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WorksheetsEntrepreneurship - Forecasting Review
Total questions: 12
Worksheet time: 6mins
Which of the following is a potential benefit of sales forecasting?
Increased efficiency
New product ideas
Higher costs
Decreased revenue
Which type of sales forecasting is based on expert opinion and personal experience?
Long range
Qualitative
Quantitative
Short Range
Which type of sales forecasting is based on the analysis of hard facts or numerical data?
Long range
Qualitative
Quantitative
Short range
Which of the following is an advantage of quantitative sales forecasting?
It is reliable.
It is cheap.
It provides a "human touch"
It's perfect for new businesses
Which of the following is an external factor that may affect a business's sales forecast?
Price
Promotion
Distribution
Political conditions
A business might create a sales forecast to predict future sales for
discontinued products
a specific market segment
a competitor
product ideas
Short-range sales forecasts are used to
aid in day-to-day decision-making
plan yearly budgets
determine whether or not to make capital expenditures
make strategic plans
Intermediate-range sales forecasts are used to
plan yearly budgets
aid in scheduling
aid in staffing
make strategic plans
Long-range sales forecasts are used to
aid in inventory planning
plan yearly budgets
determine whether or not to make capital expenditures
make strategic plans
Which of the following is a use for sales forecasting in business planning?
Coming up with new product ideas
Comparing sales to industry norms
Designing advertisements
Negotiating contracts with suppliers
Which of the following is not a benefit of sales forecasting?
Increasing revenue
Increasing customer retention
Increasing costs
Increasing efficiency
True or False....Long range sales forecasting is used to create budgets and plan capital expenditures.
True
False
