HR Semester Exam

In creating an effective business plan, it should convince readers of what?

• The history of the industry
• The personal life of the business owner
• The need for a new office space
• that an idea is practical

What is the average time in writing a business plan?

• 1-2 months
• 1-2 weeks
• 50-100 hours

• 1 year

Which one below is something to consider when researching elements of a business?

• Weather patterns, historical events, and political climate
• Popular TV shows, celebrity gossip, and social media trends
• Local cuisine, fashion trends, and travel destinations
• Leasing space, equipment, pricing and competitors

What is the U.S. Small Business Administration?

• A branch of the military responsible for national security
• A private company that offers financial services to large corporations
• A government agency that provides support to small businesses
• A non-profit organization focused on environmental conservation

Small Business Development Centers help develop business plans and also what?

• Offer financial support
• Provide medical services
• Assist with legal representation
• Provide counseling and training

The Service Corps of Retired Executives or SCORE volunteer their time to provide ______ with real world advice.

• financial support
• entreprenuers

• academic tutoring
• medical treatment

Talk with a banker or accountant when trying to make financial decisions, he/she can help with what?

• Car maintenance tips
• loans and gold coins

• loans and financial statements

• Fashion advice

Not planning can lead to business what?

• success
• failure
• growth
• innovation

Which one is a common mistake in business planning?

• Lack of market research or analysis
• Ignoring customer feedback
• Overestimating profits
• Not having a clear business model

• _____ _____: the individuals or companies that are interested in a particular product or service and are willing and able to pay for it

• Target Market

• Random audience
• Off-target customers
• Undefined market