test

Flashcard
•
Business
•
12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
To guide the entrepreneur through the startup phase and beyond
2.
FLASHCARD QUESTION
Front
Which of the following is NOT a typical component of market research? Customer demographics, Competitor analysis, Financial projections, Industry trends
Back
Financial projections
3.
FLASHCARD QUESTION
Front
What is the main goal of financial projections in a business plan?
Back
To predict future revenue, expenses, and profitability
4.
FLASHCARD QUESTION
Front
Which of the following best describes the purpose of a marketing plan? Options: To document every possible marketing strategy regardless of cost, To outline specific strategies and actions to attract and retain customers, To ensure the product or service is developed flawlessly, To calculate the total marketing budget for the first year
Back
To outline specific strategies and actions to attract and retain customers
5.
FLASHCARD QUESTION
Front
Entrepreneurial leadership is best characterized by:
Back
Taking calculated risks and inspiring others to do the same
6.
FLASHCARD QUESTION
Front
In business plan development, the executive summary should:
Back
Provide a brief overview of the business concept, market, and competitive advantage
7.
FLASHCARD QUESTION
Front
Effective market research strategies often include: Relying solely on secondary data for cost-saving purposes, Ignoring trends that do not align with the initial business concept, Gathering both primary and secondary data for a comprehensive view, Focusing exclusively on the positive feedback received
Back
Gathering both primary and secondary data for a comprehensive view
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