WorksheetsEntrepreneur-2
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
The plan isn't merely a prediction; it implies a commitment to making the targeted results happen and establishes milestones for gauging progress.
a)
True
b)
False
2.
The Financial Plan translates your company's goals into specific financial targets.
a)
True
b)
False
3.
The Financial Plan is the most essential part of your Business Plan. It shows investors the time frames you have scheduled to make profits.
a)
True
b)
False
4.
Some elements of the Financial Plan include: –Important Assumptions –Key Financial Indicators –Break-even Analysis –Projected Profit and Loss –Projected Cash Flow –Projected Balance Sheet –Business Ratios –Long-term Plan
a)
True
b)
False
5.
Short-term Forecast: Projects either the current year or a rolling 12-month period by month. This type of forecast should be updated at least monthly and become the main planning and monitoring vehicle.
a)
True
b)
False
6.
Budget: Translates goals into detailed actions and interim targets. A budget should provide details, such as specific staffing plans and line-item expenditures
a)
True
b)
False
7.
Strategic Forecast: Incorporates the strategic goals of the company into the projections. For startup companies, the initial Business Plan should include a month-by-month projection for the first year, followed by annual projections for a minimum of three years.
a)
True
b)
False
8.
Business Plans are critical for the success of a company.
a)
True
b)
False
9.
Different businesses will require different types of Business Plans.
a)
True
b)
False
10.
All Business Plans have some essential sections that explain the core aspects of the company.
a)
True
b)
False
11.
In order to help your company have a better chance of gaining interest and investors, a Business Plan should include seven essential sections
a)
True
b)
False
12.
A business plan is a written document prepared by the entrepreneur that describes all the relevant internal and external elements and strategies for starting a new venture.
a)
True
b)
False
13.
The business plan should be prepared by the entrepreneur.
a)
True
b)
False
14.
The business plan may be read by employees, investors, bankers, venture capitalists, suppliers, customers, advisors, and consultants.
a)
True
b)
False
15.
There are three perspectives should be considered in preparing the plan : –Perspective of the entrepreneur –Marketing perspective –Investor’s perspective
a)
True
b)
False
16.
The business plan is valuable to the entrepreneur, potential investors, or even new personnel, who are trying to familiarize themselves with the venture, it goals, and objectives.
a)
True
b)
False
17.
Before committing time and energy to preparing a business plan, the entrepreneur should do a quick feasibility study of the business concept to see whether there a any possible barriers to success.
a)
True
b)
False
18.
Executive Summary – Three to four pages summarizing the complete business plan –What is the business concept or model? –How is this business concept or model unique? –Who are the individuals starting this business? –How will they make money and how much?
a)
True
b)
False
19.
Assessment of Risk
–Evaluate weakness of business –New technologies –Contingency Plans
–Evaluate weakness of business –New technologies –Contingency Plans
a)
True
b)
False
20.
The business plan is designed to guide the entrepreneur through the first year of operations.
a)
True
b)
False
100 %
