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20 Business Plan Quiz Questions and Answers

A business plan is a comprehensive document that outlines the goals, strategies, and financial projections of a business venture. It serves as a roadmap for entrepreneurs and stakeholders to understand the direction and viability of the business. Here’s an overview of the key components typically included in a business plan:

Executive Summary: This section provides a concise overview of the entire business plan. It highlights the company’s mission, vision, key objectives, and a summary of the proposed business model.

Company Description: Here, you’ll provide a detailed explanation of your business concept. Include the type of business, its legal structure, location, target market, and any unique selling propositions that set your business apart.

Market Analysis: Conduct thorough market research to understand your industry, target market, and competitors. Identify trends, potential opportunities, and challenges. Explain how your product or service will meet the needs of your target audience better than existing solutions.

Organization and Management: Describe the organizational structure of your business, including key team members, their roles, and relevant experience. Investors want to know that you have a capable team driving the venture.

Article overview

Part 1: 30 business plan quiz questions & answers.

1. Question: What is the primary purpose of a business plan? a) Secure funding b) Improve employee morale c) Enhance customer service d) Increase market competition Answer: a) Secure funding

2. Question: Which section of a business plan outlines the company’s mission and vision? a) Marketing strategy b) Financial projections c) Executive summary d) Company overview Answer: d) Company overview

3. Question: Which of the following is NOT a common business plan component? a) Competitive analysis b) SWOT analysis c) Cash flow statement d) Social media strategy Answer: d) Social media strategy

4. Question: What is the purpose of conducting a market analysis in a business plan? a) Determine the company’s competitors b) Develop financial projections c) Define the company’s mission d) Set employee goals Answer: a) Determine the company’s competitors

5. Question: Which section of a business plan highlights the company’s unique selling proposition (USP)? a) Marketing strategy b) Company description c) Competitive analysis d) Financial projections Answer: a) Marketing strategy

6. Question: What financial document shows a company’s revenues and expenses over a specific period? a) Balance sheet b) Cash flow statement c) Income statement d) Profit and loss statement Answer: c) Income statement

7. Question: In a business plan, what does ROI stand for? a) Return on Investment b) Revenue on Investment c) Risk of Inflation d) Rate of Interest Answer: a) Return on Investment

8. Question: Which business plan section outlines the marketing tactics to promote a product or service? a) Financial projections b) Market analysis c) Marketing strategy d) Company overview Answer: c) Marketing strategy

9. Question: What is a break-even analysis used for in a business plan? a) Identifying potential customers b) Calculating potential profits c) Determining the point of profitability d) Analyzing competitor strategies Answer: c) Determining the point of profitability

10. Question: In a business plan, what does the term “SWOT” stand for? a) Strengths, Weaknesses, Opportunities, Threats b) Sales, Workforce, Objectives, Technology c) Strategies, Workflow, Operations, Targets d) Success, Wealth, Objectives, Tactics Answer: a) Strengths, Weaknesses, Opportunities, Threats

11. Question: What is the purpose of an executive summary in a business plan? a) Provide an overview of the company’s history b) Detail the company’s long-term objectives c) Summarize the key points of the entire plan d) Highlight the company’s competitive advantages Answer: c) Summarize the key points of the entire plan

12. Question: Which financing option involves giving up ownership shares of a company in exchange for capital? a) Debt financing b) Equity financing c) Venture capital d) Angel investing Answer: b) Equity financing

13. Question: What does the term “KPI” mean in a business context? a) Key Performance Indicator b) Key Profit Increment c) Key Planning and Implementation d) Key Personnel Improvement Answer: a) Key Performance Indicator

14. Question: What section of a business plan should discuss the company’s organizational structure and management team? a) Market analysis b) Financial projections c) Company overview d) Marketing strategy Answer: c) Company overview

15. Question: What type of business plan primarily targets internal decision-making and planning? a) Startup business plan b) Strategic business plan c) Operational business plan d) Feasibility business plan Answer: c) Operational business plan

Part 2: Download business plan questions & answers for free

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16. Question: What external factor analysis tool helps identify the political, economic, social, and technological influences on a business? a) PEST analysis b) SWOT analysis c) BCG matrix d) Porter’s Five Forces Answer: a) PEST analysis

17. Question: Which statement best describes a vision statement in a business plan? a) Outlines the short-term goals of the company b) Identifies potential risks and challenges c) Describes the company’s future aspirations d) Analyzes the company’s target market Answer: c) Describes the company’s future aspirations

18. Question: What is the purpose of conducting a competitive analysis in a business plan? a) Identify potential partners b) Analyze customer feedback c) Evaluate strengths and weaknesses of competitors d) Forecast financial performance Answer: c) Evaluate strengths and weaknesses of competitors

19. Question: Which financing option involves borrowing money that must be repaid with interest over time? a) Debt financing b) Equity financing c) Venture capital d) Angel investing Answer: a) Debt financing

20. Question: What does the term “ROI” stand for in the context of financial analysis? a) Revenue on Investment b) Return on Innovation c) Risk of Inflation d) Return on Investment Answer: d) Return on Investment

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General Business Planning MCQs

1. Financial Statements Include

2. Which should NOT be included in an executive summary?

3. Estimating capital requirements is important for the:

4. The 4Ps are also known as:

5. How long should a typical business plan project for?

6. What is the first section in a traditional business plan?

7. What does Market Share mean?

8. True or False: Narrowing the target for potential clients helps because it concentrates sales efforts to a selective group that is most likely to be most profitable.

