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Understanding Financial Plans

Authored by Alyanna Navarro

Hospitality and Catering

University

10 Questions

Used 1+ times

Understanding Financial Plans
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is a financial plan summary important?

It helps stakeholders understand the financial picture.

It is a detailed financial report.

It is not necessary for business plans.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are assumptions in a financial plan?

Guaranteed facts about the future.

Educated guesses or expectations.

Random guesses without basis.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an Income Statement?

A report showing how much money a business earned.

A document for tax purposes only.

A summary of employee salaries.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does SG&A stand for?

Selling, General, and Administrative Expenses

Sales, Goods, and Administrative Expenses

Standard, General, and Administrative Expenses

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formula for Gross Profit?

Sales Revenue - COGS

COGS - Sales Revenue

Sales Revenue + COGS

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the expected demand pattern for a cupcake business in December?

More sales due to Christmas and parties

Less sales due to rainy season

Stable sales throughout the year

7.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Why is Exit Strategy Important in a Feasibility Study?

Shows investors or partners that you are prepared for the long-term

Helps manage risks and potential business failure

Makes your plan professional and complete

Provides a clear direction if the business does very well or very poorly

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