The Business Plan

A written document that describes all the steps necessary for opening and operating a successful business is:

• A Cover Letter

• A Statement of Purpose

• A Business Plan

• An Executive Summary

A set of buyers sharing common needs or characteristics that your business will decide to serve is:

• The Target Market

• The lenders and investors

• an example of a long-term goal

• All of the answers are correct

The part of the business plan that summarizes the goals and objectives of your Business plan:

• Concluding Statement

• Executive Summary

• The Cover Letter

• The Statement of Purpose

Which of the following are included in the Introductory (Introduction) section of the Business Plan?

• The Detailed Description

• Ownership and Legal Structure

• Skills and Leadership you bring

• Advantages you have over your competitiors

• All of the answers are correct

Which of the following business types has two or more owners who share in the profits and the losses

• Partnership

• Sole Proprietorship

• Corporation

• Limited Liability Sole Proprietorship

Corporations are businesses owned by shareholders and run by a board of directors

• True

• False

A medium term goal can and should be achieved in:

• Less than a year

• Between two and five years of starting your business

• After you have been in business for five years

• None of the answers describe a medium-term goal

A letter to investors describing your business, its potential for success and how much money you need is a:

• Investors Letter

• Cover Letter

• Target Market Letter

• Personal Business Letter

A short restatement of the Business Plan created for those who don't want to or don't have time to read the whole thing is called:

• a Snynopsis

• a Statement of Purpose

• an Executive Summary

• A Business Plan

A balance sheet, an income statement and any document that shows revenue and expenses is considered a:

• Business Statement

• A Bank Statement

• A lenders and investors statement

• A financial statement