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 What is the component of business plan?

o A.

Marketing Strategy

o B.

Sales Strategy

o C.

Executive Summary

o D.

All of the above

 2.
What is a component(s) of business plan? (You can answer more than one
choice)

o A.

Executive Summary

o B.

Financial Plan

o C.

Safety Plan

o D.

Operation Plan

 3.
The stockholder may read only the executive summary of business plan to
decide about the investment on that business.

o A.

True
o B.

False

 4.
___________ in a business plan shows the estimated profit and expenses of
venture.

 What is a business plan?


answer choices

A gallery of photos that explains the location and construction of the business
A written plan that is a description of all the aspects of the business and includes the business's
goals
A collection of plans that are combined from different business and then analyzed and compared to
your business
none of the above are correct; a business plan is simply a list of guidelines that tell successful
business's how to run their company in order to make a profit
 Question 2
45 seconds

Q. What should the aspect of the cover sheet or table of contents NOT include?
answer choices

owners name, company name, and the business's address


website, email address
the business logo
the competitors of that business
 Question 3
30 seconds

Q. What should the aspect of the company description include?


answer choices

diagrams, photographs
vision and mission statement
back up description of the target market, why your idea will be successful and capture the market
and why the opportunity is present
all of the above
 Question 4
45 seconds

Q. What is the most important part of your business plan?


answer choices

Executive Summary
Table of Contents
Background
Financial Plan
 Question 5
45 seconds

Q. Which of the following parts of a business plan include the cash flow projection and
the repayment plan?
answer choices

Background and History


Executive Summary
Market Research
Financial Plan
 Question 6
45 seconds

Q. Which part of the business plan explains the process of attraction of customers to
your business and how you determined the appropriate customers?
answer choices

Market Research/anaylsis
Financial Plan
Background and History
all of the above
 Question 7
45 seconds

Q. What is the difference between the Start Up plan and the Occupational Plan? Which
statement is correct
answer choices

The Occupational Plan tells where you want and plan to start the busines
Occupational Plan describes in detail how your business will operate
Start Up Plan- explains why you chose the business frame and location
Start Up Plan- Includes diagrams of production or areas of service
 Question 8
45 seconds

Q. What does the area of Background research or History explain?


answer choices

Describes yourself and what experiences you bring to the venture


describes the customers basis that the product will suit
Includes the address of the business and the owner's contact information
It includes all of the above
 Question 9
45 seconds

Q. What are the advantages of creating a business plan?


answer choices

It allows the entrepreneur to focus on what they want to accomplish


Allows the process they will take to do it become simple and easy
Allows them to accomplish their desired task
All of the above
 Question 10
45 seconds

Q. Where do you state the vision for the company, how much money you need, and
how you hope to pay the money back well as the opportunity?
answer choices

Executive Summary
Financial Plan
History
Table of Contents
 Question 11
45 seconds

Q. True or False: If your executive summary is more than three pages it will most likely
not be read
answer choices

True: too much is not needed when writing an executive summary the readers will be bored
False: More is always needed when writing an executive summary
both of the above
none of the above
 Question 12
30 seconds

Q. Why are business plans used for potential investors and banks?
answer choices

for start up funds


they are not used by investors and banks
They are only used by banks NOT investors
none of the above
 Question 13
30 seconds

Q. Which of the following is NOT a part of the business plan?


answer choices

Index Venture
Funds
Creation Process
all of the above
 Question 14
30 seconds

Q. Which part of the business plan includes the 4 P's Place Product Production Price?
answer choices

Marketing Research/anaylisis
History
Table of Contents
Contact Information
 Question 15
30 seconds

Q. What are the disadvantages of creating a business plan?


answer choices

It will be more complicated to identity the companies competition


distracts entrepreneur's from allowing their business to grow
Leads away from the desired task that was the goal to be accomplished
none of the above
 Question 16
30 seconds

Q. How many essential parts are there to a business plan?


answer choices

5
6
7
8
 Question 17
30 seconds
Q. What are the 7 essential parts to creating a business plan?
answer choices

1.Executive Summary 2.Company Description 3.Product/Services 4.Market Analysis 5.Strategy


6.Organizational/ management team 7.Finicial Plan
none of the above
all of the above
 Question 18
30 seconds

