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MGT4670 EntrepreneurshipExam #2 Sample Questions1)The business plan addresses both short term and long term decision making. 2)To maintain objectivity, the business plan should not be written by the entrepreneur. 3)The business plan is a private document and should not be read by employees and customers. 4)In the business plan the entrepreneur should address the needs of the entrepreneur and the needs of the market; the investor's perspective is not important. 5)The process of writing the business plan provides a self-assessment for the entrepreneur. 6)The business plan serves as an important tool in helping to obtain financing. 7)Venture capitalists demand high rates of return for their investment in the new venture. 8)A quick feasibility study should be conducted before preparing the business plan to uncover possible barriers to success. 9)In building a marketing plan, the entrepreneur should use a process designed as a pyramid, starting with narrow data and working down to broader-based information. 10)Most entrepreneurs have difficulty with gathering market information and do not often know where to begin. 11)When gathering financial information, the entrepreneur should develop a budget that includes expected sales and expense figures for the first year. 12)To determine the figures in the budget, the entrepreneur should identify benchmarks or norms in the industry.
MGT4670 EntrepreneurshipExam #2 Sample Questions13)Pro forma financial statements should be prepared monthly for the first year of the venture. 14)The executive summary section of the business plan should be written first, before other sections are developed. 15)The executive summary section is only meant to highlight key factors and motivate the person holding the plan to read it in its entirety. 16)The entrepreneur need not concentrate on environmental analysis since most of the external factors are generally uncontrollable.