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WorksheetsPrinciples of Business Revision
Total questions: 10
Worksheet time: 10mins
What is a business plan?
Written document that only outlines the business practices of the new business.
Written document that describes the financial aspects of the business.
Written document that only describes the ownership of the business.
Written document that describes all the steps necessary for opening and operating a successful business.
Why do you need a business plan?
To explain your idea
the ability to get financing.
it's a road map that sets objectives and goals for the business.
To help reduce the risk of business failure.
All of the above.
Complete the sentence: A business plan...
is useful once your business is operational but not much help during the startup phase
is not usually needed once the business is up and running
can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running.
A business plan would normally be updated:
Every day
A month after the business starts
Once a business adjusts its aims/objectives
Every so often
Never - It stays the same in its original form
Which element of the business plan focuses on the specific products or services that the business offers? *
The Business Opportunity
Marketing Plan
Financial Forecast
Operational Plan
This is information gathering from what has already been compiled and documented by others.
General Research
Primary Research
School Research
Secondary Research
True or False- There are only 2 types of planning. Medium-term and Long-term planning.
True
False
True or False- Short-term plans are done daily/weekly or monthly, depending on the nature of the business.
True
False
State the two (2) types of research
Primary Research
Secondary Research
School Research
General Research
