- 1. business description should include the following EXCEPT?
A) company's vision and mission statement, goals and objectives
B) business model and description of product or service offered
C) summary of overall strategic directions
D) positioning and pricing strategy
- 2. a company's core strategy for profitability doing business
A) business model
B) business description
C) description of product or service
D) analysis of the competiton
- 3. it is prepared after the business plan is written
A) business description
B) description of product or service
C) executive summary
D) marketing strategy
- 4. the _____ is an abstract short summary of your business plan
A) description of product or service
B) executive summary
C) business description
D) marketing strategy
- 5. which is NOT part of the business plan?
A) company profile sheet
B) executive summary
C) marketing strategies and financial data
D) business description
- 6. which is/are true about business plan?
A. serves as blueprint, and it keeps the entrepreneur on the right track
B. it gives a sense of purpose to the business
C. provides a standard against which evaluates the result
A) B only
B) A, B, & C
C) C only
D) A only
- 7. a document that helps the business owner to determine what resources are needed to achieve the objectives of the firm
A) business proposal
B) business plan
C) executive summary
- 8. this refers to the process of moving goods and services from the firm to the buyers
A) distribution channel
B) channel
C) distribution strategy
- 9. channel members that sell to the retailers or other agent for further distribution through the channel until they reach the final users
A) wholesalers
B) brokers
C) manufacturers
D) merchandiser
- 10. pricing strategy that impacts the consumer’s subconscious mind, including pricing the goods and services slightly lower than a whole number-example: 99 (instead of 100), 1.99, .99 etc.
A) promotion pricing
B) psychological pricing
C) mark-up pricing
- 11. offering such as trade discount as pricing strategy
A) mark-up pricing
B) promotion pricing
C) psychological pricing
- 12. A cost-oriented pricing in which the firm sets prices by adding per unit merchandise costs, operating expenses and desired profit.
A) psychological pricing
B) mark-up pricing
C) promotion pricing
- 13. calls for pricing –settings on the basis of prices charge by competitors
A) Competitive Pricing
B) Price penetration
C) Cost-plus pricing
D) Value-based pricing
- 14. ______ sets low prices to attract a large customer base and increase market share
A) Value-based pricing
B) Competitive Pricing
C) Price skimming
D) Price penetration
- 15. it is a customer-focused, meaning companies base their pricing on how much the customer believes a product is worth
A) Competitive Pricing
B) Price skimming
C) Value-based pricing
D) Price penetration
- 16. _____ is where the firm’s set prices based on buyer desires
A) Demand pricing
B) Competitive Pricing
C) Value-based pricing
- 17. costs may include lease and rental payments, insurance, and interest payments
A) Fixed costs
B) Variable costs
- 18. costs may include labor, commissions, and raw materials
A) Variable costs
B) Fixed costs
- 19. _____ covers all costs, variable and fixed costs, variable and fixed costs, plus and extra increment to deliver profit
A) Demand pricing
B) Value-based pricing
C) Cost-Plus Pricing
- 20. _____ is the process and methodology used to determine prices for products and services
A) Market share
B) Market positioning
C) Pricing strategy
D) Market strategy
- 21. _____ refers to the individual firm’s sales as a percentage of the total sales in a specific market.
A) Market share
B) Market strategy
C) Pricing strategy
D) Market positioning
- 22. what is a document that helps the small business owner to determine what resources are needed to achieve the objectives of the firm, and provides guidance, influence and leadership to the employees and the stakeholders
A) business project
B) business proposal
C) business plan
- 23. reasons why do we need a business plan?
a. to protect general picture of the business project
b. to serve as a guide in implementing the business or project
c. to serve only as reference for a bank loan or financing purposes
d. to determine/estimate the detailed technical and financial requirements
A) a, b and d only
B) a, b, c and d
C) a, b and c only
- 24. which of the following is true about planning?
A) setting goals and develop strategies for quality (effective) and efficiency of products and services
B) identify in-depth SWOT analysis if necessary to survive the business competition
C) some planning aspects/parts must be realistic
- 25. the concept of developing a plan (business planning) by scrutinizing and developing effective strategies is also known as ______?
