QUIZ 2 ENTREPRENEURIAL

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

A financial statement based on projected revenues and expenses

This section of a business plan contains may important details about the proposed business idea.

This section of business plan should describe the products and/or services you will offer, the market, the industry, and your location

A written summary of experience that emphasizes all experience you have that relates to the business, including paid work experience, volunteer experience, and any hobbies you have that relate to your proposed business

A business plan is not intended for

• your competition

• potential investor

• your bank

• any of the above

The purpose of a business plan includes which of the following?

• it explains your idea for a product or service

• it sets specific objectives and describes how they will be achieved

• it describes the backgrounds and experiences of the people who

  will run the business

• all of the above

A business plan is important for a new business for all of the following reasons:

• it makes you think about all aspects of your business

• it can help 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

The main body of a business plan includes which of the following

elements?

• executive summary

• statement of purpose

• financial management

• supporting documents

Which of the following is not a true statement regarding risks?

• Identifying the possible risks your business faces will alarm lenders and investors and cause them to withhold funds.

• Potential investors and lenders want to know what risks your

  business faces and how you plan to deal with them.

• Lenders will appreciate the fact that you know what risks you

  face and have a plan for dealing with them.

• Lenders know that every business faces risks.