Business Plan Unit Test

What is a marketing plan?

• A list of items your business will sell

• A strategy for attracting customers

• A financial document

• A team organization chart

Which of these is a marketing channel?

• Instagram

• Employee handbook

• Legal license

• Inventory list

Why is it important to know your audience when marketing?

• So you can sell at higher prices

• To buy better equipment

• To choose the right marketing method

• To hire a bigger team

What is one benefit of a Sole Proprietorship?

• Legal protection

• Easy to start

• Requires partners

• Complex taxes

What is one drawback of a Partnership?

• You must do everything alone

• No one shares the risk

• You must share decisions and profits

• You can't hire employees

What does LLC stand for?

• Large Legal Company

• Local Labor Center

• Limited Liability Company

• Linked License Corporation

Who is on your business team in a Sole Proprietorship?

• Just the owner

• Owner and investors

• Partners

• Board of Directors

What are startup costs?

• Monthly rent

• One-time setup costs

• Credit card fees

• Employee salaries

Which of the following is a monthly expense?

• Buying your first camera

• Getting a license

• Fuel for travel to jobs

• Building a website

Why is it important to track your expenses?

• To buy better tools

• To know when to stop marketing

• To set pricing and stay in business

• To avoid taxes