Business Planning Quiz

What is the primary reason people decide to start a business?

• To gain profits

• To work for someone else

• To avoid risks

• To have a stable job

What are the four elements involved in every business?

• Expenses, advertising, receipts, and risk

• Employees, customers, products, and services

• Marketing, sales, production, and finance

• Planning, execution, monitoring, and closing

What is a key to success in managing a business?

• Having a system to track expenses and income

• Hiring the best employees

• Investing in marketing

• Reducing costs

What does SWOT stand for?

• Strengths, weaknesses, opportunities, threats

• Sales, workforce, operations, technology

• Strategy, work, organization, tactics

• Systems, workflows, outputs, targets

What is strength in a SWOT analysis?

• What an organization excels at and what separates it from the competition

• Areas needing improvement

• External favorable factors

• Potential harmful factors

What do weaknesses in a SWOT analysis refer to?

• Areas where the business needs to improve to remain competitive

• Favorable external factors

• What an organization excels at

• Potential threats to the organization

What is opportunity in a SWOT analysis?

• Favorable external factors

• Internal strengths

• Weaknesses of the organization

• Potential threats

What do threats in a SWOT analysis refer to?

• Factors that can harm an organization

• Strengths of the organization

• Opportunities for growth

• Weaknesses to address

Which one is not true about Swot analysis?

• SWOT consists of strengths, weaknesses, opportunities, and threats)

• SWOT analysis assesses only external factors, as well as current and future potential.

• A SWOT analysis is designed to facilitate a realistic, fact-based, data-driven look at the strengths and weaknesses of an organization, initiatives, or within its industry.

• SWOT analysis is a framework used to evaluate a company's competitive position

Person who makes the decision to start a business is an...

• entrepreneur

• businessman

• employee

• boss