Entrepreneurship Chapter 5

Question 1

The marketing section of a b plan should describe the research you plan to do to identify cust.

Accepted Answer

False

Question 2

The products or services section of your plan ishould

Accepted Answer

explain any unique features of your product or service

Question 3

The executive summary

Accepted Answer

should capture the interest of the readers

Question 4

A business plan is helpful not only in the initial stages of your company but also the future

Accepted Answer

True

Question 5

Identification of risks and your plan to deal with them should be in the

Accepted Answer

financial section

Question 6

Charts and tables should be included in the appendix rather than the main bodu

Accepted Answer

False

Question 7

The appendix includes supporting evidence such as

Accepted Answer

letters of recommendation

Question 8

How you came up with your business idea is described in the history and background section

Accepted Answer

True

Question 9

Lenders want to know exactly where your business will be because location is a critical factor

Accepted Answer

True

Question 10

Lenders want to know the background and exp. of the management and staff of your business

Accepted Answer

True

Question 11

The products section of should describe any new products you plan to develop after five years

Accepted Answer

False

Question 12

A business with licensing requirements should include

Accepted Answer

a legal issues section

Question 13

A business plan only need to set specific sales objs. for the short and medium terms

Accepted Answer

False

Question 14

The appendix includes supporting evidence that was not included in the body of the report

Accepted Answer

True

Question 15

Researching all the parts of your business will not teach you a great deal about running a bus

Accepted Answer

False

Question 16

A business that must meet legal restrictions should include that information in the appendix

Accepted Answer

False

Question 17

Without a business plan, you will not be able to

Accepted Answer

obtain a business loan

Question 18

The executive summary is based on the most important and persuasive parts in the main body

Accepted Answer

True

Question 19

In your business plan, you will need to identify who your target customer is

Accepted Answer

True

Question 20

The cover letter of a business plan should

Accepted Answer

briefly describe your business and its potential for success

Question 21

Every business plan should begin with a cover letter.

Accepted Answer

True

Question 22

Short-term goals for a business might include

Accepted Answer

all of these

Question 23

Writing out a business plan helps you convince people to buy your product or service

Accepted Answer

False

Question 24

The goals and objs. section discusses growth potential, economic trends, and forecasts

Accepted Answer

False

Question 25

Prospective lenders will want to know what risks your business faces and how you plan to deal

Accepted Answer

True

Question 26

Which of the following is not a purpose of a business plan?

Accepted Answer

to describe how you will locate reliable suppliers

Question 27

A business plan may help to convince suppliers to extend credit to your company

Accepted Answer

True

Question 28

In researching all the parts of your business, you can

Accepted Answer

all of these

Question 29

The statement of purpose briefly describes your business and its potential for success

Accepted Answer

False

Question 30

Banks make financing decisions on whether they think a company will expand in 3 years

Accepted Answer

False

Entrepreneurship Chapter 5

Questions 30

Entrepreneurship Chapter 5

Questions 30