9. In a competitor analysis, what should you focus on?

10. New funds can be put toward which of the following?

11. What should organizational structures include?

12. In the financial forecasting, operating profit margin should be:

13. Who are the most important readers of a business plan?

14. True or False: Start-up companies are almost always succesful in the first few years.

15. True or False? A business plan should only focus on short term objectives

16. Potential creditors will often be interested in gaining collateral before lending. True or False

17. True or False? You should have concise bulleted lists in a business plan.

18. An appendix may include:

19. True or False: A partnership is normally run by one entreprenuer

20. Legal issues like non-disclosure agreements and patents are NOT important considerations for the business.

21. It is common for creditors to want historial financial statements, True or False

22. True or False? A business plan should state a value proposition.

23. Which of these is an example of a competitive strategy?

24. True or False: The Market Analysis of your business plan should illustrate your industry and market knowledge as well as any of your research findings and conclusions.

25. True or Fales: An Organization Chart is a diagram that shows the structure of an organization and the relationships and relative ranks of its parts and positions/jobs.

26. Ratio and Trend Analysis can help to create a better picture of profitability and growth potential. True or False

27. What is the Executive Summary of a Business Plan?

28. Sales targets should be:

29. SWOT Stands for

30. When requesting funding it's important to be clear on:

31. What should the prospective financial data include?

32. What does the 'T' stand for in SWOT analysis?

33. One common method for selecting prices is called Cost Pricing Strategy. This means:

34. A Business Plan should not include a section about regulatory issues since this is out of the business owners hands. True or False

35. The main reason that business fail is due to not having enough?

36. The Purpose of the Company Description in the Business Plan is:

37. Financial Projections are done before Market Analysis and objectives are set. True or False.

38. True or False? It is acceptable to use business jargon or pop culture references in a business plan.

39. The use of exhibits are intended for:

40. What is not included in variable costs?

41. In the Competitive Analysis It's important to include:

42. A pricing strategy where you set your prices high for quick cash and little emphasis on market penetration is called:

43. A good way to analyze the external environment is with a(n):

44. What is the post-money valuation for a $1.5 million round of investment when the equity stake offered is 25%?

45. In a business plan the Funding Requests portion should include:

46. What will a VRIO framework help distinguish?

47. The first thing to assess in your market analysis is the:

48. The section of your business plan that is similar to an "elevator pitch" is the:

49. For a typical executive summary, what is the maximum length?

50. What is meant by Value Proposition?

51. Would you ever consider talking to your competitors directly?

52. What market segment is an airline offering no frills targeting?

53. What section of the financial forecast would expenditure on telephones be forecasted under?

54. Which of the following factors would be used in estimating revenue?

55. How detailed should a business plan be?

56. Which of the following would be a value proposition?

57. What is meant by Target Marketing?

58. What is a "Pay Per Click" marketing campaign?

59. What are core competencies?

60. What best describes a cost-leadership strategy?

61. Would a company that produces a complementary product to yours be considered a competitor (e.g. a tennis ball maker and a tennis racket maker)?