A) strategy
B) plan
C) game plan
- 26. know your market or buyers, competitors, prices, the quality of goods and services
A) seeking information
B) search for business opportunities
C) target market
- 27. finding information ideal for generating new business ideas and opportunities (employing research and development)
A) search for business opportunities
B) market research
C) seeking information
D) target market
- 28. no matter what you are doing, you can strive for quality and excellence
A) be committed to what you set out to do
B) practice persistence
C) set high standards of quality and efficiency
- 29. a successful entrepreneur actively seeks opportunities. he looks at a situation and he thinks
A) market research
B) opportunity-seeking
C) seeking information
- 30. creative people look at things and images and what else they could be
A) true
B) false
- 31. they sell the product of manufacturers or producers to retailers and other distributors who have direct dealings with the end user or customers
A) retailers
B) merchandiser
C) wholesalers
- 32. production business by creating a product
A) trading or product-based business
B) franchising business
C) manufacturing business
- 33. a licensed business opportunities
A) service-based business
B) manufacturing business
C) trading or product-based business
D) franchising business
- 34. what business category or sector are Consultancy, barber shop, salon, dentistry, medical, engineering services, Accounting Firms, etc.
A) franchising business
B) manufacturing business
C) trading or product-based business
D) service-based business
- 35. once a product is no longer profitable, it is eliminated from the market
A) maturity
B) decline
C) introduction
D) growth
- 36. product life cycle wherein a sale reaches its peak, while profit begins to fall.
A) growth
B) maturity
C) decline
- 37. indirect costs-salaries, insurance, rent, water & electricity bills etc
A) increment
B) overhead costs
C) maximizing profit
- 38. which of the following must be considered before adopting a positioning strategy?
a. what makes the product or service unique?
b. how is the product or service different from the competitors?
c. what does the customer really want to buy from the firm?
A) a and b only
B) a, b and c
C) a and c only
D) b and c only
- 39. market strategies consist of the following:
a. definition of the market
b. description of the product or service
c. positioning strategy; pricing strategy; distribution strategy; and promotion strategy
d. determination of the market share
A) a, b, c and d
B) a, c and d only
C) b, c and d only
D) a, b and c
- 40. you're in the early stages of developing your business plan. what should be your first step?
A) choose a catchy business name
B) conduct market research
C) create a detailed financial projection
- 41. your business has received negative feedback online and your reputation is at stake. how should you handle this situation?
A) delete all the negative feedback
B) respond professionally and address the concerns openly
C) threaten legal action against those posting negative feedback
- 42. your start-up has achieved initial success, but you're unsure about the next step. what should you prioritize?
A) continue with the same strategy that brought initial success
B) seek or consult guidance from mentors or advisor/business expert
C) diversify into unrelated industries
- 43. you've defined a new market opportunity, but it is required a significant investment. what should you do to secure funding?
A) seek venture capital
B) borrow from friends and family
C) rely solely on personal saving
- 44. your start- up is struggling to find customer for your product. what should you do to improve your marketing strategy?
A) ignore marketing and focus on product development
B) reduce your marketing budget
C) narrow down your target audience and tailor your messaging (establish superior target market and develop appropriate and effective strategy)
- 45. introducing products to the market is what product life cycle
A) introduction
B) maturity
C) growth
- 46. it summarizes the content and purpose of your finished plan, covering all of the key points
A) business description
B) executive summary
C) product or service description
- 47. this sub-section of the business plan must be specific and realistic
A) strategies
B) swot analysis
C) objectives
- 48. stage of innovation process that involves generating new ideas
A) ideation
B) validation
C) execution
- 49. it refers to how the firm differentiates its products or service from those of the competitors and serving a niche
A) pricing strategy
B) market strategy
C) product positioning
- 50. it refers to what the business organization plans to do achieve that market objective of the firm
A) product positioning
B) market strategy
C) pricing strategy
- 51. the success of any business also depends on the efficiency of its employees. Is the backbone of any business.
A) manpower
B) suppliers of input
C) skills
- 52. This ____ serves as fuel that keeps your business operating.
A) capital
B) manpower
C) product
- 53. The term ______ refers to any expense that a business incurs during the manufacturing or production process for its goods and services
A) market
B) product
C) cost
- 54. A business plan is prepared in consideration of the current and expected situations. In the process of implementing the plan
A) revising the plan
B) financial plan
C) executive summary
- 55. Being ____ is trying to do something even if other people say that you are likely to fail.
A) opportunity seeker
B) risk taker
C) persistence
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