Copyright
Developing Business Acumen  /  Business Courses

Test Prep Plan - Take a practice test

Take this practice test to check your existing knowledge of the course material. We'll review your answers and create a Test Prep Plan for you based on your results.
How Test Prep Plans work
1
Answer 50 questions
Test your existing knowledge.
2
View your test results
Based on your results, we'll create a customized Test Prep Plan just for you!
3
Study smarter
Study more effectively: skip concepts you already know and focus on what you still need to learn.

Importance of Business Planning Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. What do the cultural and legal regulations of a market analysis consider?

Question 2 2. What is a market analysis?

Question 3 3. What are the main components of market analysis?

Question 4 4. Which of the following BEST describes the purpose of the definition and outlook of your industry in a market analysis?

Question 5 5. Choose the BEST answer as it relates to the marketing section of the business plan.

Page 2

Question 6 6. Choose the BEST answer as it relates to strengths and weaknesses as discussed in a business plan.

Question 7 7. Which statement is FALSE about sales and cost projections in a business plan?

Question 8 8. Choose which section of the business plan prospective employees will NOT be interested in reviewing.

Question 9 9. All else equal, which of the following performance levers would be MOST important to a business with multiple locations compared to a business with only one location?

Question 10 10.

Which of the following is an example of a performance lever?

I. Customer value management

II. Vendor management

III. Overhead management

Page 3

Question 11 11. What is the purpose of 'pulling' a performance lever? Choose the BEST answer.

Question 12 12. Which of the following is the MOST appropriate strategy behind the sales force effectiveness performance lever?

Question 13 13. Why would a company utilize SWOT analysis?

Question 14 14. What is competition analysis?

Question 15 15. Which is the best example of a weakness in SWOT analysis used for competition analysis?

Page 4

Question 16 16. Using _____ on competitors makes it easier to visually analyze a competitor's strengths, weaknesses, opportunities, and threats.

Question 17 17. Identify the correct sequence for the preparation of business plans within an organization.

Question 18 18. An Operational Plan _____

Question 19 19. You are the plant manager for ABC Company Ltd. Your company is exploring the idea of purchasing new and more efficient machinery for its production. You have assigned the unit manager the task of creating an operational plan for the implementation of this new machinery. What elements would be included in the unit manager's operational plan?

Question 20 20. Which type of business plan is created by mid-level management, is designed for a division of the company and contains specific actions and ideas without being very detailed?

Page 5

Question 21 21.

Which of the following should you ask in order to identify your company's performance levers?

I. Who are my competitors?

II. Who are my customers?

III. What business am I in?

Question 22 22. What are performance levers?

Question 23 23. Which of the following pricing strategies may be an excellent performance lever?

Question 24 24.

You can help pinpoint your own performance levers by identifying which of the following?

I. Your competitor's strengths

II. Your competitor's weaknesses

III. Your competitor's locations

Question 25 25. What is a target market?

Page 6

Question 26 26. Which statement is TRUE for business plans?

Question 27 27.

What are performance levers?

I. Conditions

II. Strategies

III. Capabilities

Question 28 28. A business can gather information on its competitors by _____.

Question 29 29. How is an ongoing operational plan different from a single-use operational plan?

Question 30 30. You can help pinpoint a performance lever by doing which of the following with your customer base?

Importance of Business Planning Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Support