62. How might a company learn more about its market and what drives the customers to purchase their product?

63. Why is it important to hire intelligently early on?

64. What is the purpose of creating a valuation statement of the company?

65. What would a Market Follower strategy be distinguished by?

66. In which section of a business plan would the company's mission statement be located?

67. Why is it important to track your competitors?

68. Where would the Financial Projections typically be located in a business plan?

69. What strategy should a new company wanting to enter a market employ?

70. What is a characteristic of a market leader strategy?

71. Why are companies able to stay in business during turbulent financial market times?

72. What is meant by Relationship Marketing?

73. What is a competitive advantage?

74. How does a company assess the performance of its marketing efforts?

75. What has been the trend in marketing in the last few decades?

76. In which section of a business plan would you talk about the CEO?

77. What would sending coupons to prior customers directly be considered?

78. What are the minimum financial statements that should be included in a business plan?

79. Why is it important to know the entire potential market even if your company can only focus on a small segment?

80. What best describes a differentiation strategy?

81. Where might a potential competitor come from?

82. Which of the following would be a mistake in forecasting?

83. What is the purpose of a cash flow forecast?

84. Why is it important to talk about market timing?

85. How could a video rental outlet stand out above their competitors in a positive way?

86. What is meant by "top down" budgeting?

87. Which of the following would not typically be a section in a business plan?

88. Which of the following strategies has warehouse reseller Costco taken?

89. What is meant by Market Demographics?

90. What is the purpose of a what-if analysis?

91. What policy should be followed regarding employees and the company strategy?

92. What should be the minimum length of a business plan?

93. Why would a company's website be considered a part of its marketing effort?

94. What should a company do if they do not have a marketing plan?

95. What is one of the ways to track your competitors?

96. How is "distribution and delivery" defined?

97. What is Blockbuster Videos business model?

98. What is one of the criteria that a flower delivery company could distinguish itself by on the market?

99. Why is it important to have an executive summary?

100. Why is it important to talk about competition?

101. What marketing method is a gas station most likely to use?

102. Which of the following is one of the groups a business plan is meant to inform?

103. Why would a new company spend most of their budget on marketing?

104. Where would company valuation be discussed?

105. What section would SWOT analysis typically be in?

106. What should be considered while deciding a firm's strategy?

107. What is one of the reasons for the failure of companies?

108. Which of the items below is NOT a purpose of a business plan?

109. What is the DuPont formula?

110. What is one of the ways to establish who your competitors are?

111. What is meant by "market segments"?

112. Which of the following is a traditional method of marketing?

113. What is a business model?

114. What role does marketing play in a company's business life?

115. Which of the following could be a core competency of a company?

116. Which of the following terms best describes how a company can make itself stand out from the competitors?

117. What type of company would never need a business plan?

118. What is meant by vertical integration?

119. What would be the best methodology to follow while creating a forecast?

120. How far into the future should revenue be projected in a business plan?

121. Which of the following would you factor into long term liabilities?

122. What is an advantage of making a competitor analysis?

123. Why is it okay to let some competitors' moves go unanswered?

124. Why is it important to identify your market segments?

125. Why would a company with a very rigid business plan possibly face trouble?

126. What is meant by Mass Marketing?

127. Why should a business plan be revisited annually?

128. What is a value chain?

129. What is a way to segment the market?

130. Customer share is sometimes referred to as _____.

131. The way you want to spend your time, money, and resources in the future are your _____.

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135 Business Plan Questions

Embarking on the business journey of your dreams begins with a robust business plan. This plan is not just a document—it’s the roadmap to your success, painting a clear picture of where you’re headed and how you plan to get there.

Whether you’re a seasoned entrepreneur or a hopeful startup pioneer, the questions I’ve compiled are designed as your compass, guiding you through the intricate landscape of business strategy.

From your executive summary to the details of your financial projections, each question serves to dig deep into the essence of your vision, solidifying your plan with precision and care.

Table of Contents

Executive Summary

• What is the core mission of your business?
• How would you describe your company’s business model in simple terms?
• What unique problem does your business solve for its customers?
• What are the short-term and long-term goals of the company?
• Who are the intended clients or customers of your business?
• What is the vision statement for your business?
• Who are the founders and key team members, and what are their roles?
• How does your company set itself apart from the competition?
• What are the main achievements or milestones of your business to date?
• What key opportunities do you see in the market?
• How much funding are you seeking, and how will it be used?
• What are the main products or services your company offers?
• What is the current stage of your business (concept, start-up, growth)?
• How do you see your company evolving in the next five years?
• Can you summarize the financial outlook and projections for your company?

Company Description Considerations

• What is the legal structure of your business (e.g., sole proprietorship, LLC, corporation)?
• How did the idea for the business originate, and how has it been developed?
• Who are the target customers, and why will they choose your business?
• What are the key elements of your business’s operations?
• What are the specific advantages of your location or facilities, if any?
• How does your company’s history and background set it up for success?
• What business sector or industry does your company fall under?
• How does your company contribute to the economy and community?
• What partnerships or collaborations are essential to your business?
• What are the core values and culture of your company?
• How does your business respond to changes in the market?
• What relevant certifications, licenses, or permits does your business hold?
• What are the main risks and challenges your business faces?
• What role does sustainability play in your company’s operations?
• How does diversity and inclusion manifest in your company?

Market Analysis

• Who is your primary target market, and what are their defining characteristics?
• How large is the target market, and what is its projected growth?
• What are the trends and themes currently shaping your target market?
• Who are your top competitors, and what are their strengths and weaknesses?
• What is your market share, or what market share do you project to capture?
• How do your target customers make their purchasing decisions?
• What factors influence the demand for your products or services?
• What barriers to entry exist in your market, and how can they be overcome?
• How does pricing play a role in your market position?
• What is your value proposition to customers in comparison to competitors?
• How might technology impact your market in the future?
• What are the legal or regulatory factors affecting your market?
• How have external factors like the economy affected your market historically?
• How does geography affect your market and business model?
• What are the risks associated with your target market?

Organization and Management Structure

• Who comprises the leadership team, and what are their backgrounds?
• What is the organizational structure of your business?
• How will your management team help achieve the business’s goals?
• What gaps exist in your current team, and how do you plan to fill them?
• What are the roles and responsibilities of your management team members?
• How does the management structure align with your business strategy?
• How does your team make decisions and communicate internally?
• What systems are in place for performance management and accountability?
• What is your plan for recruiting and retaining skilled employees?
• How do you approach leadership development and training?
• How does the current team’s expertise align with the business goals?
• What are the board of directors’ roles, if applicable?
• How do you plan to create a productive company culture?
• What external advisors or consultants does the business use, and why?
• How have you planned for succession in key management roles?

Service or Product Line Inquiry

• What are the main products or services your business offers?
• How do these products or services fulfill customer needs?
• What is unique about your products or services?
• How does product/service quality compare to competitors?
• What is the lifecycle of your products or services?
• How is your product or service produced or delivered?
• Are there any patents, copyrights, or trademarks involved?
• What research and development activities are you pursuing?
• How do you plan to expand your product or service range?
• What customer feedback have you received about your product or service?
• How does your product or service adapt to changes in the market?
• What is the pricing strategy for your products or services?
• How does your product or service contribute to your brand image?
• What are the future plans for developing your product or service?
• How do warranty or guarantee terms play into your offering?

Marketing and Sales Strategies

• What marketing channels will you use to reach your target audience?
• How will you position your company within the market?
• What promotional strategies will you utilize to attract customers?
• What is your sales forecast for the first year and beyond?
• How will you set sales targets and measure success?
• What sales tactics will you employ to enhance customer acquisition?
• How will your marketing and sales strategies evolve as the business grows?
• What is your approach to online and social media marketing?
• What customer relationship management processes will you put in place?
• How do you plan to establish your brand identity?
• What partnerships or sponsorships will you leverage to enhance marketing?
• What are your strategies for repeat business and customer loyalty?
• What is your process for tracking marketing ROI?
• How do customer service and support fit into your sales strategy?
• How does your marketing strategy cater to different customer segments?

