Business Plan Reviewer (PDF)

1. For the entrepreneurs, as well as to the organization to reach their goal, a business plan serves as their: a. Model b. Guide. c. Baton d. Vehicle 2. Your product and services section should include the following EXCEPT for: a. Technology b. Competitive Edge c. Product & Service De...

1. For the entrepreneurs, as well as to the organization to reach their goal, a business plan serves as their: a. Model b. Guide. c. Baton d. Vehicle 2. Your product and services section should include the following EXCEPT for: a. Technology b. Competitive Edge c. Product & Service Description d. Workforce and Support Personnel. 3. What is the "vision statement" a. Describe the desired future position of the company. b. Defines the company's business, its objectives, and its approach to reach those objectives c. Defines the companies by laws d. Describe the company's corporate responsibility 4. The following are examples of sales literature EXCEPT for: a. Flyers b. Newsletter c. Brochures d. Technology. 5. The marketing portion of the business plan addresses how you will get people to buy your product or service in sufficient quantities to make your business profitable. It consists of the following EXCEPT for: a. Marketing Sales and Strategies b. Labeling and Packaging c. Pricing Policy d. Financial Projections. 6. The marketing portion of the business plan addresses how you will get people to buy your product or service in sufficient quantities to make your business profitable. a. Financial plan b. Product/service plan c. Executive summary d. Market plan. 7. A formal document containing business goals, the methods on how these goals can be attained, and the time frame within which these goals need to be achieved a. Business plan. b. Organization chart c. Executive summary d. Product/service plan 8. This is the part of the business plan where you will describe the specific product or services you're going to offer. a. Executive summary b. Mission statement c. Product/service plan d. Vision statement 9. Which of the following describes the "mission statement "of the company? a. Describe the desired future position of the company b. Defines the company's business, its objectives, and its approach to reach those objectives. c. Defines the companies by laws d. Describe the company's corporate responsibility What is the "vision statement" 10. Calculating or predicting future events that usually comes from the result of a study and analysis of available pertinent data. a. Financial plan b. Unit Cost c. Product Cost d. Forecasting. 11. Suppose you are a recruiter aiming to attract candidates passionate about their work, not just seeking a paycheck. What strategy might you employ to find these applicants? a. Advertise high salaries prominently b. Emphasize company culture, mission, and values in the job description. c. Require all candidates to pass an IQ test d. Rely solely on resume submissions 12. After gathering customer feedback via a survey, which of the following should a company do next to enhance its service description? a. Use survey data to confirm the design's appeal to stakeholders b. Develop a beta test for the service based on common customer pain points. c. Launch the service without further input since survey feedback is complete d. Postpone service descriptions until the final product version is available 13. An entrepreneur is setting up a new production plant and needs to outline the 4Ms for the operation plan. Which would be the most logical step to take first? a. Determine the required manpower skills and training b. Analyze and select the appropriate materials based on quality and cost c. Establish a step-by-step method for production operations. d. Select the machines based on production needs and efficiency 14. A candidate performs exceptionally well during the interview, showing strong potential for growth. However, the background check reveals inconsistencies in past performance claims. What should the recruiter consider before making an offer? a. Proceed with the offer, as the candidate has strong potential b. Weigh the potential for growth against the background inconsistencies. c. Ignore the inconsistencies since they may be irrelevant d. Automatically reject the candidate based on past performance issues 15. Which of the following reasons best explains why a business plan serves "many masters"? a. Because it requires frequent updates to adjust for market changes b. Because it serves as a guide for entrepreneurs, investors, and managers within the organization. c. Because it needs to be reviewed and approved by multiple departments d. Because it contains detailed descriptions of products and service 16. If a new business aims to attract support from banks, which part of the business plan is most critical to present compellingly? a. Executive Summary, to provide a quick overview of the business's value. b. Product Plan, to describe the specifications of the product c. Organization Chart, to outline the roles of employees d. Pricing Policy, to ensure banks understand the cost structure 17. Based on the recruitment criteria, which candidate would be most suitable if the company values emotional maturity and ethical standards? a. A candidate with a strong track record and high IQ b. A candidate with confirmed skills and technical expertise c. A candidate with demonstrated values, strong principles, and verified personal character. d. A candidate who has undergone psychological tests If a new business aims to attract support from banks, which part of the 18. A production company decides to source materials from a new supplier with favorable import/export laws. Which reason supports this choice? a. To avoid dealing with high-cost suppliers. b. To encourage competition and reduce supply interruption risks c. To prevent logistical processes d. To eliminate all other suppliers from their supply base 19. Which method would be most effective for a company aiming to ensure timely delivery and quality from its suppliers? a. Adopting Material Requirements Planning (MRP) b. Developing a work schedule without supplier collaboration c. Monitoring supplier performance regularly. d. Solely using E-purchasing for transactions 20. Which product testing method is the most effective if the goal is to receive feedback from actual customers on a pre- release product version? a. Early Bird Promo b. Survey c. Brainstorming d. Beta Testing. 