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B Com Exam  >  B Com Tests  >  Entrepreneurship & Small Businesses  >  Test: Business Plan Preparations - B Com MCQ

Test: Business Plan Preparations - B Com MCQ


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10 Questions MCQ Test Entrepreneurship & Small Businesses - Test: Business Plan Preparations

Test: Business Plan Preparations for B Com 2024 is part of Entrepreneurship & Small Businesses preparation. The Test: Business Plan Preparations questions and answers have been prepared according to the B Com exam syllabus.The Test: Business Plan Preparations MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Business Plan Preparations below.
Solutions of Test: Business Plan Preparations questions in English are available as part of our Entrepreneurship & Small Businesses for B Com & Test: Business Plan Preparations solutions in Hindi for Entrepreneurship & Small Businesses course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Business Plan Preparations | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Entrepreneurship & Small Businesses for B Com Exam | Download free PDF with solutions
Test: Business Plan Preparations - Question 1
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What is the primary purpose of conducting market research before investing in a business idea?

Detailed Solution for Test: Business Plan Preparations - Question 1
Market research is conducted to analyze the feasibility of a business idea. It helps gather important information about consumer behavior and preferences, aligning the business vision with customer expectations. This process also identifies potential competitors and stakeholders, but its main goal is to assess whether the idea is viable and has the potential for success.
Test: Business Plan Preparations - Question 2
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What does the Porter's Five Forces Model aim to do in the context of business analysis?

Detailed Solution for Test: Business Plan Preparations - Question 2
Porter's Five Forces Model is used to evaluate the competitive environment of an industry. It considers factors such as the bargaining power of suppliers, the bargaining power of customers, the threat of new entrants, the threat of substitute products, and the intensity of competitive rivalry. This analysis helps businesses understand the attractiveness of an industry and make informed decisions.
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Test: Business Plan Preparations - Question 3
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What does trend analysis involve?

Detailed Solution for Test: Business Plan Preparations - Question 3
Trend analysis involves using historical data to understand changing customer preferences and market trends. By studying patterns and shifts in data, businesses can anticipate future customer demands and adapt their strategies accordingly. This helps ensure that the business idea remains relevant and aligned with evolving consumer needs.
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Why is it important for a business idea to have financial goal clarity?
Detailed Solution for Test: Business Plan Preparations - Question 4
Financial goal clarity is crucial for a business idea as it provides insights into each stage of execution and the amount required to acquire customers. It also indicates the breakeven point and profitability projections. This financial clarity demonstrates the feasibility and potential profitability of the idea, making it more attractive to investors and stakeholders.
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What is a key factor that determines the long-term sustainability of a business idea?
Detailed Solution for Test: Business Plan Preparations - Question 5
The long-term sustainability of a business idea depends on its scalability and adaptability. A business must have the potential to grow and evolve in response to changing market conditions. If an idea lacks scalability and the ability to withstand dynamic market shifts, it might struggle to maintain its presence in the long run.
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Why is it important to consider the impact on stakeholders when evaluating a business idea?
Detailed Solution for Test: Business Plan Preparations - Question 6
Stakeholders, including shareholders, employees, creditors, government, suppliers, and the community, are all integral to a business's success. If a business idea negatively affects any of these stakeholders, it can lead to complications and challenges. The ultimate goal is for everyone associated with the business to benefit and become profitable.
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What is the primary purpose of a business plan?
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The primary purpose of a business plan is to attract financing by outlining the growth vision and steps needed to achieve it. It serves as a communication tool for investors, managers, and staff. A well-designed plan provides insights into the business's direction and strategies to achieve its goals.
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What is the significance of the executive summary in a business plan?
Detailed Solution for Test: Business Plan Preparations - Question 8
The executive summary offers a concise overview of the entire business plan. It includes information about the business, its market, strategic direction, management, and financial expectations. The executive summary is often the first part of the plan that potential investors read, so it plays a crucial role in creating a positive first impression.
Test: Business Plan Preparations - Question 9
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What does the term "future vision" refer to in a business plan?
Detailed Solution for Test: Business Plan Preparations - Question 9
Future vision in a business plan refers to anticipated changes in the market, growing or slowing trends, and new innovations or directions the company plans to take as it grows. It involves setting goals for the future and planning for adaptations based on market dynamics and technological advancements.
Test: Business Plan Preparations - Question 10
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Why is a well-prepared business plan considered an essential tool for attracting investors?
Detailed Solution for Test: Business Plan Preparations - Question 10
A well-prepared business plan is essential for attracting investors because it demonstrates the potential for making a profit. By presenting thorough financial projections, outlining growth strategies, and showcasing the viability of the business idea, the plan provides investors with the confidence that their investment can lead to positive returns.
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