Funding Request Fundamentals

• How much total funding is required to reach your business objectives?
• What specific purposes will the funding be used for?
• What is your proposed timeline for the utilization of funds?
• What types of funding (e.g., equity, loan) are you pursuing?
• How will investors or lenders get a return on their investment?
• What is the current financial position of the business?
• How much equity are you willing to exchange for investment?
• What are the key financial milestones that the funding will help achieve?
• What are the terms you’re seeking for any loans?
• How do you plan to manage cash flow and ensure financial stability?
• What collateral, if any, are you offering to back up your funding request?
• How does the funding impact your business’s financial projections?
• What is the exit strategy for investors?
• How will additional funding influence your strategic business decisions?
• What contingencies do you have in place if you don’t secure the expected funding?

Financial Projections and Feasibility

• What are your financial forecasts for the next three to five years?
• How did you arrive at your revenue and expense estimates?
• What are the key assumptions underlying your financial projections?
• What are the projected cash flow statements for the next few years?
• What is your break-even analysis showing?
• What are your strategies for maintaining a healthy profit margin?
• How do you plan to monitor and manage financial risks?
• What is your approach to pricing and cost control?
• How will you balance reinvestment in the business with profitability?
• What financial metrics will you use to gauge business performance?
• How will you handle unexpected financial shortfalls or emergencies?
• What is your strategy for financial record-keeping and accounting?
• How do customer payment terms and cycles affect your cash flow?
• What financial software or tools do you use for projections?
• How will financial trends and economic conditions potentially impact your projections?

Appendix and Supporting Documents

• What supporting documents will you include in the appendix?
• How will these documents reinforce your business plan’s credibility?
• What resumes or biographies of your team members will you present?
• What legal documents are relevant to include (e.g., licenses, permits)?
• How can we access extensive market studies mentioned in the plan?
• What are your key technical product specifications or service descriptions?
• How do your financial statements and accounting documents get audited?
• What testimonials or case studies from customers can you showcase?
• What press coverage or media mentions has your business received?
• Can you provide industry endorsements or expert opinions?
• How will technology prototypes or demos be made available for review?
• What are your policies and procedures manuals like?
• How do your charts, graphs, and tables support your plan’s data?
• What correspondence or contracts with suppliers/partners are appropriate to include?
• How does your intellectual property documentation reflect on your business’s value?

Frequently Asked Questions

Can i write a business plan myself, or should i hire a professional.

Writing a business plan yourself is possible, especially with the aid of specific questions that cover all business aspects. However, hiring a professional can provide expertise and a polished result, particularly if you seek significant funding.

How often should I update my business plan?

Regular updates are crucial—annually at minimum or more often if your business is rapidly changing. This keeps your business plan relevant and useful as a dynamic, guiding document.

What’s the most critical part of a business plan?

While all sections are important, the Executive Summary is critical as it’s often the first (and sometimes only) part read by potential investors or partners. Clear and compelling financial projections are also vital for potential funders.

Final Thoughts

As your blueprint comes together, remember that the strength of your business plan lies in its details and its ability to represent the vision and practicalities of your enterprise honestly.

The questions outlined will challenge you to think critically, anticipate future hurdles, and prepare for success. With these comprehensive inquiries as your cornerstone, you can turn your business from a dream into an actionable, thriving reality.

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The Business Plan Quiz: Test!

Business is not as easy as it seems when you just imagine it. The test in front of you is "The Business Plan Quiz." This quiz will see your understanding of the concept of the business plan. This will also provide extra information to you that will help you in the future. Get ready to take this fun and informative quiz that is here. Best of luck with this!

Which section is completed last?

Finance detail

Marketing budget

About your business

Executive summary

Rate this question:

According to research, without a business plan, firms are more likely to close down.

You should describe your products and services and discuss the market that you are ..., if you wish to interest investors, you need to emphasize the company's profit ......... ., the preparation of a business plan is optional for some small businesses., why complete a business plan.

To get finance

To impress your mum

To set out clear goals for your start-up.

To make sure you know what you are doing.

The business goals and competitive advantages can be described by...

Mission statement

Core values

None of these

......... the strong and weak points of any firms in competition with yours and look for marketplace opportunities.

Investigate

SMART means:

Success, Measurable, Achievable, Realistic, Timed

Specific, Measurable, Achievable, Realistic, Timed

Smart, made-up, actual, real, true

You should examine customer... and the benefits of your products and services.

Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

• Current Version
• Mar 22, 2023 Quiz Edited by ProProfs Editorial Team
• Oct 01, 2012 Quiz Created by MrsGabell

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Business Management MCQs

Business management mcqs topics.

General MCQs

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Leadership in Management MCQs

Business Plan MCQs

Principles of Management MCQs

Try to answer these 900+ Business Management MCQs and check your understanding of the Business Management subject. Scroll down and let's begin!

1: Which of the following is not a function of management?

