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Business Plan Review

Total questions: 25

Worksheet time: 8mins

Name
Class
Date
1.

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.

2.

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)

To help reduce the risk of business failure.

e)

All of the above.

3.

Complete the sentence: A business plan...

a)

is useful once your business is operational but not much help during the startup phase

b)

is not usually needed once the business is up and running

c)

can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running.

4.
An analysis of the business’s advantage over its competitors
a)
Growth Plan
b)
Competitive Analysis
c)
Contingency Plan
d)
Market Analysis
5.
A part of the business processes that result in the production and delivery of the product or service
a)
Competitive Analysis
b)
Company Description
c)
Operational Plan
d)
Organizational Plan
6.

How a company will make customers aware of its products/services

a)

Marketing Plan

b)

Industry Overview

c)

Product and Service Description

d)

Growth Plan

7.
A brief account of the key points contained in a business plan
a)
Executive Summary
b)
Company Description
c)
Mission Statement
d)
Vision Statement
8.
A description that provides an outline of a business
a)
Executive Summary
b)
Company Description
c)
Contingency Plan
d)
Mission Statement
9.

A description of the product or service to be offered

a)

Operational Plan

b)

Marketing Plan

c)

Product and Service Description

d)

Industry Overview

10.
Who will run the company as well as management’s philosophy
a)
Organizational Plan
b)
Operational Plan
c)
Executive Summary
d)
Company Description
11.
Research of the potential business’s industry
a)
Market Analysis
b)
Industry Overview
c)
Contingency Plan
d)
Marketing Plan
12.
Research of the potential customer’s profile
a)
Market Analysis
b)
Marketing Plan
c)
Mission Statement
d)
Growth Plan
13.
A plan presenting financial forecasts for the business
a)
Loan Proposal
b)
Financial Plan
c)
Business Loan Plan
d)
Investor Plan
14.
The specific aspirations of a company, the major goals it will try to reach.
a)
Vision Statement
b)
Company Description
c)
Mission Statement
d)
Executive Summary
15.

Which of the following would be interested in seeing the business plan of a new company?

a)

Customers

b)

Potential investors

c)

The owners of the company

d)

Banks/ potential lenders

e)

Local council

16.
What is the best definition of an Entrepreneur 
a)
"a person who organizes and manages any business, especially a business
b)
an organized body of people with a particular purpose, especially a business, society, association, etc.
c)
a society or organization founded for a religious, educational, social, or similar purpose.
d)
Entrepreneur is not a word
17.
Supplies, office equipment, and products to sell are assets.
a)
TRUE
b)
FALSE
18.
Start-up costs include permit fees.
a)
TRUE
b)
FALSE
19.
When completing a SWOT analysis, you should assess the strengths and weaknesses that are external to the company and out of your control.
a)
TRUE
b)
FALSE
20.
A disadvantage of a sole proprietorship is unlimited liability for business debts.
a)
TRUE
b)
FALSE
21.
Projected income statements and income statements are the same thing.
a)
TRUE
b)
FALSE
22.
One of the most common reasons that new businesses fail is ____.
a)
inflation
b)
an increase in fixed expenses
c)
unrealistic marketing plans
d)
insufficient start-up capital
23.
There is little evidence that developing a business plan has any impact on whether a new business fails or succeeds.
a)
True 
b)
False
24.
Which of the following is not a common reason for the failure of small businesses?
a)
A lack of sufficient start-up money
b)
Lack of management experience
c)
Shortage of skilled workers
d)
failure to manage credit offered to customers
25.

A(n) ____ is an introduction of something new from a product / service.

a)

Development

b)

Innovation

c)

Improvement

d)

Advancement

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