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Entrepreneurship - Business Planning Flashcards | StudBud
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Entrepreneurship - Business Planning
Entrepreneurship - Business Planning
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General Business Planning Questions (Economics, Business Plan Outline, Finances)
Flashcards
20 cards
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Questions
20
Answers
1
The marketing section should describe how your business will be managed on a day-to-day basis.
False
True
2
The personal net worth equation =
None of the above
Total liabilities - Total assets
Total assets - Total Liabilities
Networth - Total liabilities
3
Without a business plan you will not be able to...
obtain a business loan
make sales projections
manage your business
locate a space for your business
4
A business plan is helpful in the initial stages of your company and in future decision making
False
True
5
An example of a business assets would be
accounts receivable
inventory on hand
Bank loans
salaries payable
6
A business plan needs to outline goals for the business only for the short term and medium term
False
True
7
Your business idea is described in the introduction section of the business plan.
True
False
8
Writing out a business plan helps you convince people to buy your product or service.
True
False
9
Money invested in a business in return for a share in profits of the business is referred to
Equity Capital
Debt Capital
Bank Loan
Debt to Equity ratio
10
Which of the following is not a purpose of a business plan?
describe how you expect to achieve specific objectives
Which of the following is not a purpose of a business plan?
describe how you will locate reliable suppliers
To spell out how your product or service will be sold
11
Identification of risks and your plan to deal with them should be in your business plan’s ..?
Introduction
Executive Summary
Financial Plan
Management Plan
12
If your direct competitor lowers the price of similar goods and services, demand would...
Decrease for your goods/services
Increase for your goods/services
none of the above
stay the same, but price would drop
13
Individuals or companies that make a living investing in startup companies are called
Venture Capitalists
Company shares
Bank investments
None of the above
14
The operations section discusses growth potential and forecasts for your business’s industry.
False
True
15
In your business plan, you need to identify who your target customer is and how to keep them.
True
False
16
The executive summary of the business plan is....
should capture the interest of the readers
the second introductory element
is rarely read by lenders or investors
includes the name, address, and phone number of your company
17
The marketing section of your plan should do all of the following except
describe the market for your product
explain who your prospective customers are
explain any unique features of your product
show the expertise of your sales force
18
The appendix of the business plan is where you place which of the following?
none of the above
Competitive analysis
Sales projections
Contracts and signed leases
19
The higher percentage you invested in your company, the harder it is to get others to invest.
True
False
20
To calculate necessary start up costs for your business, you should...
Consider start up assets necessary
Consider the factors of production
Itemize costs necessary to operate
all of the above