A.   planning

B.   staffing

C.   co-operation

D.   controlling

2: Management is

A.   an art

B.   a science

C.   both art and science

D.   neither

3: Policy formulation is the function of

A.   top level management

B.   middle level management

C.   operational management

D.   All of the above

4: Find the odd one out

A.   board of directors

B.   chief executive

C.   foremen

D.   shareholders

5: How are principles of management formed

A.   In a laboratory

B.   By experiences of management

C.   By experiences of customers

D.   By propagation of social scientists

6: Henry Fayol was a

A.   Social scientists

B.   Mining engineer

C.   Accountant

D.   Production engineer

7: Which of the following statement best described the principle of 'Division of work '

A.   work should be divided into small tasks

B.   labour should be divided

C.   resource should be divided among jobs

D.   it leads to specialisation

8: Which of the following is Not a principle of management given by Taylor

A.   Science, not rule of Thumb

B.   Functional foremanship

C.   Maximum ,not restricted output

D.   Harmony not discord

9: The principals of management are significant because of

A.   increase in efficiency

B.   Initiative

C.   optimum utilisation of resources

D.   Adaptation of changing technology

10: Management should find ' One best way ' to perform a task. Which technique of Scientific management is defined in this sentence

A.   Time study

B.   Motion study

C.   Fatigue study

D.   Method study

11: Which among the following is not a subsidiary function of management?

A.   Decision making

B.   Innovation

C.   Communication

D.   Motivation

12: Who is known as the father of scientific management?

A.   F.W. Taylor

B.   Max Weber

C.   Henry Fayol

D.   S.George

13: management is need at ..............

A.   Top level

B.   Middle level

C.   lower level

D.   all levels

14: Top management is concerned with ...................

A.   carrying suggestions upwards

B.   maintaining liaison with the outside world

C.   transmitting orders downwards

D.   none of these

15: management is called a process because .............

A.   it is applicable to the manufacturing process

B.   it is relevant for social organisation

C.   it involves a series of action

D.   All of above

16: Administration is.............

A.   policy making

B.   Active direction to get things done

C.   executing the policy

D.   None of these

17: management is...............

A.   tangible

B.   intangible

C.   fictitious

18: middle management ...........

A.   consists of departmental managers

B.   motivates lower management

C.   Both a&b

19: Top management consists of .......

A.   financial managers

B.   sales manager

C.   personnel manager

D.   Board of Directors and chief executives

20: co-ordination means.............

A.   organising activities

B.   Directing activities

C.   synchronizing activities

D.   both a&b

21: unity of command implies

A.   A subordinate should receive orders from all the superiors

B.   individuals must sacrifice in the larger interest

C.   be accountable to one and only one superior

22: purpose of time study is.............

A.   to remove wastage of time

B.   to give timely assistance

C.   to determine fair days work

D.   watching time

23: The scientific technique of task setting is known as........................

A.   work study

B.   motion study

C.   time study

D.   method study

24: scientific analysis of work under scientific management requires.......

A.   ime study

D.   work study

25: Authority refers to....................

A.   Getting work done

B.   right to get work done

C.   being in a managerial position

D.   scalar chain

26: Which among the following involves in planning process?

A.   Selection of objective

B.   determine the way to achieve objective

C.   both A and B

D.   None of the above

27: Which among the following is a single use plan?

A.   Objectives

B.   Policies

C.   Rules

D.   Budget

28: _______________ is a time table of work ?

A.   Budget

B.   Project

C.   Programmes

D.   Schedules

29: Which among the following is not an element of co-ordination

A.   integration

B.   balancing

C.   proper timing

D.   directing

30: Find the odd one out

A.   goals

B.   objective

C.   polices

D.   motivation

31: planning involves.................

A.   future course of action

B.   review of past performance

C.   analysis of policies

D.   All of these

32: planning provides...............

A.   information to outsiders

B.   basis for recruitment and selections

C.   purpose and direction of all persons

33: operational planning is undertaken at ..................

B.   lower level

34: ....................... are guides to action

A.   strategy

B.   planning

C.   policies

D.   procedure

35: ................ as a special type of plan prepared for meeting the challenges of competitors and other environmental forces

A.   policies

B.   objectives

C.   strategy

36: ................. are goals established to guide the efforts of the company and each of its components

A.   objectives

B.   strategy

37: ................ is also known as management by result

A.   management by subordinate

B.   management by objectives

C.   management by art

D.   management by planning

38: ............. co-ordination refers to the description of the behaviour and relationships of the organisation

A.   vertical

B.   Horizontal

C.   procedural

D.   substantive

39: ................ is a systematic way of handling regular events

A.   procedure

B.   rules

D.   strategy

40: Which among the following is not the principles of organisation?

A.   Unity of objectives

B.   Specialisation

C.   Span of control

D.   Initiative

41: organising is.....................

A.   A remedy for all types of problems

B.   ensure accurate forecasting

C.   None of these

42: Organising process involves.........

A.   division of work

B.   grouping of identical work

C.   All of these

43: Formal organisation is..................

A.   created by management

B.   A result of social interaction

C.   To satisfy cultural needs

44: organising deals with ...............

B.   decentralising activities

C.   centralisation activities

45: The process of organising consists of...........................

A.   division of work into job

B.   establishing authority relationships

46: Getting work done

C.   being in a management position

47: principles of specialisation requires................

A.   Division of labour

B.   centralisation of work

C.   decentralisation of work

48: Delegation is................

A.   Getting things done by others

B.   fixing of responsibility

C.   Assigning the task

D.   unity of command

49: Accountability means..........

A.   Delegation

B.   responsibility

C.   Authority

D.   Answerability

50: Which of the following is not an element of delegation

A.   accountability

B.   authority

C.   responsibility

D.   responsibility

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Entrepreneurship Management

1. Which one of the following theory has the attribute of moderate risk taking as a function of skill, not chance?

• Need for independence
• Need for achievement
• Need for affiliation
• Need for authority

2. Foundation companies are formed from:

• Research and development
• Most popular business
• winding up company

3. All of the following are the broad categories of External forces EXCEPT:

• Economic forces
• S Socioeconomic forces
• Technological forces
• Competitive forces

4. A ______________ is a professional money manager who makes risk investment from a pool of equity capital to obtain a high rate of return on investments.