21. A business is deciding between two machines: one that is highly efficient but has limited spare parts available locally and another that is moderately efficient with widely available parts. What should the entrepreneur prioritize if they need to maintain consistent production flow? a. Select the highly efficient machine despite limited spare parts b. Choose the moderately efficient machine with accessible spare parts. c. Find a third machine that combines both high efficiency and spare parts availability d. Increase manpower to offset machine efficiency limitations 22. A recruiter notices that a candidate has significant work experience but lacks specific technical competencies required for the job. What is the best course of action? a. Prioritize the candidate's experience and schedule an interview b. Shortlist the candidate and discuss technical competencies during the interview. c. Dismiss the candidate due to missing competencies d. Mark the resume with concerns to revisit later if other candidates fall through 23. Which of the following questions would an investor likely seek answers to within the "Financial Plan" section? a. What are the unique features of the product? b. How will the product reach its target market? c. What is the projected cash flow for the next five years? d. What are the organization's mission and vision statements? 24. What is the key difference between fixed costs and variable costs? a. Fixed costs are one-time expenses, while variable costs are ongoing b. Fixed costs remain constant, while variable costs fluctuate based on sales volume. c. Variable costs stay the same every month, while fixed costs vary d. Fixed costs are only associated with labor, while variable costs cover materials 25. Which of the following best represents the screening and shortlisting stage? a. Posting the job description on social networks b. Identifying vacancies and work requirements c. Checking candidates' minimum and preferred qualifications before an interview. d. Offering the job to the chosen candidate 26. How does creating a supply base benefit a production company? a. It increases the number of suppliers needed for the business b. It ensures the buyer has pre-qualified suppliers, reducing certification costs and streamlining contracts. c. It allows all suppliers to undergo rigorous evaluations regardless of performance d. It decreases diversity by selecting only one supplier for the business shortlisting 27. In the supplier selection process, which step involves formally requesting information from suppliers about their products or services? a. Contract Terms b. Negotiation Process c. Information Request d. Supplier Evaluation 28. Which statement best illustrates how prototyping enhances customer association? α. Prototyping helps reduce initial production costs b. It allows customers to interact with and provide feedback on a model. c. Customers are involved in initial design decisions d. It helps clients predict market demand 29. If a business entrepreneur faces a challenge with inconsistent product quality, which operational aspect is likely needing improvement? a. Machine and equipment selection b. Manpower expertise c. Method and sequence of operations d. Raw material availability 30. Which component of the business plan should include details like marketing strategies, pricing policy, and packaging? a. Financial Plan b. Market Plan c. Product/Service Plan d. Executive Summary 31. An entrepreneur wants to analyze the technical, economic, and financial feasibility of a new business idea. Which section of the business plan would likely address this analysis? a. Executive Summary b. Market Plan c. Financial Plan d. Purpose of the Product 32. Which question would an entrepreneur ask when selecting a supplier? a. Is the supplier able to deliver the right materials on time? b. How does the supplier evaluate its vendors? c. Will the supplier develop products at no cost? d. Does the supplier have exclusive deals on inventory? 33. If a business aims to describe a medical product to a specialized audience, which approach should be used? a. Include influential words like "miracle" and "sensational" b. Use realistic and scientific descriptions with medical terminology. c. Describe benefits with minimal technical detail d. Present features in a brief and generalized manner 34. A business entrepreneur wants to establish an operation plan focusing on efficient production and low operational costs. Which of the following elements should they prioritize in setting up their production layout? a. Machine type and size b. Plant location and layout c. Employee skills and expertise d. Raw material cost 35. A recruiter is planning a job description for a new position. Which aspect of the description will help candidates assess if their qualifications align with the job? a. Company culture and mission statement b. Location and compensation details c. List of qualifications, skills, and required expertise. d. Social media handles for the company 36. Which of the following best describes the purpose of the "Management and Organization" section of a business plan? a. To list the products or services offered b. To describe the organizational structure, key personnel, and mission-vision statement. c. To outline the marketing and sales strategies d. To detail the financial projections and cash flow 37. Why is a business plan important for prospective investors? a. To showcase the entrepreneur's