Entrepreneurship Chapter 5 quiz

A written document that describes all of the steps necessary in opening and operating a successful business is called a ??

• Business Broker

• Business Plan

• Dividend

• Contract

A Business Plan includes all of the following important purposes EXCEPT

• Explains the idea behind your business

• Sets specific objectives and how to achieve them

• Explains specifically where you will build your business

• Describes the backgrounds and experiences of people running the business

Writing a business plan is one of the easiest things you will do as an entrepreneur.

• True

• False

Writing a solid business plan is critical because it can make or break your business.

• True

• False

If you give good background information and experience of people running your business, the bank is more likely to invest money in your business.

• True

• False

All business plans are alike.

• True

• False

A business plan is important for the following reasons:

• Makes you think about all aspects of your business

• May help secure financing

• Helps you communicate your ideas to others

• All of these are important reasons

How many basic elements of a business plan are there?

• 5

• 6

• 7

• 8

All of these are basic elements of a business plan EXCEPT

• History and background of your idea

• Products or services offered

• Government requirements

• Management and Staffing

Your Business Plan should outline the following goals:

• Short-term

• Medium-term

• Long-term

• All of these