FBLA Entrepreneurship 1

Question 1

What is a 'business plan' primarily used for?

Accepted Answer

Outlining goals, strategies, and financial projections for a new business

Answer

Recording daily business transactions

Answer

Tracking employee performance

Answer

Managing customer relationships

Question 2

What is 'bootstrapping' in entrepreneurship?

Accepted Answer

Funding a business using personal savings and revenue without outside investment

Answer

Hiring a large team before launching

Answer

Taking a large bank loan to start a business

Answer

Partnering with a venture capital firm

Question 3

What is a 'value proposition' in business?

Accepted Answer

A clear statement of the unique benefits a product or service offers customers

Answer

The price a company charges for its products

Answer

A contract between a supplier and a business

Answer

The total value of a company's assets

Question 4

Which of the following best describes a 'pivot' in startup terminology?

Accepted Answer

A fundamental change in business strategy based on market feedback

Answer

Expanding into international markets

Answer

Hiring a new CEO

Answer

Launching a second product line

Question 5

What does 'MVP' stand for in entrepreneurship?

Accepted Answer

Minimum Viable Product

Answer

Most Valuable Product

Answer

Maximum Value Proposition

Answer

Managed Venture Plan

Question 6

What is 'venture capital'?

Accepted Answer

Funding provided by investors to startups in exchange for equity

Answer

A government grant for small businesses

Answer

A type of business loan from a bank

Answer

Personal savings invested in a business