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Business Plans

Total questions: 31

Worksheet time: 16mins

Name
Class
Date
1.
A target market is a group of _______ that the _______ has decided to aim its marketing efforts and ultimately its merchandise towards.
a)
Companies, Business
b)
Companies, Research
c)
Customer, Business
d)
Business, Customer
2.
A target market is a group of _______ that the _______ has decided to aim its marketing efforts and ultimately its merchandise towards.
a)
Companies, Business
b)
Companies, Research
c)
Customer, Business
d)
Business, Customer
3.
A target market is a group of _______ that the _______ has decided to aim its marketing efforts and ultimately its merchandise towards.
a)
Companies, Business
b)
Companies, Research
c)
Customer, Business
d)
Business, Customer
4.
a business plan 
a)
is useful once your business is operational but not much help during the startup phase
b)
is not usually needed to secure financing in your business
c)
can serve as a tool for managing your business once it is up and running
d)
All of the above
5.

What is a business plan?

a)

Written document that only outlines the business practices of the new business.

b)

Written document that describes the financial aspects of the business.

c)

Written document that only describes the ownership of the business.

d)

Written document that describes all the steps necessary for opening and operating a successful business.

6.

Why do you need a business plan?

a)

To explain your idea

b)

the ability to get financing.

c)

it's a road map that sets objectives and goals for the business

d)

All of the above

7.

All partnerships must be 50 - 50?

a)

True

b)

False

8.

Your business plan should never list any risks or potential problems.

a)

True

b)

False

9.

True or False: Business plans are used by new, rather than established, firms

a)

TRUE

b)

FALSE

10.

Which of the following statements about business plans is TRUE?

a)

Business plans eliminate risk to lenders

b)

Business plans reduce risk to lenders

c)

Business plans increase risk to lenders

d)

Business plans have no impact on risk to lenders

11.

Which of these pieces of information would NOT be in a business plan put together by a new business?

a)

Target market

b)

Market research

c)

Profit

d)

Estimated cashflow

12.

An entrepreneur is creating a business plan for a new business ; they are including a section on sources of finance. Which of these are appropriate sources of finance to suggest? (Suggest as many as are appropriate)

a)

Grant

b)

Retained profit

c)

Owner savings

d)

Bank loan

13.
This part of a business plan shows the knowledge of the industry and includes statistics on marketing data for the companies products/services, and evaluates competition
a)
Executive Summary
b)
Company Description
c)
Strategy
d)
Market Analysis
14.

Which of the following is it OK to leave out of a business plan?

a)

Executive summary

b)

Location

c)

Marketing

d)

Employees needed

e)

None of the above

15.

A business plan can predict exactly what will happen in the future.

a)

True

b)

False

16.

A business plan should include information about marketing, finance and human resources.

a)

True

b)

False

17.

Writing a business plan helps an entrepreneur to think carefully about different parts of the business.

a)

True

b)

False

18.

A business plan should never be changed.

a)

True

b)

False

19.

Only the entrepreneur can use the business plan for guidance.

a)

True

b)

False

20.
Which of the following is NOT one of the 4Ps?
a)
Product
b)
Packaging
c)
Place
d)
Price
21.
The 4 components of the Marketing Mix are Product, Price, People, and Place? False True
a)
False
b)
True
22.
Which of the following is NOT one of the 4Ps?
a)
Product
b)
Packaging
c)
Place
d)
Price
23.
Which of the following is NOT one of the 4Ps?
a)
Product
b)
Packaging
c)
Place
d)
Price
24.

The marketing Mix has_________ elements.

a)

3

b)

2

c)

4

25.

The Marketing Mix can also be called____.

a)

4 P's

b)

4 C's

c)

2 M's

26.

What is not part of the marketing mix ?

a)

Place

b)

Product

c)

Price

d)

Person

27.
What does target market mean?
a)
the market that your product is in
b)
the consumers you want to buy your product
c)
those consumers who haven't bought your product
d)
the markets overseas
28.
The distinctive Nike "Swoosh" is considered to be a ____________ for Nike.
a)
trade name
b)
brand name
c)
brand mark
d)
trade character
29.
Name the brand
a)
Nike
b)
Addidas
c)
Puma
d)
Converse
30.

A cash flow statement shows an overview of money flowing in and out of a company

a)

True

b)

False

31.
Which of the following is NOT a use of cash-flow forecasts?
a)
They indicate how much cash is available for paying bills
b)
They show how much the bank needs to lend to stop insolvency
c)
They indicate whether the business is holding too much cash
d)
They indicate how much profit the business will make

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