Why do you need a business plan?
  • To explain your idea
  • the ability to get financing.
  • it's a road map that sets objectives and goals for the business.
  • To help reduce the risk of business failure.
  • All of the above.
Which of the following does not describe a socio-cultural environment source of opportunity?
  • beliefs
  • customs
  • taste
  • licenses
Which of the following is characterized by the income level of a region or area?
  • economic
  • ecological
  • technological
  • political
Which of the following is not true?
  • The income level of a region dictates the purchasing power of the customers.
  • In the Philippines, beliefs, traditions, and customs are the same from one area to another.
  • The use of technology in a business venture is inevitable nowadays.
  • Environmental issues open doors for business opportunities.
What refers to a specific group of consumers at which a company aims its products and services?
  • customers
  • target market
  • consumers
  • investors
What refers to integrated characteristic of a group of people or ethnic group?
  • cultural forces
  • social forces
  • ecological forces
  • economic forces
Which of the following elements belong to the social force?
  • climate
  • wildlife
  • physical resources
  • literacy level
Which of the following parts of the business plan is done last??
  • Financial Plan
  • Product/Service Plan
  • Executive Summary
  • Market and Sales Plan
Environmental awareness on the harmful effects of single-use plastics are common nowadays. What particular environment is represented by this situation?
  • economic
  • social
  • ecological
  • political
What does SWOT stand for?
  • Strengths, Weaknesses, Opportunities and Traits
  • Systems, Weaknesses, Opportunities and Threats
  • Strengths, Weaknesses, Opportunities and Threats
  • Strengths, Weaknesses, Observations and Threats
Which of the following is the process of dividing the whole market into smaller groups that the business wants to serve?
  • Market Segmentation
  • Market Positioning
  • Market Division
  • Market Analysis
How long does a business plan generally projects?
  • 3-5 Years
  • 5-7
  • 1-2
  • 9-10
The __________________________ states, "The development of a comprehensive business plan shows whether or not a business has the potential to make a profit."
  • Service Corps of Retired Executives (SCORE)
  • Small Business Administration
  • US Bureau of Labor
  • Trade Association
Although clarifying direction in the business plan lets you know where you're starting, ________________________ allows you to have goals to reach for.
  • Clarifies Direction
  • Future Vision
  • Attracts Financing
  • Attracts Team Members
A business plan conveys the ___________________________ of your business, including titles of directors or officers and their individual duties.
  • Operational Milestones
  • Organizational Structure
  • Management Tool
  • Objectives and Goals
Graphics can make the business plan longer, ______________________________________.
  • but they make the business plan less boring
  • but they make banks interested in investing in your business
  • but they add real value
  • but they take up less pages
There are ___________________ primary parts to a business plan.
  • Five
  • Four
  • Three
  • Two
A ____________________________ describes the nature of your business and list the marketplace needs that you are trying to satisfy.
  • Market Analysis
  • Financial Reports
  • Appendix
  • Company Description
With the exception of the ______________________, all of the information in the executive summary should be covered in a concise fashion and kept to one page.
  • Company Information
  • Financial Information
  • Mission Statement
  • Growth Highlights
If you own an established business, you will be requested to supply ____________________ related to your company's performance.
  • A Mission Statement
  • Sales Forecast
  • Prospective Financial Data
  • Historical Data
Every business is structured ___________________.
  • To make money
  • As a Sole Proprietorship
  • Differently
  • The same
The primary purpose of a business plan is to define what the business is or what it intends to be over time.
  • True
  • False
Marketing plans can be shared with the executive candidates or desired partners to help convince them of the potential for the business, and persuade them to join the team.
  • True
  • False
Effective business writing is easy to read.
  • True
  • False
The mission statement should highlight the strengths of your overall plan and therefore be the last section you write.
  • True
  • False
The Mission Statement – This explains what your business is all about. It should be between several sentences and a paragraph.
  • True
  • False
Company Information – Include a short statement that covers when your business was formed, the names of the founders and their roles, your number of employees, and your business location(s).
  • True
  • False
Growth Highlights – Include examples of company growth, such as financial or market highlights (for example, “XYZ Firm increased profit margins and market share year-over-year since its foundation). Graphs and charts can be helpful in this section.
  • True
  • False
Summarize Future Plans -- Briefly describe the products or services you provide.
  • True
  • False
Financial Information – If you are seeking financing, include any information about your current bank and investors.
  • True
  • False
Your Products/Services – Explain where you would like to take your business.
  • True
  • False
Summarize Future Plans – Explain where you would like to take your business.
  • True
  • False
Complete the sentence: A business plan...
  • is useful once your business is operational but not much help during the startup phase
  • is not usually needed once the business is up and running
  • can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running.
The executive summary should highlight the strengths of your overall plan and therefore be the last section you write.
  • True
  • False
Business plans can be shared with the executive candidates or desired partners to help convince them of the potential for the business, and persuade them to join the team.
  • True
  • False
Your Products/Services -- Briefly describe the products or services you provide.
  • True
  • False
Looks at likely risks to the business
  • Contingency Plan
  • Management Team Plan
  • Marketing Plan
  • Industry Overview
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.
An analysis of the business’s advantage over its competitors
  • Growth Plan
  • Competitive Analysis
  • Contingency Plan
  • Market Analysis
A part of the business processes that result in the production and delivery of the product or service
  • Competitive Analysis
  • Company Description
  • Operational Plan
  • Organizational Plan
How a company will make customers aware of its products/services
  • Marketing Plan
  • Industry Overview
  • Product and Service Plan
  • Growth Plan
Looks at how the business will expand in the future
  • Growth Plan
  • Product and Service Plan
  • Contingency Plan
  • Company Description
A potential business owner’s qualifications and those of any partners
  • Company Description
  • Management Team Plan
  • Growth Plan
  • Executive Summary
A brief account of the key points contained in a business plan
  • Executive Summary
  • Company Description
  • Mission Statement
  • Vision Statement
A description that provides an outline of a business
  • Executive Summary
  • Company Description
  • Contingency Plan
  • Mission Statement
A description of the product or service to be offered
  • Operational Plan
  • Marketing Plan
  • Product and Service Plan
  • Industry Overview
Who will run the company as well as management’s philosophy
  • Organizational Plan
  • Operational Plan
  • Executive Summary
  • Company Description
Research of the potential business’s industry
  • Market Analysis
  • Industry Overview
  • Contingency Plan
  • Marketing Plan
Research of the potential customer’s profile
  • Market Analysis
  • Marketing Plan
  • Mission Statement
  • Growth Plan
A plan presenting financial forecasts for the business
  • Loan Proposal
  • Financial Plan
  • Business Loan Plan
  • Investor Plan
The specific aspirations of a company, the major goals it will try to reach.
  • Vision Statement
  • Company Description
  • Mission Statement
  • Executive Summary
Which of the following is NOT a heading on a business plan?
  • The staff
  • The idea
  • Market research
  • Advertising campaign examples
  • Competitors
A business plan would normally be updated:
  • Every day
  • A month after the business starts
  • Once a business adjusts its aims/objectives
  • Every so often
  • Never - It stays the same in its original form
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