• venture capitalist
• entrepreneur
• businessman

5. Members of distribution channels are excellent sources for new ideas because:

• They are familiar with the needs of the market
• They earn a handsome profit from new business
• They do not bother if entrepreneur bears a loss
• They have well-developed sales force

6. Which of the following geographical area is having least interest to U.S. entrepreneurs?

• The Far East
• Central Asia
• Transition economies

7. Andrew Carnegie is an example of entrepreneur of which century:

• Earliest period
• 19 th and 20 th century
• Middle ages
• 17 th century

8. The activity which occurs when the new venture is started are called:

• Business skills
• Departure point
• Goal orientation

9. The business plan should be prepared by:

• Entrepreneurs
• Consultants
• Small business administration services

10. What is the primary concern of founders who trade equity for capital for their growing venture?

• Capitalization
• Investor capabilities

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6 Critical Questions Your Business Plan Must Answer If you want to lay the groundwork for a stable business and attract investors, make sure you're hitting these points.

By Larry Alton Edited by Dan Bova Mar 18, 2015

Opinions expressed by Entrepreneur contributors are their own.

Never underestimate the importance of your business plan . It is the backbone of your company, a foundational pillar from which your enterprise will be built. It's going to serve as the first impression for countless potential partners and investors, and it's going to serve as a roadmap for your whole business -- at least for the first several years.

In some ways, writing a business plan is easy -- there are no rules or requirements for length, format, presentation, or even subject matter. But finding the right answers to the right questions is critical if you want to lay the groundwork for a stable business and attract sufficient attention from investors.

Related: 25 Common Characteristics of Successful Entrepreneurs

1. What need are you addressing?

This is an important question because it extends beyond the simple "What does your business do?" It's one thing to outline your business in general, describing what products you make or what services you offer, but if you want a solid business plan you have to take it to the next level.

It's nice to imagine your business as providing something useful, and if you're excited about the idea, it's that much easier to think about people buying it. But you need to be logical and critical when you consider the driving force behind your customers' purchasing decisions: what fundamental customer need is your business addressing? You'll want to back this up with research that shows the need actually exists.

2. What makes you different?

It's a big world out there, and startups are constantly coming on and off the radar. Chances are, there are multiple businesses out there who are already serving the crucial need you outlined from question one. That doesn't mean you can't serve it better, or serve it in a different way, but therein lies the challenge—figuring out what makes you different.

First, you'll need to acknowledge all the major players in your space, and this is going to require some research. Acknowledge what they're doing right, what they're doing wrong, and how they're going about their business. Identify the differentiating factor that will allow you to stand out, and emphasize it.

Related: Struggling to Define Your Business Goals? Ask Yourself These Questions.

3. Who is your audience?

Here's a hint: the answer can't be "everybody." No matter how useful or practical your product or service is, there's no way you're going to be able to sell to everyone in the world. Think about factors like age, sex, education, geographic location, working status, marital status, and perform some preliminary market research to determine the best path forward.

Your key demographic may evolve over time, so don't stay too committed to one niche. Also remember, that it's easy to expand to other markets once you've established yourself in one, so if you have multiple key demographics, it may be wise to focus on one to start things off.

4. How is your business going to make money?

This seems like an obvious question to answer, but you'd be surprised how many entrepreneurs fail to elaborate on their plan. The brief answer to this question is "sell products/services," but how are you going to sell? Where are you going to sell? How much are you going to sell for?

The other side of the question is what are your operating expenses? Who are you going to pay? What services or partners will you need to pay for? And ultimately, will the amount you sell be able to surpass the amount you owe? When will you break even?

5. How will you promote your business?

Promoting your business is just as important as creating it. Otherwise, people will never know who you are. Your marketing strategy should start off based on what similar businesses before you have done. Do they rely on traditional advertising or online marketing? Do they attend tradeshows and local events, or use technology to spread the word about their existence?

Related: The Ultimate Guide to Writing a Business Plan

6. What do you need to get started?

For many potential partners and investors, this is the bottom line. All businesses have to start somewhere, but that starting line varies dramatically from industry to industry and from entrepreneur to entrepreneur. Do you need any advanced equipment? Who will you need to hire? How much will you need for an initial run? These questions should give you an idea exactly how much capital and what resources you need initially.

It may seem counterintuitive, but answering these questions isn't a one-time process. Your business plan should be a living, changing document that evolves along with your company. Throughout your course of entrepreneurship, you're going to encounter new challenges, new opportunities, and hundreds of factors you never considered as significant to your business when you were writing the initial plan. To survive, you're going to have to revise your answers to these questions and update your business plan accordingly.

Related: The Essential Ingredients to Startup Success

Freelance Writer & Former Entrepreneur

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

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Introduction to Business MCQs

Written by True Tamplin, BSc, CEPF®

Reviewed by subject matter experts.

Updated on March 12, 2023

Fact Checked

Why Trust Finance Strategists?

This test includes 25 multiple choice questions (MCQs) covering an i ntroduction to business and business ethics .

It will be helpful for accounting and finance students as a tool to prepare for exams or interviews.

In this quiz, each question has 4 options. You need to choose the correct option to move onto the next question. Whenever you are ready, you can begin the test below.

