VE Quarterly - Qtr. 1

A written document that describes in detail how a new business is going to achieve its goals is called a(n)

• script.

• business plan.

• agenda.

• board meeting minutes.

Select the form of business (or businesses) in which there is unlimited personal legal liability from lawsuits related to the business.

• sole proprietorship only.

• general partnership only.

• corporation only.

• sole proprietorship & partnerships.

A business plan is important for a new business for all of the following reasons EXCEPT:

• it makes you think about all aspects of your business.

• it can help you communicate your ideas to others.

• it guarantees that you will get financing for your business.

• it can serve as a tool for managing your business.

Which of the following defines why an organization exists and what it seeks to accomplish?

• a break-even analysis

• a mission statement

• a SWOT analysis

• an organizational chart

Social responsibility is the duty of business to

• contribute to product development.

• provide educational loans to employees.

• provide social activities for employees.

• contribute to the well-being of society.

Which of the following statements about a sales invoice is INCORRECT?

• It should include the name, address and contact information of the customer.

• It should include the name, address, and contact information of the vendor.

• Must be signed by the customer in order for it to be a legally enforceable document.

• The amount of the invoice will determine whether it needs to be signed by the customer in order for it to be a legally enforceable document.

Select the category in your SWOT analysis where this statement applies: "We will attend 3 trade shows this year to increase revenue and market share".

• Strengths

• Weaknesses

• Opportunities

• Threats

Select the category in your SWOT analysis where this statement applies: "Competition exists in the VE marketplace."

• Strengths

• Weaknesses

• Opportunities

• Threats

Select the category in your SWOT analysis where this statement applies: "Accounting/Finance is not our strong suit."

• Strengths

• Weaknesses

• Opportunities

• Threats

Select the category in your SWOT analysis where this statement applies: "Our employees are very competent in making sales and connections with other firms."

• Strengths

• Weaknesses

• Opportunities

• Threats