Business Planning
Practice Exam
Course Introduction
Business Planning is a comprehensive course designed to equip students with the essential skills and knowledge required to develop effective business plans for new or existing ventures. The course covers the strategic process of setting business goals, conducting market research, analyzing competition, financial forecasting, risk assessment, and formulating marketing and operational strategies. Through case studies, practical exercises, and real-world applications, students learn to create detailed and convincing business plans that can attract investors, guide business growth, and ensure long-term success. By the end of the course, students will be able to critically evaluate business opportunities and construct plans that address key challenges and opportunities in the business environment.
Recommended Textbook
Building Your Dream A Canadian Guide to Starting Your Own Business 9th Edition by
Available Study Resources on Quizplus
11 Chapters
462 Verified Questions
462 Flashcards
Source URL: https://quizplus.com/study-set/2965
Page 2
Walter Good
Chapter 1: Buying a Franchise
Available Study Resources on Quizplus for this Chatper
39 Verified Questions
39 Flashcards
Source URL: https://quizplus.com/quiz/58969
Sample Questions
Q1) You can usually identify __________ by the fact that their companies grow by more than 30 percent annually.
A)Venture Capitalists
B)Freedom Fighters
C)Institutional Developers
D)Empire Builders
Answer: D
Q2) Social entrepreneurship seeks:
A)Social change
B)Financial profit
C)Welfare management
D)Social media business opportunities
Answer: A
Q3) A code of ethics should be guided by all of the following areas of concern,except:
A)Citizenship
B)Responsibility
C)Integrity
D)Competition
Answer: D
To view all questions and flashcards with answers, click on the resource link above.
Page 3
Chapter 2: Marketing
Available Study Resources on Quizplus for this Chatper
31 Verified Questions
31 Flashcards
Source URL: https://quizplus.com/quiz/58966
Sample Questions
Q1) The "ideal" business model designed by Richard Buskirk of the University of Southern California consists of three distinct factors that affect the chances of success for any new business: independence,competitiveness,and sustainability.
A)True
B)False
Answer: False
Q2) The first step in the opportunity selection process is to:
A)Identify your business and personal objectives.
B)Learn more about your favourite industries.
C)Identify promising industry segments.
D)Observe market trends and study industry reports.
Answer: A
Q3) Which of the following is not one of the evolving social trends predicted to have a major impact on Western culture,as predicted by Faith Popcorn?
A)99 Lives
B)CHANCE
C)Being Alive
D)Anchoring
Answer: B
To view all questions and flashcards with answers, click on the resource link above.
Page 4
Chapter 3: Financing Your Business and Accounting Practices
Available Study Resources on Quizplus for this Chatper
66 Verified Questions
66 Flashcards
Source URL: https://quizplus.com/quiz/58965
Sample Questions
Q1) A microprocessor used to control a single-person car is an example of a product that is:
A)A new invention
B)Highly innovative
C)Moderately innovative
D)Slightly innovative
Answer: C
Q2) In the model for small business growth,the key issue in the maturity stage is:
A)Obtaining customers
B)Increasing competition
C)Expansion into new products or markets
D)Finding growth opportunities
Answer: D
Q3) Examples of psychographic factors include the desire for status,the pursuit of fun,and the desire to be environmentally conscious.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Legal Considerations
Available Study Resources on Quizplus for this Chatper
48 Verified Questions
48 Flashcards
Source URL: https://quizplus.com/quiz/58964
Sample Questions
Q1) (p.129 (templates on Connect))A feasibility study will help you determine:
A)Whether your new business venture will be scrutinized by Revenue Canada.
B)Whether your prospective business venture will be feasible or not.
C)If you have to pay taxes on income earned by the business.
D)The way to get around government regulations which could impede your business.
Q2) One-time expenditures include all of the following,except:
A)Capital expenditures
B)Fixtures
C)Soft costs
D)Employees' wages
Q3) Which of the following is considered a fixed asset?
A)Machinery and equipment
B)Inventory
C)Mortgages on land
D)Raw materials
Q4) Briefly outline the key information that must be available to construct a pro forma income statement.
Q5) What is the formula used to determine cash flow from operating activities?
Q6) What do leverage ratios measure?
Q7) What is the basic algebraic formula used to determine the break-even point?
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Business Plans
Available Study Resources on Quizplus for this Chatper
39 Verified Questions
39 Flashcards
Source URL: https://quizplus.com/quiz/58963
Sample Questions
Q1) A budget is generally included in the full business plan.
A)True
B)False
Q2) Which part of the business plan will contain estimates pertaining to sales and market share?
A)Body of the plan under "Product/Service Offering"
B)Body of the plan under "Your Marketing Plan"
C)Body of the plan under "Company and the Industry"
D)Body of the plan under "Market Analysis"
Q3) Your business plan should lay out the details so that everyone can see precisely where you are now,where you are going,and how you plan to get there.
A)True
B)False
Q4) Compare a Summary Business Plan to an Operational Business Plan.
Q5) Outline the key components of the mission statement.
Q6) Why is the executive summary thought to be the most important part of a business plan?
Q7) In what ways can an effective business plan serve you externally,or outside of the immediate internal planning function.
Page 7
To view all questions and flashcards with answers, click on the resource link above.
