Final Eval Business Plan

Johnson's Bakery is located next door to where I want to open my "Jam Today"

store. They sell cakes, pies, and artisan breads and have a thriving customer base. I plan to sell homemade jams and jellies of all flavors in beautiful handcrafted jars. From this information and observing their customers I can infer (make a logical guess) that the bakery's customers will also consider shopping in my store.

• It will hurt because they are selling the same type of items as me.

• It will help because their hours are the same as mine.

• It will help because their hours are the same as mine.

• There is not enough information provided here (customer profile, etc) to determine whether this location will hurt or help my sales.

Johnson's Bakery is located next door to where I want to open my Jam Today store. They sell cakes, pies, and artisan breads and have a thriving customer base. I plan to sell homemade jams and jellies of all flavors in beautiful handcrafted jars. From this information I can infer (make a logical guess) that the bakery's customers will also consider shopping in my store.

• Yes, this is a valid inference.

• No, this is not a valid inference.

• There is not enough supporting evidence to make a valid inference.

• No of these above

The basic format for the P&L Statement (template) is:

• REVENUE

  - cost of goods sold

  = GROSS PROFIT

  - operating expenses

  = OPERATING INCOME

  +/- other income or expenses

  = EARNINGS BEFORE TAXES

  - income taxes

  = NET EARNINGS

• NET EARNINGS

  - cost of goods sold

  = GROSS PROFIT

  - operating expenses

  = OPERATING INCOME

  +/- other income or expenses

  = EARNINGS BEFORE TAXES

  - income taxes

  = REVENUE

• REVENUE

  - cost of goods sold

  = GROSS PROFIT

  - operating expenses

  = NET EARNINGS

  +/- other income or expenses

  = EARNINGS BEFORE TAXES

  - income taxes

  = OPERATING INCOME

When writing your Mission Statement, you should be sure to include a _________________________ that states the main idea of the paragraph.

• personal statement

• supporting detail

• plan

• topic sentence

A well developed Business Plan should answer questions such as:

• A. Does the proposed business have a reasonable chance for success at the start?

• B. Can the product and the marketing of the product be economically financed?

• Both A and B

• Neither A or B

 An important element of the Business Plan is the _______________, which identifies the internal and external forces affecting the company.

• Marketing Plan

• Operating Procedures

• Industry Analysis

Which section of the business plan does not constitute a part of your Financial Overview?

• Start-up costs

• Expense budget

• Executive summary

• Balance sheets

 A financial statement that provides an overview of the various costs, expenses, and profits of a business in a given period of time is called a

• Market analysis

• SWOT analysis

• P&L statement

•  

  Sales Forecast

 Why is the executive summary perhaps the most important section of the business plan?

• This section of the plan provides in-depth discussion of the major trends in the industry in which the firm intends to compete.

• This section of the plan summarizes the firm's key executives.

• If this section of the plan fails to attract an investor's interest, he or she is unlikely to read the remainder of the plan.

• This section of the plan deals with the day-to-day operations of the company.

The ________ is usually the easiest form of business to start and end.

• Sole proprietorship

• Limited partnership

• Corporation

• Cooperative