Unit 5 Test Review

Fill in the blank: A brief explanation of why the writer of a business plan is asking for a loan and what she or he plans to do with the money is called a (a)   .

• Business Plan

• Cover Letter

• Executive Summary

• Statement of Purpose

A written document that describes all the steps necessary for opening and operating a successful business is known as a (a)   .

• Business Plan

• Cover Letter

• Executive Summary

• Lean Startup

Fill in the blank: A short restatement of the report portion of a business plan is called an (a)   .

• Business Plan

• Executive Summary

• Cover Letter

• Lean Startup

A letter that introduces and explains an accompanying document or set of documents is known as a (a)   .

• Business Plan

• Cover Letter

• Executive Summary

• Statement of Purpose

Fill in the blank: A (a)   uses a standard structure but focuses on summarizing the key points and elements of the business.

• Business Plan

• Cover Letter

• Lean Startup

• Statement of Purpose

A business plan helps your business because:

• It provides a roadmap for success.

• It guarantees financial success.

• It eliminates all risks.

• It ensures immediate growth.

Which of the following is not one of the 7 Basic Elements of a Business Plan?

• Executive Summary

• Business Description

• Product and Services

• Company History

• Market Analysis & Marketing Plan

What 3 types of resources can you use when researching a business plan?

• Books, Internet, Interviews

• Movies, Games, Music

• Social Media, TV Shows, Podcasts

• Magazines, Fiction Novels, Art Galleries

Which of the following is a tip when creating a business plan?

• Conduct thorough market research

• Ignore financial projections

• Avoid setting clear goals

• Exclude competitor analysis

Business Plans are not important.

• True

• False