• Short-term periods
• Long-term periods
• All of the above
• None of the above
• One reason for the failure of small businesses is the lack of managerial experience
• One reason for the failure of small businesses is that most entrepreneurs are younger than 25 years old
• One reason for the failure of small businesses is negligence
• One reason for the failure of small businesses is weak control systems
• Construction industry
• Manufacturing industry
• Genetics industry
• Service industry
• Both (1) and (2)
• Construction
• Manufacturing
• There is no partnership income tax; the individual partners pay a personal income tax on their portion of partnership profits.
• If the partnership agreement does not specify otherwise, profits will be shared equally by the partners.
• A partnership balance sheet is similar to that of a proprietorship.
• The death of a partner dissolves the partnership and all assets must be liquidated.
• Potential customer needs
• The production process
• Identifying customer needs
• All of the given options
• Commercialization
• Product life cycle
• Family brands
• Marketing research
• Limited partnership
• Joint venture
• Public corporation
• Strategic alliance
• Marketing orientation
• Production orientation
• Sales orientation
• Profit orientation
• Human resource inventory report
• Recruitment
• Strategic human resource planning
• Unlimited liability
• Personal satisfaction
• Entire profit
• Independence
• Marketing mix
• Product mix
• Product differentiation
• Product positioning
• Business version statement
• Customer-oriented approach
• Marketing activities and plans
• Social and technical changes
• Government policy and legislation
• Both industry and commerce
• Trade and aids to trade
• Industrial revolution
• Marketing era
• Entrepreneurship
• Globalization
• Sole proprietorship
• Partnership
• Joint stock company
• Cooperative societies
• Memurandum of association
• Article of association
• Company charter
• Articles of association
• Modaraba certificate
• Participation term certificate
• Petition by debtor
• Petition by creditor
• Petition by contributor
• Freedom in professional and personal life
• More job satisfaction
• Complicated coordination
• Suitable for a self-starter who requires little direct supervision
• Free rein style
• Democratic style

Introduction to Business MCQs FAQs

What factors should be considered when making decisions in accounting.

When making decisions in accounting, it is essential to consider all relevant factors. Some of the factors that may be considered include the company’s financial position, Cash Flow, profitability, and business strategy.

What are some common accounting decisions?

In accounting, decision-making is the process of choosing between two or more courses of action to achieve the desired outcome. Factors that should be considered when making decisions include the company’s financial position, Cash Flow, profitability, and business strategy. Accountants use the information to make decisions by analyzing data and trends to make informed decisions to help the company achieve its goals.

How do accountants make decisions?

Accountants use the information to make decisions by analyzing data and trends. This information can come from Financial Statements, internal reports, surveys, and other sources. By analyzing this data, accountants can make informed decisions to help the company achieve its goals.

What are some common accounting decision-making models?

Common accounting decision-making models include the rational decision model, the incremental decision model, and the satisficing decision model. Each of these models has its own set of steps that should be followed when deciding.

About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide , a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University , where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon , Nasdaq and Forbes .

Related Topics

• Accounting Equations MCQs
• Accounting Principles and Concepts MCQs
• Accounting and Finance MCQs Test 1
• Accounting and Finance MCQs Test 2
• Accounting and Finance MCQs Test 3
• Accounting and Finance MCQs Test 4
• Accounting and Finance MCQs Test 5
• Accounting and Finance MCQs Test 6
• Adjusting Entries MCQs 1
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• Dividend and Bonus MCQs
• Financial Statements MCQs
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• General Journal MCQs
• General Ledger MCQs
• Introduction to Accounting MCQs
• Issuance of Shares and Debenture MCQs
• Manufacturing Accounts MCQs
• Material Costing Methods MCQs
• Non-Trading Concerns MCQs
• Retirement and Death of a Partner MCQs
• Special Journal MCQs
• Transaction Analysis MCQs
• Trial Balance MCQs

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Part 1: Tell Us More About Yourself

Do you own a business, which activity is most important to you during retirement.

• Giving back / charity
• Spending time with family and friends
• Pursuing hobbies

Part 2: Your Current Nest Egg

Part 3: confidence going into retirement, how comfortable are you with investing.

• Very comfortable
• Somewhat comfortable
• Not comfortable at all

How confident are you in your long term financial plan?

• Very confident
• Somewhat confident
• Not confident / I don't have a plan

What is your risk tolerance?

How much are you saving for retirement each month.

• None currently
• Minimal: $50 - $200
• Steady Saver: $200 - $500
• Serious Planner: $500 - $1,000
• Aggressive Saver: $1,000+

How much will you need each month during retirement?

• Bare Necessities: $1,500 - $2,500
• Moderate Comfort: $2,500 - $3,500
• Comfortable Lifestyle: $3,500 - $5,500
• Affluent Living: $5,500 - $8,000
• Luxury Lifestyle: $8,000+

Part 4: Getting Your Retirement Ready

What is your current financial priority.

• Getting out of debt
• Growing my wealth
• Protecting my wealth

Do you already work with a financial advisor?

Which of these is most important for your financial advisor to have.

• Tax planning expertise
• Investment management expertise
• Estate planning expertise

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Submit to get your retirement-readiness report., get in touch with, great the financial professional will get back to you soon., where should we send the downloadable file, great hit “submit” and an advisor will send you the guide shortly., create a free account and ask any financial question, learn at your own pace with our free courses.

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Introduction to Branding

Marketing promotion test review, 9th -  12th  , cash flow forecast, quality management, marketing mix, 9th -  11th  , entrepreneurship final.

