Business Leadership Exam

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Question 1

An attractive industry is all of the following except:

young rather than old
growing instead of shrinking
not crowded
late in the life cycle


Question 2

An entrepreneur is someone who:

pursues opportunities
takes risks
wants to be their own boss
all the above


Question 3

Entrepreneurs are said to identify this type of gap in the marketplace:



Question 4

Of the 12 most important slides to include in the investor presentation of the business plan, which slide is not recommended?

firm history
problem and solution
financing sought
management team

Question 5

Organizational feasibility does not involve:

management prowess
at least 2 major competitors
resource sufficiency
organizational competence


Spending the time and resources necessary to move forward with the business idea depends on the:

feasibility analysis
breakeven point
investors’ vote
business plan


Question 7

The ________________ is a written narrative, typically 25-35 pages, that describes what a new business intends to accomplish and how it intends to accomplish it.

business proposal
request for funding
business plan
executive summary


Question 8

The concept test occurs in which type of feasibility analysis?



Question 9

The feasibility analysis determines if a business idea is:



Question 10

The pro forma financial statements included in a business plan are:

industry averages
projected numbers
actual numbers
summary figures


Question 11

This is a favorable set of circumstances that creates a need for a new product, service or business.

market deficiency


Question 12

This is a thought, an impression, or a notion.



Question 13

This is not one of the environmental areas that is helpful to evaluate when determining areas that are ripe for new business ideas.

economic forces
social forces
educational trends
political and regulatory changes


Question 14

This is not one of the ways the book recommends to identify opportunities.

create and distribute surveys
observe trends
solving a problem
findings gaps in the marketplace


Question 15

This is one way to encourage the development of new ideas in business.

phone calls
establishing a focal point for ideas
direct mail


Question 16

This item comes first in the business plan.

executive summary


Question 17

This item is not included in the financial feasibility analysis.

total start-up cash needed
financial performance of similar businesses
profit margins
overall financial attractiveness of the proposed venture


Question 18

This step comes last in the process to generate creative ideas.



Question 19

To make the best impression, the business plan should follow a(n) ____________________ structure.



Question 20

A low budget approach to marketing with unusual tactics is called:

guerilla marketing
fast marketing
extreme marketing
nontraditional marketng


Question 21

Adverse selection is when:

it is difficult to find employees with the right skills with the right management
it is difficult to perform background checks on all employees
it is hard to keep employees from being hired by competitors
is it hard to keep employees from leaving the firm


Question 22

Assets, liabilities and owners equity are included in the:

income statement
balance sheet
statement of cash flows
annual reports


Question 45

What is the engine of growth in the U.S. economy?

medium sized businesses
small businesses


Question 46

Which statement applies to aspiring or potential entrepreneurs?

pay a consultant to monitor your business for the first year
be sure you have covered every possibility in your business plan before you open the business
don’t open your business until you are 100% sure it will succeed
find a nice in the market and fill it


Question 47

Entrepreneurs must continually:

monitor the competition
monitor the external environment
monitor the industry
all of the above


Question 48

What is the best age to start a business?

in your 20s
after retirement
any age is a good age to start a business
none of the above


Question 49

Which group has become more active in the past 10 years?

child entrepreneurs
male entrepreneurs
adult entrepreneurs
family entrepreneurs


Question 50

The business mission and vision should include some comments about the business’s:

accounting processes
ethics and corporate social responsibility
employee education levels
exit plan