GCSE Business - Business Plans

A target market is a group of _______ that the _______ has decided to aim its marketing efforts and ultimately its merchandise towards.

• Companies, Business
• Companies, Research
• Customer, Business
• Business, Customer

a business plan 

• is useful once your business is operational but not much help during the startup phase
• is not usually needed to secure financing in your business
• can serve as a tool for managing your business once it is up and running
• All of the above

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.

Why do you need a business plan?

• To explain your idea

• the ability to get financing.

• it's a road map that sets objectives and goals for the business

• All of the above

All partnerships must be 50 - 50?

• True

• False

Your business plan should never list any risks or potential problems.

• True

• False

True or False: Business plans are used by new, rather than established, firms

• TRUE

• FALSE

Which of the following statements about business plans is TRUE?

• Business plans eliminate risk to lenders

• Business plans reduce risk to lenders

• Business plans increase risk to lenders

• Business plans have no impact on risk to lenders

Which of these pieces of information would NOT be in a business plan put together by a new business?

• Target market

• Market research

• Profit

• Estimated cashflow

An entrepreneur is creating a business plan for a new business ; they are including a section on sources of finance. Which of these are appropriate sources of finance to suggest? (Suggest as many as are appropriate)

• Grant

• Retained profit

• Owner savings

• Bank loan