GST302: Business creation and growth TMA 1

1. The need for a business plan includes all except:

a. Planning to launch a new business

b. Expanding your existing business

c. Adding a new product or product line

d. Increasing your labour force

Answers to question 1 d. Increasing your labour force

1. A plan must be …………

a. Readable

b. Accommodating

c. Explicit

d. Durable

Answers to question 2 c. Explicit

1. One of the benefits of planning is …..

a. It justifies your plans and actions

b. It increases “firefight”

c. It keeps ideas in your memory

d. It indicates your inability

Answers to question 3 c. It keeps ideas in your memory

1. A written business plan should have all the following except __

a. Financial information

b. Product or service

c. Business objective

d. Liquidation plan

Answers to question is c4

1. The importance of feasibility study cannot be overemphasized as it ___

a. provides comprehensive details about the business to determine if, and how it can succeed, and serve as a valuable tool for developing a good business plan

b. does not list in details all the things you need to make the business works.

c. does not identify logistical and other business related problems and solutions.

d. does not serve as a solid foundation for developing your business plan.

Answers to question 5 is a

1. The type of business you are planning should be stated under ____

a. Description of the business

b. Marketing

c. Organization

d. All of the above

Answers to question 6. a. Description of the business

1. Which of the following question will be answered in a business plan under organization?

a. What products or services will you sell?

b. Who are your potential customers?

c. How will you promote sales?

d. Who will manage the business?

Answers to question 7 d. Who will manage the business?

1. The following except ………… is a component of feasibility study.

a. Executive Summary

b. Product/Service

c. Acquisition

d. Technology

Answers to question 8 c. Acquisition

1. The importance of feasibility studies include

a. Listing in details all the things you need to make the business works.

b. Identifying logistical and other business related problems and solutions.

c. Serving as a solid foundation for developing your business plan.

d. All of the above

Answers to question 10 d. All of the above

1. The need for a full-scale business plan according to Cagan (2006) is spurred by the following except one:

a. You plan to launch a new business.

b. You want to expand your existing business into new markets.

c. You want to add a new product or product line.

d. None of the above

Answers to question 10 d. Non of the above

Feedback 1. D 2. C 3. A 4. D 5. A 6. A 7. D 8. C 9. D 10. D 16