Business planning mcq

15 questions

Introducing new   Paper mode

No student devices needed.   Know more

Which of the following is an advantage to a new business start-up of producing a business

It will guarantee survival

It will help test financial viability

It will ensure sales targets are met

It will not need to be referred to again by the business owner

In which section of the business plan would you expect to find details about market size

and market research?

Objectives and key targets

Cash flow forecast

Market overview

Forecast revenue, costs and profit

Which of the following best describes a business plan? A written document that describes:

The business, its objectives, strategies, financial forecasts and market

The marketing plan of the business

The objectives and key targets of the business

How the business will produce its products

Which of the following is the formula for total costs?

Total costs minus total variable costs

Total fixed costs plus total variable costs

Total costs plus total variable costs

Total fixed costs minus total variable costs 5

Which of the following is a drawback of business planning?

Reduces risk by providing a guide for the business

The plan will need to be constantly updated

It will help to secure any finance required

Allows the business to review its progress

Which of the following best defines the term variable cost? A cost which:

Stays the same regardless of output

Changes according to output

Changes with time

Changes according to revenue

An existing business may use a business plan to:

Focus on the business idea before start-up

Present to shareholders at the AGM

Secure external finance for business expansion

To share with employees in the business 5

A business makes a profit when:

Total revenue is greater than total costs

Total revenue is less than total fixed costs

Total revenue is greater than total variable costs

Total revenue is less than total costs

Which of the following is a functional area of a business?

Outsourcing

Selling price x quantity is the formula for which of the following?

Total costs

Variable costs

A business sells 12,000 units per year. Fixed costs per year are £50,000 and variable costs

are £2.50 per unit. The business’s total costs are:

Which of the following is a major problem that an entrepreneur might encounter when

writing a business plan for the first time?

To explain the business idea and where it came from

Forecasting product sales accurately

To include details about the owners

To find an appropriate format to present the plan

Which of the following defines the term revenue?

The money the business makes after total costs are deducted

The money the business makes after variable costs are deducted

The money the business makes from selling its goods or services

The money the business makes after fixed costs are deducted

Details regarding how many staff the business will need to employ, their pay rates and job

descriptions would be found in which section of a business plan?

Human resources

The fixed costs of a business are £300,000 per year and variable costs are £2.00 per unit.

The business sells 200,000 units per year at a selling price of £5.00. The profit made per

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COVID-19 Updates

Vaccine and Booster Information

Reopening Guidelines

Late Night Business Safety Plan Program

Montgomery County is committed to establishing a uniform process for those businesses in areas experiencing higher than normal call volumes in the late-night hours. The business safety plan summarizes the establishment’s efforts to safely conduct operations for patrons and employee(s) consistent with County Executive Regulation 004-24. Consistent with this Regulation, the Montgomery County Department of Police (MCPD) has launched a Late-Night Business Safety Plan application portal.

Am I required ?

Beginning September 13, 2024, businesses required to submit a safety plan are those that have an “other tobacco products retailer” license, food license, license for on-site cannabis consumption, or liquor license where the products sold are consumed on-site at tables or other areas designated for consumption by the business, and that:

• Are open to patrons from 2:00am – 5:00am; or,
• Are open to patrons from 12:00am – 5:00am and have had two serious incidents within the previous 12 months. See the FAQs for the definition of a serious incident.

Applicable businesses will receive training at the business location from a MCPD officer within 30 days of the application submission. Upon submission of the application, the district station will be notified and an officer will contact the applicant to arrange the training. Training must be completed before the Safety Plan can be considered for approval.

How do I apply ?

Fill out our online form to apply for Montgomery County Late Night Business Safety Plan Program.

Online Application Form

Frequently Asked Questions

A business-specific written document summarizing the establishment’s efforts to safely conduct operations for patrons and employee(s) consistent with guidelines and training described in Montgomery County Executive Regulation 004-24.

According to Montgomery County Executive Regulation 004-24, Serious Incidents are defined as:

• Distribution of narcotics or other controlled dangerous substances;
• A sexual offense in the third or fourth degree under § 3-307 or § 3-308 of the Criminal Law Article of the Maryland Code; or
• A crime of violence as defined in § 14-101 of the Criminal Law Article, including:
• kidnapping;
• manslaughter, except involuntary manslaughter;
• human trafficking;
• sexual offense of any degree;
• use of a handgun in the commission of a felony or other crime of violence;
• an attempt to commit any of the crimes described in the preceding bullets of this list;
• assault in the first degree;
• assault against a law enforcement officer or emergency medical services provider in any degree; and, assault with intent of any type in any degree.

The Safety Plan Review Panel will receive and conduct a preliminary review of the late-night business safety plan within 30 (thirty) days of receipt of each safety plan.

• Businesses may appeal the disapproval of a safety plan or the requirement to produce a safety plan under the serious incident inclusion provision before the Montgomery County Board of Appeals.
• Appeals must be filed within 30 days of receipt of the decision disapproving a plan or notification of the requirement to produce a plan.

Funding availability is subject to appropriation by the Montgomery County Council.

https://www.montgomerycountymd.gov/exec/Resources/Files/Executive%20Regulation%20%23004-24_Late-Night%20Business(4).pdf

Businesses may appeal the disapproval of a safety plan or the requirement to produce a safety plan under the serious incident inclusion provision before the Montgomery County Board of Appeals. Appeals must be filed within 30 days of receipt of the decision disapproving a plan or notification of the requirement to produce a plan.

https://www.montgomerycountymd.gov/boa/

• Link to County Regulation 004-24
• News release : Link to press release

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