True or False Business Statements

A business plan is only useful for new entrepreneurs and not for established businesses.

• True

• False

The executive summary is the first section written when making a business plan.

• True

• False

Competitive analysis helps a business understand its competitors and their strategies.

• True

• False

The financial section of a business plan includes budgeting, sales forecasts, and cash flow projections.

• True

• False

The organizational chart in a business plan outlines the company’s structure and management roles.

• True

• False

The transformation process in production refers to converting raw materials into finished products.

• True

• False

Manpower is not considered an important factor in the production system.

• True

• False

A manufacturing business primarily deals with selling services rather than products.

• True

• False

A homogeneous product is one that has similar characteristics and is difficult to distinguish from others.

• True

• False

Sole proprietorships are owned by two or more individuals.

• True

• False