UGRD-ENTR6262 Business Plan Preparation

Midterm exam

Question 1
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____________ is used mainly by manufacturers to assure that all costs, both fixed and variable,
are covered and the desired profit percentage is attained.

Select one:

a.

Demand pricing

b.

Markup pricing
c.

 Cost-plus pricing

d.

Competitive pricing
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Question 2
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_____________ is used mainly by retailers and is calculated by adding your desired profit to the
cost of the product.

Select one:

a.

Markup pricing
b.

Demand pricing

c.

Cost-plus pricing
d.

Competitive pricing
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Question 3
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Its purpose is to summarize the key points of a document for its readers, saving them
time and preparing them for the upcoming content.
Select one:

a.

executive summary 

b.

Company Information 
c.

Product or service description

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Question 4
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Names of the key people behind the company
Select one:

a.

Mission statement

b.

Company name
c.

Ownership/management team
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Question 5
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Charitable organizations  are tax exempt.

Select one:

a.

C Corporation
b.

Non-Profit Corporation

c.

S Corporation
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Question 6
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The purpose of the competitive analysis is to determine:
Select one:

a.
strategies that will provide you with a distinct advantage

b.

All of the above

c.

barriers that can be developed to prevent competition from entering your market.

d.

·         the strengths and weaknesses of the competitors within your market.

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Question 7
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_______________ is used by companies that are entering a market where there's already an
established price and it's difficult to differentiate one product from another.

Select one:

a.

Competitive pricing

b.

Cost-plus pricing
c.

Demand pricing

d.

Markup pricing
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Question 8
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_______________ is used by companies that sell their products through a variety of sources at
differing prices based on demand.

Select one:

a.

Competitive pricing
b.

Demand pricing

c.

Cost-plus pricing
d.

Markup pricing
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Question 9
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A brief overview of what you plan to sell and to whom.

Select one:

a.

Products/services and target market

b.

Vision statement

c.

Mission statement
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Question 10
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Which one is a type of business structure?

Select one:

a.
All of the above

b.

partnership or corporation
c.

Sole proprietorship

d.

LLC
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Question 11
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A separate legal entity created by shareholders. Incorporating a business protects owners
from being personally liable for the company’s debts or legal disputes.
Select one:

a.

Corporations
b.

Sole proprietorship

c.

Limited liability companies

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Question 12
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The corporation is taxed as a business entity and owners receive profits that are then also
taxed individually.

Select one:

a.

S Corporation
b.

C Corporation

c.

Non-Profit Corporation
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Question 13
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____________ is an unincorporated company that is owned by one individual only.
Select one:

a.

Limited Liability Partnerships

 b.

Sole proprietorship
c.

Partnership

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Question 14
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One of the most flexible types of businesses.

Select one:

a.

sole proprietorship

b.

Limited liability companies

c.

Corporations
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Question 15
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In order to attract the party reading the business plan, the company should include any
__________________. 

Select one:

a.

company history
b.

financial planning 

c.

company name
d.

All of the above

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Question 16
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An analysis of past information allows us to identify the major trends in demand. This
information can be projected into the future to estimate probable demand.
Select one:

a.

Market analysis
b.

Trend Analysis

c.

Correlation Analysis
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Question 17
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An analysis tries to identify relationships between two or more variables. These involve the
use of econometric methods to determine the nature and degree of association
between/among a set of variables. The analysis can be carried with varying degrees of
complexity.

Select one:

a.

Correlation Analysis

b.

Market analysis
c.

Trend Analysis
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Question 18
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Lay  out details on how a good or service will be delivered, which includes transportation,
business location, technology needed, materials and labor.
Select one:

a.

Technical feasibility

b.

Financial feasibility
c.

Market feasibility
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Question 19
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A major component of a feasibility study.
Select one:
 a.

Correlation Analysis
b.

Trend Analysis

c.

Market analysis
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Question 20
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This is defined as a documented plan for positioning and selling your product or service to
qualified buyers in a way that differentiates your solution from your competitors.

Select one:

a.

Feasibility study

b.

Technical feasibility study
c.

Sales strategy
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Question 21
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A projection of the amount of funding or startup capital needed, what sources of capital can
and will be used, and what kind of return can be expected on the investment.

Select one:

a.

Organizational feasibility
b.

