Entrepreneurship Ch. 3 test review

A business plan is not intended for

• your competition

• potential investors

• your bank

• any of these

Organizations made up of professionals in a specific industry that exist to provide information, education, support, and networking opportunities to individuals in their industry.

• business plan

• pro forma financial statements

• statements

• trade associations

Mistakes to avoid when preparing a business plan include all of the following except

• providing unrealistic financial projections

• wasting time on research

• ignoring the competition

• failing to define the target market

A business plan is important for all of the following reasons except

• it makes you think about all aspects of your business

• it helps you communicate your ideas to others

• it guarantees you will get financing for your business

• it can serve as a tool for managing your business

Organizations made up of professionals in a specific industry are called

• entrepreneurs

• trade associations

• trade shows

• SBDCs

In the financial management section of a business plan, an entrepreneur should include ____ , which are statements based on projected revenues and expenses.

• business plan

• pro forma financial statements

• statements

• trade associations

A financial statement based on projected revenues and expenses

• executive summary

• pro forma financial statement

• cover letter

• business plan

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

• executive summary

• pro forma financial statement

• cover letter

• business plan

Writing a business plan

• is a quick and easy process

• is quick but difficult

• requires patience, research, thought, and time

• none of these

A _____ is a written document that describes all the steps necessary in opening and operating a successful business.

• business plan

• pro forma financial statements

• statements

• trade associations