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Business plan

Total questions: 25

Worksheet time: 13mins

Name
Class
Date
1.

A business plan is a written description of a new business venture that describes all of the business

a)

aspects

b)

products

c)

goals

d)

strategies

2.

In a business plan, the size, scope, and type of business is explained in the .

a)

company description

b)

product and service plan

c)

vision and mission statements

d)

marketing plan

3.

Before starting a particular business, an entrepreneur needs to determine if there is enough ____________for the product.

a)

customer base

b)

demand

c)

mission

d)

need

4.

Part of the business plan that projects the income, expenses, and profits of a business over a multi-year period

a)

Business Plan

b)

Operational Plan

c)

Sales/Marketing Plan

d)

Financial Plan

5.
What should the  aspect of the company description include?
a)
diagrams, photographs
b)
vision and mission statement
c)
back up description of the target market, why your idea will be successful and capture the market and why the opportunity is present
d)
all of the above
6.
Which of the following parts of a business plan include the cash flow projection and the repayment plan?
a)
Background and History
b)
Executive Summary 
c)
Market Research
d)
Financial Plan
7.
True or false : A business plan is important for businesses seeking funding?
a)
true
b)
false
c)
both
d)
neither
8.
Writing a business plan
a)
is a quick and easy process
b)
is quick but difficult
c)
requires patience, research, thought, and time
d)
none of the above
9.
The introduction, marketing, financial management, operations and concluding statement are found in the main body of a business plan.
a)
True
b)
False
10.
It isn't necessary to include the location of your business in your business plan.
a)
True
b)
False
11.
A business plan is a written document that describes all the steps necessary for opening and operating a successful business.
a)
True
b)
False
12.
Ignoring competition is a mistake you should avoid making when creating your business plan.
a)
True
b)
False
13.
This section of your business plan should describe the products and/or services you will offer,  the market, the industry, and your location
a)
Operations
b)
Marketing
c)
Statement of Purpose
d)
Appendix
14.
Why should someone looking to start a business make a business plan?
a)
Obtain Financing
b)
Makes you think think about all aspects of your business
c)
Helps you communicate your ideas to others
d)
All of the above
15.

The business promotional plan is included in...

a)

Product and Service plan

b)

Vision statement

c)

Marketing plan

d)

Competitive Analysis

16.

A business plan is used by...

a)

customers to decide if they want to buy something

b)

employees to see if they want to work there

c)

investors to see if they want to invest in the business

d)

All of the answers are correct

17.

Your resume is included in this section...

a)

Management team plan

b)

Organizational plan

c)

Resume plan

d)

Qualifications plan

18.

The values of the company are found in the...

a)

Mission statement

b)

Goal statement

c)

Vision statement

d)

Operational statement

19.

This section explains your logo and slogan...

a)

Mission statement

b)

Marketing plan

c)

Advertising plan

d)

Operational plan

20.

The goals of the company are found in this section...

a)

Industry overview

b)

Mission statement

c)

Executive summary

d)

Vision plan

21.

What does a mission statement do?

a)

describes the company

b)

tells your business concept

c)

reflects the purpose of the company

d)

tells the major goals of a business

22.

What part of the business plan describes the product or service that you plan to offer?

a)

Industry Overview

b)

Product and Service Plan

c)

Competitive Analysis

23.

Business Plans explains the idea behind your business and spells out how your product or service will be produces and sold.

a)

True

b)

False

24.

How would a business owner protect their product or service?

a)

Trademarks

b)

Trade Secrets

c)

Patents

d)

Copyrights

e)

All of the above

25.

Target Customers are those least likely to buy products and services.

a)

True

b)

False