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WorksheetsCh3 - Why a BP is important: Entre
Total questions: 20
Worksheet time: 11mins
Which is not one of the 5 mistakes in business planning?
unrealistic financial projections
an undefined target markets
scouting competition
poor research
Which description is correct for the SBA?
centers that provide tech assistance to small businesses & prospective entrepreneurs
a nonprofit association made up of working & retired business professionals
an independent agency of the federal gov't that was created to provide support to entrepreneurs & small businesses
a community college for short boys in America
Introduction, marketing, financial management, and concluding statement are 4 of the 5 basic elements of a business plan. What is missing?
operations
pricing
promotions
outsourcing
The way an entrepreneur intends to extract, or harvest, his or her money from a business after it is operating successfully is called
a retirement plan
an exit strategy
a business plan
an extraction strategy
An executive summary is
a simple prediction of future sales
a summary written by an executive
a letter to an investor
a short restatement of the report
An executive summary should be written _______, but displayed _______ in the business plan.
first , last
last , first
The SBDC (Small Business Development Centers) provides what type of assistance?
financial
technical
operations
management
When researching, you can either use:
recyclable & intangible resources
print & recyclable resources
online & print resources
online & intangible resources
organizations made up of professionals in a specific industry is known as
trade associations
SCORE
SBA
professional associations
A appendix is optional in a business plan.
True
False
A title page introduces and explains an accompanying document or set of documents
True
False
Day-to-day management, equipment, and delivery services will be considered
product services
marketing
operations
what does a pro forma statement based on?
projected revenues & expenses
projected sales & revenue
projected target customers
Marketing includes all of the following except
the market
the funding
the location
the industry
Your introduction should include your legal structure and business goals
True
False
A business plan is important because it
both of these
explains how your product or service will be produced or sold
sets specific objectives & describes how your business expects to achieve them
neither of these
A business plan can serve as a tool for managing your business even after its started
True
False
How many basic elements are there in the business plan?
3
4
5
6
A business plan should follow a standard format and be well organized
True
False
A written document that describes all the steps necessary for opening and operating a successful business
(a)
