Business and Financial Planning Quiz

What was the main challenge that led to GalaxBoy's business closing?

• They did not know how to design products

• They were not good at running a business

• They lacked enough customers

• They did not know how to sell products

Why is a business plan important for an entrepreneur?

• It helps avoid paying taxes

• It helps set goals and attract investors

• It ensures the business will always make a profit

• It guarantees customer satisfaction

Which of the following is NOT part of a SWOT analysis?

• Strengths

• Opportunities

• Promotion

• Threats

Which of the following is included in the 7Ps of the Marketing Mix?

• Strengths

• Price

• Wages

• Target market

Which element of the 7Ps refers to the location where a product or service is sold?

• People

• Promotion

• Place

• Process

Which of the following would likely be a competitor for Texan BBQ in Mamelodi?

• A car dealership

• A fast-food outlet offering similar grilled products

• A stationery store

• A supermarket

What is the purpose of a financial plan in a business plan?

• To calculate employee salaries

• To project profitability and raise capital

• To reduce competition

• To set customer service goals

Which of the following is an example of a fixed cost for Texan BBQ?

• Cost of meat for ribs

• Rent for the outlet

• Takeaway containers

• BBQ sauce ingredients

If Mpho's Texan BBQ has monthly fixed costs of R10,000 and a contribution margin per rib of R20, how many ribs must he sell to break even?

• 400 ribs

• 450 ribs

• 500 ribs

• 550 ribs

Which financial document shows Mpho's sales, expenses, and profits over a period?

• Balance sheet

• Cash flow statement

• Income statement

• Budget