1-Elevator speech is a brief, carefully constructed statement, usually 45 minutes to 2 hours long that outlines the merits of a business venture or business plan insight feature *

True

False

2-

When the economy is strong, customers are not willing to purchase discretionary products and services *

True

False

3-

A well-designed feasibility study should provide a historical background of the business or project, a description of the product or service, accounting statements, details of the operations and management, marketing research and policies, financial data, legal requirements and tax obligations *

True

False

4-

Opportunities are internal factors that must be evaluated continually

True

False

5-

Target market is the wide portion of the industry that the firm goes after or tries to appeal to *

True

False

6-

Below are the statement to describe economic trends, EXCEPT? *

When the economy is strong, customers are more willing to purchase discretionary products and services

Impact the way people live their lives and the products and services they need

Need to evaluate who has the money to spend

Identify areas to avoid

7-

Target market should be large enough for the new business but small enough to avoid attracting larger competitors *

True

False

8-Products often do more to satisfy a social need than the actual need the product fills *

True

False

9-

It is easy to get people to change habits and behaviors to try a new product even if the new product is better or less expensive *

True

False

10- First Screen provides entrepreneurs with multiple business ideas *

True

False

11-

Below are the four steps in an elevator speech. EXCEPT? *

Describe the threats

Describe how your product or service meets the opportunity

Describe your qualifications

Describe your market

12-Effective business plans should be sharp, but not look expensive to produce or overly flashy *

True

False

13-

Entrepreneurship is one of the resources economists categorize as integral to production, the other three being land/natural resources, secretary, and capital.

True

False

14- The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures. *

True

False

15- Business Plan is a written document that carefully explains every aspect of a new business venture *

True

False