Review: Business Planning Test

Front

Why is it important to have a business plan?

Back

To clearly identify in writing all aspects of your business

Front

What is one of the purposes of a business plan?

Back

To show to potential investors

Front

Which of the following is NOT generally a component of a Business Plan? Executive Summary, Business Description, Marketing Plan, Product Inventory

Back

Product Inventory

Front

What component of a Business Plan outlines the company's goals and how they will be achieved?

Back

Goals and Objectives

Front

Which component of a Business Plan provides a high-level overview of the business?

Back

Executive Summary

Front

In a Business Plan, which component details the structure and management of the business?

Back

Organizational Plan

Front

What is the purpose of a Mission Statement in an Executive Summary?

Back

To clearly define what the business is about

Front

How is the summary of each aspect of a business plan usually presented in an Executive Summary?

Back

In bulleted format

Front

What are the three main components of a business description? Options: Products or services, creators of the business, location of the business; Marketing strategy, financial plan, location of the business; Creators of the business, financial plan, marketing strategy

Back

Marketing strategy, financial plan, location of the business

Front

What information about the creators of the business is usually provided in a business description?

Back

Titles and responsibilities, experience