Unit 33_Undertake Small Business Planning

1. Reason for a business existence is defined by _____________

• A. Mission

• B. Vision

• C. Policy

• D. Strategy

2. Specific results that need to be achieved are done by ________.

• A. Policy

• B. Strategy

• C. Objectives

• D. Vision

3. Getting information required to start a business is done in __________.

• A. Research

• B. Capital

• C. Competition

• D. Location

4. What is a definition of an objective?

• A. A defined specified outcome to be achieved in the long-term

• B. A clear set of goals to be attained given a set number of resources

• C. A clearly defined and measurable outcome to be achieved over a specified timeframe

• D. A set standard of performance agreed by workers and managers

5. What does the acronym SMART stand for?

• A. Suitable, measurable, actionable, rewarded and timely

• B. Specific, measurable, actionable, resourced and timely

• C. Standardized, measurable, achievable, rewarded, and timely

• D. Specific, measurable, achievable, realistic and timely

5. What one of the following is not a key management skill in planning?

• A. Conceptual skills

• B. Analytical skills

• C. IT and computing skills

• D. Communication skills

5. ________ is an Islamic tax on wealth and is levied on Saudi Arabian and GCC natural persons, wholly Saudi Arabian or GCC-owned entities, and Saudi Arabian or GCC shareholders of companies.

• A. Zakat.

• B. Diktat.

• C. Tiktat.

• D. Maktat

The amount paid for insurance is the

• closing cost

• premium

• deductible

• assessed value

9. The type of insurance that provides protection against financial loss from medical bills is called

• health insurance

• coinsurance

• life insurance

• premium

10. What role does insurance play in financial planning?

• It guarantees that income and assets are protected

• It helps build and maintain

  one's credit score

• It grows in value and

  appreciates over time

• It helps cover day-to-day expenses