Business Management U1L2

A business owned by one person

• Partnership

• Sole Proprietorship

• Corporation

• Individual Owner

A business owned and operated by two or more people

• Partnership
• Sole Proprietorship
• Corporation
• Dual Ownership

A business owned by a group of people and legally recognized as a separate entity

• Partnership
• Sole Proprietorship
• Corporation
• Dual Ownership

Why have a business plan?

• To clearly identify in writing all aspects of your business
• To minimize risk
• To show to potential investors
• All of the Above

A mission statement is

• A brief statement clearly defining what your business is about.
• A brief statement that demonstrates the actions of a business.
• A brief statement clearly defining what your business is to do.
• A brief statement that demonstrates how much money a business will make.

A business description includes which of the following except

• Products or services your business will sell
• Creators of your business
• Location of your business
• Bank used to finance the business

Section of the business plan that includes the type of ownership and the organizational chart

• Organizational Plan
• Financial Plan
• Marketing Plan
• Business Description
• Goals and Objectives

Section of the business plan that includes a summary of each aspect of your business plan

• Executive Summary
• Financial Plan
• Organizational Plan
• Marketing Plan
• Business Description

Section of the business plan that includes the products or services you will sell and the location of your business

• Business Description
• Financial Plan
• Organizational Plan
• Marketing Plan
• Goals and Objectives

Section of the business plan that includes the investment needed to start the business and the anticipated costs and expenses

• Financial Plan
• Organizational Plan
• Marketing Plan
• Business Description
• Goals and Objectives