Budgeting and Business Planning

A budget is necessary for starting a new business.

• True

• False

What is the purpose of a budget?

• Make a plan to organize and manage your money

• List all of your investments

Which of the following is known as something you own. 

• Liabilities
• Assets
• Net worth
• Gross income

Which of the following is included in business planning?

• Product or service description

• Mission

• Market

• All of the above

What do start-up costs normally include?

• There are no start-up costs.

• Start-up assets and expenses.

A business plan is a detailed road map that explains what the company's goals are and how they will be achieved.

• True

• False

Is it important to include in the Business Plan a part of why you are better than your competition?

• Yes

• No