Starting a Small Business Vocabulary Quiz

What is a business plan?

• A document describing the purpose of the organization

• A written map for beginning and growing a business

• A list of specific, time-sensitive accomplishments

• A description of the current industry condition

What does a mission statement describe?

• The current condition of the industry

• The purpose of the organization

• The target market for the business

• The organizational structure

What are goals in the context of a business plan?

• Specific, time-sensitive accomplishments

• General statements of what needs to be achieved

• Descriptions of the target market

• Forecasts of industry movement

What is the purpose of a market analysis?

• To describe the purpose of the organization

• To forecast where the industry is moving

• To solicit feedback from focus groups

• To outline the organizational structure

What is a focus group used for?

• Describing the target market

• Soliciting individuals to consume a product and provide feedback

• Asking questions about people’s interest in a product

• Describing the organizational structure

What is a hierarchical structure?

• A structure where functions work together equally

• A structure where business functions are subordinate to each other

• A structure that describes the target market

• A structure that forecasts industry movement

What is a learning-based structure?

• A structure where functions are subordinate to each other

• A structure that allows functions to work together

• A structure that describes the purpose of the organization

• A structure that forecasts industry movement