Q. What part of the plan focuses on what you are selling and the benefits that the
customers will receive (the cost of the marketed items/acts)?
answer choices

Company Description
Product/Services
Strategy
Market Analysis
 Question 19
30 seconds

Q. Which part of the plan outlines the structure of the company, identifies the owner's of
the company and their percentage, and lists board members?
answer choices

Financial Plan
Organization
Strategy/ Implementation
Executive Summary
 Question 20
30 seconds

Q. What part of the plan deals with details about promotion, pricing, and distribution, as
well as on how the business will reach customers within their target market?
answer choices

Strategy
Market Analysis
Company Description
Financial projections/plans
 Question 21
30 seconds

Q. This part of a business plan shows the knowledge of the industry and includes
statistics on marketing data for the companies products/services, and evaluates
competition
answer choices

Executive Summary
Company Description
Strategy
Market Analysis
 Question 22
30 seconds

Q. Which part of the business plan should include the income statements of the
company and balance sheets (cash flow)
answer choices

Market Analysis
Financial Plan
Financial Projection
both b and c
 Question 23
30 seconds
Q. Where would an example of the descriptions the department/ key employees fit in?
answer choices

Organizational
Executive Summary
Financial Plan
Product/Service
 Question 24
30 seconds

Q. True or false : A business plan is important for businesses seeking funding?


answer choices

true
false
both
neither
 Question 25
30 seconds

Q. This part should draw the readers attention in order to continue reading the business
plan
answer choices

Product/Service
Executive Summary
Market Analysis
Strategy
 Question 26
30 seconds

Q. Includes a biography listing the owners skills and their background information
answer choices

Management team
Financial Plan
Products
Projections
 Question 27
30 seconds
Q. Includes the operating hours of the company
answer choices

Strategy / Implementation
Financial Plan
Executive Summary
all of the listed
 Question 28
30 seconds

Q. Includes long and short term business goals


answer choices

Company description
Products
Financial Plan
Services
 Question 29
30 seconds

Q. Includes the purpose of the plan


answer choices

Financial Plan
Products
Executive Summary
Company Description
 Question 30
30 seconds

Q. Includes finicial highlights of marketing


answer choices

Product
Cover page
Location summary
Company Description
 The part of the business plan that includes supporting documents that provide additional
information and backs up statements made in the body of the report.
answer choices

Concluding Statement
Executive Summary
Appendix
Introduction
 Question 2
20 seconds
Q. A business plan is a written document that describes all the steps necessary for
opening and operating a successful business.
answer choices

True
False
 Question 3
20 seconds
Q. This section of your business plan will summarize the goals and objectives you have
for your business.
answer choices

Executive Summary
Statement of Purpose
Appendix
Concluding Statement
 Question 4
20 seconds
Q. This section of your business plan should describe the products and/or services you
will offer, the market, the industry, and your location
answer choices

Operations
Marketing
Statement of Purpose
Appendix
 Question 5
20 seconds
Q. This section of the business plan will help determine your financial needs.
answer choices
Financial Management
Operations
Marketing
Introduction
 Question 6
20 seconds
Q. This section of your business plan, will explain how the business will be managed on
a day-to-day basis.
answer choices

Marketing
Statement of Purpose
Appendix
Operations
 Question 7
30 seconds
Q. The part of the business plan that includes supporting documents that provide
additional information and backs up statements made in the body of the report.
answer choices

Cover Letter
Executive Summary
Appendix
Statement of Purpose
 Question 8
20 seconds
Q. A business plan is NOT intended for
answer choices

Your competition
Potential investors
Your bank
None of the above
 Question 9
30 seconds
Q. The purpose of a business plan includes which of the following?
answer choices

it explains your idea for a product or service


it sets specific objectives and describes how they will be achieved
it describes the backgrounds and experiences people who will run the business
all answers are correct
 Question 10
30 seconds
Q. A business plan is important for a new business for all of the following reasons
EXCEPT
answer choices

it makes you think about all aspects of your business


it can help you communicate your ideas to others
it guarantees you will get financing for your business
it can serve as a tool for managing your business
 Question 11
20 seconds
Q. Which of the following organizations can provide assistance when writing your
business plan?
answer choices

bank
chamber of commerce
Small Business Development Center
all answers are correct
 Question 12
20 seconds
Q. Writing a business plan
answer choices

is a quick and easy process


is quick but difficult
requires patience, research, thought, and time
none of the above
 Question 13
20 seconds
Q. Ignoring competition is a mistake you should avoid making when creating your
business plan.
answer choices

