What does SWOT Analysis acronym stand for?

Strengths, Weaknesses, Opportunities, Threats

Which of these is the best definition of a "competitor"?

A company that supplies a similar good or service to you

Which of these statements about budgeting is INCORRECT?

A forecast looks forward whereas a budget looks back

Which one is NOT considered a key component of a business plan?

Methods for dissolution of the organization

Why complete a Business Plan?

To set out clear goals for your start-up

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My Bakery Business Plan

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Embedded financial literacy in bakery class

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Questions 14

Answers

1
Which of the following should be done after purchasing insurance?
For policy cancellations, get credited or get a refund
Keep emergency phone numbers readily accessible
Meet with an insurance agent periodically to review policies
All of the above
2
Business credit cards are more expensive than small business loans.
Depends
False
True
3
What does SWOT Analysis acronym stand for?
Situation, Workplan, Outputs, Timings
Successes, Weaknesses, Opportunities, Targets
Strategically Weighted Organigram Theory
Strengths, Weaknesses, Opportunities, Threats
4
Which of these is the best definition of a "competitor"?
A company that supplies a similar good or service to you
A company operating within your industry
A company that uses the same marketing channels as you
A company operating within your region
5
How much product liability should you purchase?
Should be based on the amount of people in your company
Should be based on your income
Should be based on the amount of machines in your company
Should be based on the amount you produce in your company
6
If you need a small-business loan, try approaching:
Friends and relatives
Your community bank
Any of the above
Your local credit union
7
Which of these statements about budgeting is INCORRECT?
A forecast looks forward whereas a budget looks back
Budgets provide direction and coordinatio
Budgets can help motivate staff
A budget is a financial plan
8
Which of the following is NOT a type of insurance?
Surety bond
Loss payee
Unemployment
Liability
9
In order to get business credit, you need to have been in business for a minimum of two years.
False
True
10
Startup owners usually don't qualify for business credit cards.
True
False
11
A budget is described as a:
Cash flow forecast
Financial plan for the future
Historical record of performance
Plan for business costs
12
Crime insurance does not provide coverage in case of
Burglary
Loss of personal possessions
Computer fraud
13
Which one is NOT considered a key component of a business plan?
Market trend analysis
Sources of funding
Methods for dissolution of the organization
Description of products or services
14
Why complete a Business Plan?
To set out clear goals for your start-up
To get finance
To make sure you know what you are doing
To impress your mum

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