- 1. business description should include the following EXCEPT?
A) company's vision and mission statement, goals and objectives
B) summary of overall strategic directions
C) positioning and pricing strategy
D) business model and description of product or service offered
- 2. a company's core strategy for profitability doing business
A) business description
B) description of product or service
C) analysis of the competiton
D) business model
- 3. it is prepared after the business plan is written
A) business description
B) description of product or service
C) marketing strategy
D) executive summary
- 4. the _____ is an abstract short summary of your business plan
A) business description
B) marketing strategy
C) description of product or service
D) executive summary
- 5. which is NOT part of the business plan?
A) executive summary
B) company profile sheet
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) C only
B) A only
C) B only
D) A, B, & C
- 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) executive summary
C) business plan
- 8. this refers to the process of moving goods and services from the firm to the buyers
A) channel
B) distribution strategy
C) distribution channel
- 9. channel members that sell to the retailers or other agent for further distribution through the channel until they reach the final users
A) merchandiser
B) wholesalers
C) manufacturers
D) brokers
- 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) promotion pricing
B) mark-up 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) promotion pricing
B) psychological pricing
C) mark-up pricing
- 13. calls for pricing –settings on the basis of prices charge by competitors
A) Value-based pricing
B) Price penetration
C) Competitive Pricing
D) Cost-plus pricing
- 14. ______ sets low prices to attract a large customer base and increase market share
A) Competitive Pricing
B) Price penetration
C) Price skimming
D) Value-based pricing
- 15. it is a customer-focused, meaning companies base their pricing on how much the customer believes a product is worth
A) Price penetration
B) Competitive Pricing
C) Value-based pricing
D) Price skimming
- 16. _____ is where the firm’s set prices based on buyer desires
A) Demand pricing
B) Value-based pricing
C) Competitive Pricing
- 17. costs may include lease and rental payments, insurance, and interest payments
A) Variable costs
B) Fixed 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) Value-based pricing
B) Demand pricing
C) Cost-Plus Pricing
- 20. _____ is the process and methodology used to determine prices for products and services
A) Market share
B) Market strategy
C) Market positioning
D) Pricing strategy
- 21. _____ refers to the individual firm’s sales as a percentage of the total sales in a specific market.
A) Pricing strategy
B) Market strategy
C) Market share
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 plan
B) business proposal
C) business project
- 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 c only
B) a, b, c and d
C) a, b and d only
- 24. which of the following is true about planning?
A) some planning aspects/parts must be realistic
B) setting goals and develop strategies for quality (effective) and efficiency of products and services
C) identify in-depth SWOT analysis if necessary to survive the business competition
- 25. the concept of developing a plan (business planning) by scrutinizing and developing effective strategies is also known as ______?
A) game plan
B) strategy
C) plan
- 26. know your market or buyers, competitors, prices, the quality of goods and services
A) search for business opportunities
B) target market
C) seeking information
- 27. finding information ideal for generating new business ideas and opportunities (employing research and development)
A) search for business opportunities
B) target market
C) seeking information
D) market research
- 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) seeking information
C) opportunity-seeking
- 30. creative people look at things and images and what else they could be
A) false
B) true
- 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) manufacturing business
B) franchising business
C) trading or product-based business
- 33. a licensed business opportunities
A) service-based business
B) trading or product-based business
C) franchising business
D) manufacturing 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) service-based business
D) trading or product-based business
- 35. once a product is no longer profitable, it is eliminated from the market
A) growth
B) maturity
C) decline
D) introduction
- 36. product life cycle wherein a sale reaches its peak, while profit begins to fall.
A) maturity
B) decline
C) growth
- 37. indirect costs-salaries, insurance, rent, water & electricity bills etc
A) maximizing profit
B) increment
C) overhead costs
- 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 c only
B) b and c only
C) a and b only
D) a, b and c
- 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) b, c and d only
C) a, b and c
D) a, c and d only
- 40. you're in the early stages of developing your business plan. what should be your first step?
A) conduct market research
B) choose a catchy business name
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) threaten legal action against those posting negative feedback
B) delete all the negative feedback
C) respond professionally and address the concerns openly
- 42. your start-up has achieved initial success, but you're unsure about the next step. what should you prioritize?
A) seek or consult guidance from mentors or advisor/business expert
B) continue with the same strategy that brought initial success
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) rely solely on personal saving
B) borrow from friends and family
C) seek venture capital
- 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) growth
C) maturity
- 46. it summarizes the content and purpose of your finished plan, covering all of the key points
A) executive summary
B) product or service description
C) business description
- 47. this sub-section of the business plan must be specific and realistic
A) swot analysis
B) strategies
C) objectives
- 48. stage of innovation process that involves generating new ideas
A) validation
B) execution
C) ideation
- 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) product positioning
C) market strategy
- 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) suppliers of input
B) skills
C) manpower
- 52. This ____ serves as fuel that keeps your business operating.
A) product
B) capital
C) manpower
- 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) cost
C) product
- 54. A business plan is prepared in consideration of the current and expected situations. In the process of implementing the plan
A) executive summary
B) financial plan
C) revising the plan
- 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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