True
False
 Question 14
20 seconds
Q. In a business plan, it is NOT important to describe the industry in which you will
operate
answer choices

True
False
 Question 15
30 seconds
Q. The introduction, marketing, financial management, operations and concluding
statement are found in the main body of a business plan.
answer choices

True
False
 Question 16
30 seconds
Q. It isn't necessary to include the location of your business in your business plan.
answer choices

True
False
 Question 17
30 seconds
Q. Money, equipment, trucks and factories are considered this type of resource?
answer choices

Human
Natural
Capital
Entrepreneurial
 Question 18
60 seconds
Q. The person who had the idea to start a business or develop a product is considered
to be this type of resource?
answer choices

Human
Natural
Capital
Entrepreneurial
 Question 19
60 seconds
Q. If there is only one seller of a certain good and everyone has to buy from this seller,
this is called
answer choices

Oligopoly
Monopoly
 Question 20
60 seconds
Q. SWOT analysis stands for
answer choices

Sales, Workers, Online orders, transportation


Strengths, Weaknesses, Opportunities and Threats
 Question 21
60 seconds
Q. What you are selling is called?
answer choices

Product
Price
Place
Promotion
 Question 22
60 seconds
Q. The actual cost of the product or service you are selling?
answer choices

Product
Price
Place
Promotion
 Question 23
60 seconds
Q. The business activity involved in advertising, selling and delivery of products and
services to the consumer.
answer choices

Budgeting
Marketing
Finance
Management
 Question 24
60 seconds
Q. The 4 P's of Marketing are?
answer choices

Products, Price, Place and Promotion


People, Products, Publicity, Planes
 Question 25
60 seconds
Q. The activities a business uses to get consumers to buy their products or services.
answer choices

Product
Promotion
Place
Price
 Question 26
60 seconds
Q. The pay an employee receives for their job or career.
answer choices

Benefit
Taxes
Retirement
Salary
 Question 27
60 seconds
Q. Extra incentives given to employees to keep them from working at another
business.
answer choices

Salary
Benefits
Resume
Interview
1. The best place to find more information on designing your own
individualized plan is:
A. Your lawyer
B. Your accountant
C. The Public Library, industry or government "Business Plan" Web
sites, or bookstores
D. Business Planning Consultants

2. The primary reason to prepare a business plan before you begin is to


create a tool to deal with investors and financing sources.
A. True
B. False

3. In preparation of financial projections for your business plan, it is as


important to estimate long range sales and earnings as it is to project
short-term objectives.
A. True
B. False

4. A potential investor or lender is going to look over your business plan and
in his or her mind this question will arise: Where is the tough person to
make the really difficult decisions, handle negotiations skillfully and
exercise restraint? Your business
A. Projecting yourself in this image (assuming you're not!)
B. Making a point of stating that your team of consultants including
your lawyer and accountant will be employed to maintain a disciplined
business approach
C. Facing this issue and stating it in your business plan: your business
will need tough and skillful management. Answer this need in a way that
satisfies you as well those who will be doing business with you.

5. Preparation of a business plan is optional for some small businesses.


A. True
B. False

6. Your business plan could EXCLUDE:


A. All the subjects covered in sessions of this course.
B. Personal biographies of management.
C. Financial statement projections and cash flow projections.
D. Your marketing and expansion plans.
E. Your plans to build a new vacation home with your profits.

7. If your business plan includes the exploitation of an invention, and


provided you do not blunder in major decisions, your success can be most
likely assured.
A. True
B. False

8. Let's assume that your business plan is based on starting a real estate
related business. This business plan session would lead you to most
favorably consider:
A. Residential and commercial sales.
B. Industrial and commercial development.
C. Room additions and industrial construction.
D. Specialize in one of above.
E. None of the above.

9. In order to test your understanding of your market, the safest approach


would be to:
A. Rely on your personal instinct.
B. Conduct a survey among your friends.
C. Test market your product or service.

10. To overcome the common stumbling block of not preparing a business


plan, it helps to:
A. Complete the plan for each session as you proceed.
B. Have your business plan completed before proceeding.
C. Prepare your plan after you have completed this course.