BTEC L2 First Cert in Business ​_LO B_Business Idea & Plan

What is the purpose of the Rationale section in a business plan?

• To outline the company's history

• To explain why the business idea is realistic and worth pursuing

• To list potential competitors

• To provide details about the business operations

Which section of the business plan serves as the elevator pitch for the rest of the document?

• Supporting Evidence

• Executive Summary

• Ideas for Implementation

• Financial Forecasts

What information is typically covered in the Executive Summary?

• Detailed financial forecasts

• Mission and Vision statements

• Marketing and Sales strategy

• Ideas for financing

Why is the Executive Summary considered crucial in a business plan?

• It provides detailed financial information.

• It is the first section read and can 'sell' the idea's potential for success.

• It outlines the company's history.

• It discusses possible routes to market.

What does the term 'SWOT analysis' stand for in the context of a business plan?

• Strengths, Weaknesses, Opportunities, Threats

• Sales, Workforce, Operations, Tactics

• Strategy, Workflows, Objectives, Trends

• Success, Workload, Objectives, Targets

In the Supporting Evidence section, what does 'USP' refer to?

• United Sales Policy

• Unique Selling Proposition

• Underlying Sales Performance

• Unseen Strategic Partnerships

What is the primary purpose of the Financial Forecasts in a business plan?

• To outline the company's history

• To explain the rationale behind the business idea

• To forecast finances for a specific period

• To describe the marketing and sales strategy

According to the information provided, what is one reason for writing a business plan?

• To impress friends and business peers

• To save time by avoiding prioritization

• To create a benchmark for business performance

• To increase overheads and cash flow

What should be included in the appendix of a business plan?

• Mission and Vision statements

• CVs of key personnel

• Marketing and Sales strategy

• Executive Summary

Why is it important to base a business plan on reality?

• To impress potential investors

• To avoid a cash flow crisis

• To increase overheads

• To create an optimistic forecast