personal wealth b. To convey the business's goals and the competencies of its management team. c. To outline only the financial projections of the business d. To demonstrate past financial success only 38. Which of the following best explains the purpose of financial forecasting in a startup? a. To create a budget for marketing costs only b. To help anticipate future business conditions and needs. c. To calculate fixed costs and report them to investors d. To set up a single, unchanging financial goal 39. What is the purpose of preparing a job description during the recruitment process? a. To promote the job across social platforms b. To identify potential candidates c. To help candidates understand if they are a good fit for the position. d. To finalize the hiring offer DIRI 40. Why is it important for a business to develop a supply base of pre-qualified suppliers? a. To reduce competition among suppliers b. To lower certification costs and standardize contracts. c. To encourage non-performance among suppliers d. To ensure higher prices for good 41. What is the primary difference between a product description and a service description? a. A product description focuses on tangible items, while a service description validates customer interest. b. A service description provides details on competitors, while a product description focuses on sales tactics c. A product description tests consumer behavior, while a service description lists only product benefits d. Both describe features but differ in overall purpose 42. Which of the following best describes the role of "method" in a business's operation plan? a. Identifying raw materials required for production b. The process of converting raw materials into finished products. c. Recruiting qualified employees for business operations d. Assessing machine efficiency in production. 43. During the screening process, a recruiter finds a resume that lacks required qualifications but shows potential in other areas. What should be the recruiter's immediate next step? a. Reject the candidate without review b. Shortlist the candidate based on other strong areas. c. Note the candidate's lack of minimum qualifications d. Proceed to the interview 44. During the screening process, a recruiter finds a resume that lacks required qualifications but shows potential in other areas. What should be the recruiter's immediate next step? a. Reject the candidate without review b. Shortlist the candidate based on other strong areas. c. Note the candidate's lack of minimum qualifications d. Proceed to the interview 45. Which part of a business plan summarizes a longer report or proposal to allow readers to understand its main points quickly? a. Financial Plan b. Product/Service Plan c. Market Plan d. Executive Summary. 46. What is a business plan? a. A document that guides an entrepreneur on how to communicate with customers b. A financial statement summarizing the assets and liabilities of a business c. A formal document containing business goals, methods to achieve them, and a timeline. d. A guide to the legal requirements for starting a business 47. In forecasting, which type of costs remain constant every month? a. Variable costs b. Direct labor costs c. Fixed costs d. Indirect cost 48. Which of the following refers to the method of purchasing and selling products electronically via the Internet? a. Inventory Control b. E-purchasing/E-procurement c. Just-in-Time Production d. Material Requirements Planning 49. What is the process of purchasing the goods and resources needed for production? a. Inventory control b. Work scheduling c. Purchasing (procurement) d. Supplier evaluation 50. Which of the following is the main purpose of a product description? α. To outline marketing strategies b. To clarify the product's features and benefits c. To attract high-profile investors d. To evaluate the competition 51. A job is a summary of the objectives of the job, the type of work to be done, the responsibilities and duties, the working conditions, and the relationships of the job to other functions. a. Analysis b. Description. c. Design d. Specification 52. Which of the following helps the managers with the information required to make good human resources decisions? a. Industrial relations b. Performance Appraisal. c. Recruitment d. Selection 53. Which term refers to primer model or sample of another product or service that is made to test a product idea or service measure. a. Inventory b. Prototype. c. Job Description d. Job Specification 54. It considered to be the most vital factor in production. A business entrepreneur must determine, acquire, and match qualified employees with the jobs at the most appropriate period a. Manpower. b. Method c. Machine d. Materials 55. It relates to innovations that help business tasks become normalized and consistent. Therefore, without its business activities will be lumbering, expensive, and with poor quality. a. Manpower b. Method c. Machine. d. Materials 56. The process of eliminating unsuitable candidates is called a. Induction b. Recruitment c. Interviewing d. Selection. 57. It is the process of searching for prospective employees and stimulating them to apply for jobs in the organization. a. Advertising b. Networking c. Recruitment. d. Selection 58. It is raw materials needed in the production of the product or service. a. Manpower b. Method c. Machine d. Materials. 59. The cycles to be followed inadequately fabricating or conveying a product or service. a. Manpower b. Method. c. Machine d. Materials 60. Which of the following orders is followed in a typical selection process? a. Application form, test and/or interview, reference check and physical examination. b. Physical examination, test and/or interview, application form and reference check c. Reference check, application form, test and/or interview and physical examination d. Test and/or interview, application form, reference check and physical examination