WorksheetsBusiness Plan Canvas
Total questions: 44
Worksheet time: 1hrs 15mins
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.
What is one of the primary purposes of creating a business plan?
To outline your business idea
To secure funding from investors
To establish a strategic direction for the business
To minimize the chances of business failure
All of the above
Elijah, Anika, and Samuel are evaluating their startup's position in the market. Which analysis will help them understand their competitive edge?
Growth Plan
Competitive Analysis
Contingency Plan
Market Analysis
How will Isla's new bakery make customers AWARE of its products/services
Marketing Plan
Industry Overview
Product and Service Plan
Market Analysis
Abigail and Isla are planning to start a new business. Which section of their business plan should detail their qualifications and those of any partners?
Company Description
Management Team Plan
Growth Plan
Executive Summary
What section outlines the details of the goods or services provided?
Financial Plan
Executive Summary
Product and Service Plan
Market Analysis
Lily, Mia, and Sophia are evaluating the demographics and preferences of their target audience for their new business. What is this process known as?
Market Analysis
Marketing Plan
Mission Statement
Growth Plan
A thing that you can touch or a service that you can offer which is sold to your customers
problem
product
solution
key metrics
Isla is starting a new business and needs to identify her target customers. Who does she want to help?
unique value proposition
competitive advantage
customer segments
key metrics
Henry is analyzing his startup's performance. This gives him the numbers or stats, which allows him to see how well his business is going.
key metrics
customer segments
solution
revenue
This is how your business is going to "fix" a problem in the area you are working.
problem
solution
channel
key metrics
Michael is reviewing his business finances. He needs to identify all the money he has to pay into his business to keep it going. What is this called?
channels
revenue streams
cost structure
competitive advantage
Aria is planning to start a new business and is considering how to price her products/services. What/where are moneys coming into her business?
problem
key metrics
revenue streams
cost structure
Business plans are text-based documents
True
False
A __________ is a single-page business summary template.
Business Plan
Pitch Deck
Lean Canvas
Executive Summary
How long are business plans?
15-20 minutes
10-100 minutes
15-20 slides
10-100 pages
You need to create a legal structure for your small business. You would like some of the benefits enjoyed by larger corporations, but do not want to be taxed twice. You have four partners who will be shareholders. None of you plan to sell your ownership shares to the public but do want to be protected from business liabilities. Which legal structure should you set up for your business?
C-Corp
Partnership
S-Corp
LLC
Avery is working on a project to improve a mobile app. Which phase of the Design Process will state the users' needs and problems?
Empathize
Define
Ideate
Prototype
Test
Abigail, Hannah, and Anika are planning to start a business where they would pay taxes on the company's profit and losses through their personal taxes. They also want to ensure that there is no risk of personal lawsuits. What type of business should they start?
LLC
Non Profit
Sole Proprietorship
S Corporation
Aria is responsible for the day-to-day operations of a company. What is her role?
CEO
CFO
Employee
COO
Sarah is in charge of managing the company's financial actions, including tracking cash flow and financial planning. What is Sarah's likely role in the company?
CEO
CFO
Employee
COO
William, Maya, and Lily are starting a business together. They are considering different types of corporations. They want to avoid a double layer of taxation. Which type of corporation should they avoid?
C Corporation
S Corporation
Limited Liability Corporation
Sole Proprietorship
Maya has started a bakery business as a sole proprietor. What is the main drawback of Maya's sole proprietorship?
It was easy for Maya to create her bakery business
Maya requires a partner for her bakery business
Maya is responsible to shareholders for her bakery business
Maya has unlimited personal liability for her bakery business
The state of being RESPONSIBLE for something
Maturity
Proprietor
Owner
Investor
Nonprofit:
A type of business that has no owner and does not pay federal US taxes.
The expenses incurred for running day-to-day tasks in a business.
The way one approaches new ideas and ventures in their life.
A form of communication between businesses and customers which relays a message promoting services and/or goods.
Samuel and Aria are planning to start a business and considering to form an S Corporation. Isla, their business advisor, mentioned a disadvantage of S Corporations. What could it be?
They have high taxation rates
There are very strict qualification requirements for becoming an S corporation
There is a limited number of allowed S corporations
They are subject to double-taxation
During a school project, Abigail and Priya are trying to understand their classmate Ava's perspective on a certain issue. Which of the following would allow them to see and experience Ava's perspective?
Sympathy
Empathy
Emotions
Customer Service
Emma, Charlotte, and Evelyn decided to start a company. The person who initially came up with the idea and set everything into motion is known as the ___
CEO
Stockholder
Founder
COO
CFO
You are planning to expand your business internationally and want to attract foreign investors. Your partners are from Canada and Germany. You wish to limit your personal liability and have the flexibility to issue different classes of stock. Which legal structure would be most suitable?
S-Corp
Limited liability Company LLC
Partnership
C-Corp
Arjun and Sophia are planning to expand their business internationally. Which type of corporation would be ideal for them?
S Corporations
C Corporations
LLC
Partnerships
Zoe and Aiden are considering starting a business together. They want a type of business structure with a special tax advantage that allows the company to pass its income, losses, deductions, and credits through its shareholders. What type of business structure should they consider?
Corporations
Sole Proprietor
S Corporations
Partnerships
A __________ is a single-page business summary template that was created by Ash Maurya.
Business Plan
Pitch Deck
Lean Canvas
This section of the lean canvas describes how your product or service can only be offered by you. Another example is having policies and standards in place that limit certain people from being able to have be a part of your business operation in order to provide a quality product or service.
Problem
Unfair Advantage
Key Metrics
Unique Value Position
This section of the lean canvas answers the following question:
How will customers learn about your product?
Customer Segment
Unfair Advantage
Channels
Unique Value Position
This section of the lean canvas is used to measure success (or failure) of your solution.
Problem
Unfair Advantage
Key Metrics
Unique Value Position
A written description of a business venture that describes all aspects of the business is called
a company charter.
a company policy.
a business plan.
an executive summary.
A one-page document discussing key information commonly seen in a business plan
Business Opportunity
Lean Canvas
Pitch Deck
Business Plan
The favorable position an organization seeks in order to be more profitable than its competitor
revenue
unique value proposition
product
competitive advantage
The fixed and variable costs
cost structure
revenue
key metrics
start up costs
Money that comes into the business
costs
business costs
revenue
cash flow
The particular group a business is interested in making the focus of all the company’s efforts
niche
target customers
focus group
entrepreneurs
How long is a pitch deck?
10-100 minutes
10-100 pages
15-20 slides
15-20 minutes
A pitch deck is a visual slide presentation
True
False
A slide presentation for potential investors that summarizes of the key items of a business is called a __________.
Business Plan
Pitch Deck
Lean Canvas
