Section 3

Multiple Select

Why do you need a business plan?

• To raise capital

• Gets everyone involved to focus on the same goals

• Gives an objective look at what you are doing and why

• It is required by law

Multiple Select

What is the purpose of a business plan?

• To document your financial activity during one year

• Legal document to be filed with the SEC

• States the purpose and vision of your company

• States the amount of capital you need to run the company

Multiple Select

What is the purpose of a business plan? (hint: choose 2 correct answers)

• To document your financial activity during one year

• Legal document to be filed with the SEC

• States the purpose and vision of your company

• States the amount of capital you need to run the company

Multiple Select

Why do you need a business plan? (hint: choose 3 correct answers)

• To raise capital

• Gets everyone involved to focus on the same goals

• Gives an objective look at what you are doing and why

• It is required by law

Multiple Choice

What is a business plan?

• Written document that only outlines the business practices of the new business.

• Written document that describes the financial aspects of the business.

• Written document that only describes the ownership of the business.

• Written document that describes all the steps necessary for opening and operating a successful business.

Multiple Choice

A description that provides an outline of a business

• Executive Summary
• Company Description
• Contingency Plan
• Mission Statement

Multiple Choice

Which of the following is NOT a heading on a business plan?

• The staff

• The idea

• Market research

• Advertising campaign examples

• Competitors

Multiple Choice

Which of the following is NOT a type of business ownership?

• Sole proprietorship

• Partnership

• Corporation

• Monopoly

Multiple Choice

What is a key disadvantage of a sole proprietorship?

• Complex tax filing.

• Limited access to capital.

• Shared decision-making.

• High start-up costs.

Multiple Choice

Which business structure is characterised by limited liability and separate legal identity?

• Sole proprietorship

• Partnership

• Corporation

• Cooperative

Multiple Choice

What is the primary characteristic of a sole proprietorship?

• It is owned by multiple shareholders.

• It is owned and operated by one individual.

• It is a non-profit organisation.

• It is a government-owned entity.

Multiple Choice

Which of the following is a key advantage of a partnership?

• Limited liability for all partners.

• Easier to raise capital compared to a sole proprietorship.

• No need to share profits.

• Complete control by one partner.

Multiple Choice

This plan decides "what is to be done"

• policy

• objective

• procedure

• strategy

Multiple Choice

A furniture store manager has been tasked with increasing the sales of higher-priced items such as couches and mattresses by 25%. So, the manager determines the necessary resources and actions that will need to be taken to reach that goal by:

• organizing

• planning

• controlling

• staffing

Multiple Choice

The company’s configuration of employees for accomplishing specific business tasks; how the business is organized

• organizational structure

• customer structure

• organizational design

• level of management

Multiple Choice

Once a business plan is written, it should never be revised nor updated.

• True

• False

Multiple Choice

Which of the following is a benefit of a limited company?

• Unlimited liability for owners.

• Easier to transfer ownership.

• No need to file annual reports.

• Owners are personally responsible for debts.

Multiple Choice

What is a business plan?

• 
  A business plan is a document that summarizes the history and achievements of a business.

• A business plan is a document that describes a new business and a strategy to launch that business.

• A business plan is a document that outlines the organizational structure of a business.

• A business plan is a document that describes a new business and a strategy to launch that business.

Multiple Choice

Identify the incorrect statement

• Planning without controlling is meaningless

• Planning is blind without controlling

• Planning and controlling are both forward looking

• Planning and controlling are both backward looking

Multiple Choice

Strategic planning is

• Long term planning

• Short term planning

• General Planning

• Seasonal Planning

Multiple Choice

What plan looks at how the business will expand in the future?

• Development plan

• Scaling plan

• Growth plan

• Opening plan

Multiple Choice

a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives

• planning
• organizing
• vision
• Marketing

Multiple Select

What elements are not of a business plan?

• Introduction

• Management Plan

• Insurance Plan

• Marketing Plan

• Financial Plan

Multiple Choice

Which career cluster focuses on reaching organization objectives by planning, managing, and marketing?

• Business Administration

• Finance

• Marketing

• Transportation & logistics

Multiple Choice

Business Plan

• a written description of a business idea and how it will be carried out

• the amount of money needed to open a business

• the government agency that helps small business owners develop and obtain financing

• money provided by large investors to finance new products and new businesses