Chapter 6: Cost and Profitability Assessment
Available Study Resources on Quizplus for this Chatper
74 Verified Questions
74 Flashcards
Source URL: https://quizplus.com/quiz/58962
Sample Questions
Q1) What are the benefits of registering your trademark with a government agency?
Q2) All of the following are examples of Canadian co-operative enterprises,except:
A)Mountain Equipment Co-operative
B)Desjardins
C)The Co-operators Insurance
D)Sportinglife
Q3) Federal and provincial employment standards in Canada deal with all of the following,except:
A)Hours of work
B)Scheduling conflicts
C)Minimum wages
D)Overtime pay
Q4) What is meant by "patent pending"?
Q5) A limited liability partnership (LLP)is typically only available to manufacturing businesses.
A)True
B)False
Q6) List the typical duties performed by the board of directors.
Q7) What is a trade secret? Provide some examples.
Q8) Identify some common threats to a new firm.
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Market Feasibility Study
Available Study Resources on Quizplus for this Chatper
42 Verified Questions
42 Flashcards
Source URL: https://quizplus.com/quiz/58961
Sample Questions
Q1) How can an IPO be used as an exit strategy?
Q2) Debt financing is when a firm raises money by selling all of the following,except:
A)Bonds
B)Bills
C)Notes
D)Shares
Q3) It is estimated that between 75 and 85 percent of new startups use some form of bootstrapping to help finance themselves.
A)True
B)False
Q4) A line of credit typically has to be repaid within:
A)30 days
B)6 months
C)1 year
D)10 years
Q5) Describe the profile of the typical angel investor.
Q6) Describe some of the advantages of financing company activities with equity.
Q7) Describe the advantages of using debt to raise money for capital expenditures.
Q8) What are the 5 C's of Credit?
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: Exploring Business Ideas and Opportunities
Available Study Resources on Quizplus for this Chatper
34 Verified Questions
34 Flashcards
Source URL: https://quizplus.com/quiz/58960
Sample Questions
Q1) Which of the following models is attractive to people just starting an online business?
A)An info-site
B)A brochure site
C)The eBay auction model
D)Sales letter e-commerce website
Q2) All of the following are effective tips when it comes to cold calling,except:
A)Prepare an opening statement for your call.
B)Prepare a script for the rest of your call.
C)Ask for an appointment at a specific time.
D)Do your cold calling in the evening.
Q3) A ________ gives your website an Internet address.
A)Server prefix
B)Domain name
C)Domain extension
D)Domain region
Q4) The number of backlinks is an indication of the profitability of your website.
A)True
B)False
Q5) What are the four core principles identified in The Viral Video Manifesto?
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: Assessing Your Potential for an Entrepreneurial Career
Available Study Resources on Quizplus for this Chatper
27 Verified Questions
27 Flashcards
Source URL: https://quizplus.com/quiz/58959
Sample Questions
Q1) You have a meeting and sales presentation planned with an important prospective client.Where is the ideal place to position yourself in the room? Why?
Q2) Most customers appreciate all of the following,except:
A)Being greeted by their name
B)Being ignored
C)Being listened to
D)Transparency
Q3) How frequently is it advised that you follow up with each of your customers?
A)Daily
B)Weekly
C)Twice per year
D)At a minimum of every 30 days
Q4) When presenting your product/service to a potential client,you should do all the talking,take control of the meeting,and answer questions only at the end,once your presentation is complete.
A)True
B)False
Q5) Describe the prospecting funnel.
Q6) List a variety of ways for a salesperson to generate leads.
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Buying a Business
Available Study Resources on Quizplus for this Chatper
28 Verified Questions
28 Flashcards
Source URL: https://quizplus.com/quiz/58968
Sample Questions
Q1) Confidential advisors,such as your banker,are a difficult source to use when it comes to finding a new business,since they generally share their information with several of their clients.
A)True
B)False
Q2) How can you prepare for the running of a family business?
Q3) What makes a family business so challenging?
Q4) Briefly describe the five most important financial factors you must consider before buying a business.
Q5) All of the following are balance sheet methods of evaluation,except:
A)Book value
B)Modified book value
C)Liquidation value
D)Depreciation value
Q6) In assessing the balance sheet of the prospective acquisition,you need not determine the actual or real value of the tangible assets,only that of intangible assets.
A)True
B)False
Q7) Describe what is meant by "earn-out".
Page 12
To view all questions and flashcards with answers, click on the resource link above.
Chapter 11: Sales
Available Study Resources on Quizplus for this Chatper
34 Verified Questions
34 Flashcards
Source URL: https://quizplus.com/quiz/58967
Sample Questions
Q1) The application form will likely request all of the following information,except:
A)The value of your net assets
B)Your name and mailing address
C)Your religion
D)The names of any fraternal or civic organization to which you might belong
Q2) All of the following are advantages of franchising your business,except:
A)Since franchisees use their own capital you have no investment at the unit level so you can leverage the assets of these franchisees.
B)Because you have a smaller investment in the overall business,your ROI should be significantly higher.
C)Establishing franchises can enable you to grow much faster without increasing your investment or adding more employees.
D)Franchisees are less motivated since they think everything will be controlled by the owner.
Q3) What are the common elements included in virtually all franchise arrangements?
Q4) In addition to the initial fee you must pay to buy a franchise,are there any other ongoing fees?
Q5) What are some of the obligations imposed on the franchisee?
To view all questions and flashcards with answers, click on the resource link above. Page 13