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WorksheetsEntrepreneurship Unit 10 Review
Total questions: 20
Worksheet time: 10mins
A business plan:
Describes what a business produces and how it produces
Describes how a business stands out from its competitors
Provides detailed financial information that shows how a business will succeed
All of the above
On average, entrepreneurs spend a total between ____ hours of researching and writing a business plan.
25-50
50-100
50-75
10-20
Once you have put your business plan together, what is one thing that is NOT required for you to do before making the plan public?
Must be typed and printed on standard- sized white paper
Proofread for any typos or grammatical errors
Send it to your Board of Directors for approval
Make sure all sections have a consistent format and is written in formal language
Financial statements in a business plan includes both projected and actual figures.
True
False
The ___ lists material included in documents, as well as page numbers of each topic or chapter.
Table of Contents
Title Page
Cover Letter
Statement of Purpose
A statement of purpose in a business plan is a 1-2 page explanation on why you are asking for capital and your plans to utilize it.
True
False
A(n) ___ is a guide for any business decision-making, as well as illustrates a business's vision for future growth.
Business aspect
Secure financing
Idea
Managing Tool
Employees' experience is a factor that increases chances on receiving financial support from banks and investors.
True
False
Which of these are included in the "Introduction" section of a business plan?
Cover Letter
Title Page
Statement of Purpose
Executive Summary
All of the above
(Check all that apply!) Which of these would you include in the "Appendix" Section of a business plan?
Tax returns from the last 3 years
Resumes of business owners
Licenses and certifications
Social Security Cards of business owners
The ___ Section of a business plan sets the tone for your company.
Introduction
Body
Appendix
Projections should be based on subjective evidence for potential growth on the company.
True
False
When researching your business plan, you should:
Use up-to-date information
Verify facts and figures that support your business plan
Both
Neither
The ___ Section of a Business Plan includes any major business aspects, such as marketing, operations, and finance.
Introduction
Body
Appendix
Which of these are NOT examples of business planning printed sources?
Books
Magazines
Government Documents
Blogs
Many entrepreneurs do not take the necessary time and effort to prepare their business plan, which can lead to failure.
True
False
Which of these are common mistakes when it comes to business planning?
Poor research
Ignored Competition
Undefined Target Market
All of the above
The __ Section of a business plan includes supporting documents to backup your research.
Introduction
Body
Appendix
___ are organizations that provide information, education, and networking opportunities to entrepreneurs within a particular industry.
SBA
Chamber of Commerce
Trade Associations
Financial Institutions
You are a first-time business owner and need to borrow capital for your new company. The trouble is, you don't know how much money you need to invest for your business to grow. Which of these sources would you likely turn to?
Trade Associations
SBDC
Chamber of Commerce
Financial Institutions