Technical feasibility

c.

Financial feasibility
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Question 22
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________________ assesses the details of how you intend to deliver a product or service to
customers.
Select one:

a.

Feasibility study

b.

Technical feasibility study
c.

Sales strategies
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Question 23
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This is essential for the success of business. Sales become a direct interface among customs
and products offered by companies, and marketing is an indirect function between
customer and the company.

Select one:

a.

Marketing
b.

Market Segmentation

c.
Target Market
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Question 24
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________________ is an analysis of how successfully a project can be completed, accounting for
factors that affect it such as economic, technological, legal and scheduling factors.
Select one:

a.

Trend Analysis

b.

Feasibility study
c.

Market Analysis
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Question 25
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Question text
A definition of the corporate and legal structure of the business; this may include
information about the founders, their professional background and the skills they possess
necessary to get the company off the ground and keep it operational.

Select one:

a.

Organizational feasibility

b.

Technical feasibility
c.

Financial feasibility
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Question 26
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This is a group of customers that the business has decided to aim its marketing efforts and
ultimately its merchandise towards
Select one:

a.

Marketing

b.

Market Segmentation
c.
Target market
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Question 27
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This enables companies to target different categories of consumers who perceive the full
value of certain products and services differently from one another.

Select one:

a.

Market Segmentation
b.

Target Market

c.

Marketing
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Question 28
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Question text
A layout of the business, the products and/or services to be offered and how they will be
delivered.

Select one:

a.

Market feasibility

b.

Technical feasibility
c.

Description
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Question 29
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The data generated by the organization intending to use it for a specific purpose.

Select one:

a.

Primary Data 
b.

Secondary Data 
 c.

Expert Opinion
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Question 30
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One thing to keep in mind is that products and services are closely aligned.
Select one:

True 

False

Question 31
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A product is a tangible item that is put on the market for acquisition, attention, and
consumption.
Select one:

True 

False

Question 32
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Project managers use feasibility studies to determine only negative outcomes of a project
before investing a considerable amount of time and money into it.
Select one:

True

False 

Question 33
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Service is an intangible item, which arises from the output of one or more individuals.

Select one:

True 

False

Question 34
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 Flag question

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Sometimes micro-macro dilemmas arise because what is "good" for some producers and
consumers may not be "good" for society as a whole.

Select one:

True 

False

Question 35
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The term "marketing orientation" means making products that are easy to produce and
then trying to sell them.

Select one:

True

False 

Question 36
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The marketing concept was very quickly accepted, especially among producers
of industrial commodities like steel and pipe.

Select one:

True

False 

Question 37
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It is estimated that marketing costs about 50 percent of each consumer's dollar.

Select one:

True 

False

Question 38
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 Flag question

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Not all societies need an economic system
Select one:

True

False 

Question 39
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Marketing does not occur unless two or more parties are willing to exchange something for
something else.
Select one:

True 

False

Question 40
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Question text
E-commerce refers to exchanges between organizations (not individuals)
and the activities that facilitate those exchanges.
Select one:

True

False 

Question 41
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A marketing exchange is a single transaction between a firm and a customer, nothing more.

Select one:

True

False 

Question 42
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The simple trade era was a time when families traded or sold their "surplus" output to local
middlemen who resold these goods to other consumers or distant middlemen.
Select one:

True 

False

Question 43
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Marketing plays an essential role in creating customer satisfaction.
Select one:

True 

False

Question 44
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A company has moved into the "marketing company era" when, in addition to short-run
marketing planning, the total company effort is guided by the marketing concept.

Select one:

True 
 False

Question 45
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Marketing activities should be of no interest to a nonprofit organization.
Select one:

True

False 

Question 46
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Marketing is both a set of activities performed by organizations and a social process.

Select one:

True 

False

Question 47
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Marketing collaborators are any firms that provide the marketing functions of buying and
selling.

Select one:

True

False 

Question 48
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The three basic ideas included in the definition of the marketing concept are: customer
satisfaction, a total company effort, and sales as an objective.
Select one:

True

False 

Question 49
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 Flag question

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Marketing departments are usually formed when firms go from the "production era" to the
"sales era".
Select one:

True

False 

Question 50
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In the past two decades, many firms in service industries adopted the marketing concept.
Select one:

True 

False