Lesson 3 Opportunity Recognition

Which of the following is not one of “The

Three C’s”?

• concept

• competition

• customer

• capital

A patent

• is issued by the U.S. government

• provides a legal means for protecting an

  invention

• involves research to avoid duplication

• all of the above

A brief summary business plan should take no

more than

• 30 seconds to 3 minutes

• 3 to 5 minutes

• 5 to 10 minutes

• 10 to 15 minutes

The period of time you have to act on a business

opportunity before it disappears is called the

• opportunity time limit

• window of opportunity

• reasonable time frame

• none of the above

The type of business that provides the greatest

amount of entrepreneurial freedom is a(n)

• business you start from scratch

• independent business you purchase

• franchise

• family business

Which of the following types of business plans is

meant for use within the business only?

• brief summary

• oral presentation

• investor’s business plan

• operational business plan

Which of the following is not used to evaluate the

feasibility of a business opportunity?

• invention analysis

• cost/benefit analysis

• opportunity-cost analysis

• SWOT analysis

Who is the intended audience for the oral presentation

type of business plan?

• potential employees

• potential investors

• newspaper reporters

• a and c

Which of the following is not a characteristic of

creative thinking?

• using your imagination

• lateral thinking

• looking at a situation in new ways

• vertical thinking

A royalty fee is a(n)

• single fee paid when a franchise agreement

  expires

• ongoing payment based on a percentage

  of sales

• single fee paid when the franchise agreement

  is signed

• ongoing payment based on the value of

  the business