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Business Plans
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elements of a business plan.
Flashcards
23 cards
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Practice quiz
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Questions
23
Answers
1
Which definition most closely describes the meaning of target market?
people who shop at Target
individuals or companies interested in a particular product.
data that describes a group o people in terms of their taste
people who buy the products and services.
2
What appears at the beginning of a business plan?
Goals and Objectives
Financial Plan
Marketing Plan
Executive Summary
3
What part of a business plan helps the Dolans deal with the seasonal nature of their business?
organizational chart
state of assets and liabilities
marketing giveaways
cash flow forecast
4
A business plan is a fundamental part of starting your own business.
True
False
5
Organizations that promote certain types of businesses are called what?
both a and b
none of these
sba
trade associations
6
What are three elements of a business plan?
Goals/Objectives, marketing, loans
Executive Summary, Statement Purpose, History/Background
Products/Services, Lenders Info, Industry breakdown
None of the above
7
Define pro forma financial statement.
financial statement based on projected revenues and expenses
none of these
a document that lenders complete about your business
a letter that details liabilities and assets
8
A letter that explains or provides more information about a document or set of documents.
Semi-block letter
business letter
cover letter
block business letter
9
Who is a business plan written for?
Suppliers, consumers, and employees
Lenders, investors, and s suppliers
Consumers and banks
Lenders, investors, consumers
10
What is the purpose of the appendix of your business plan?
to give the reader a brief snapshot of the overall report
capture the readers attention
supporting evidence not included in the body of the report.
all of these
11
List the three elements of a business plan.
history/background, goals/objectives, products or services.
table of contents, main body, executive summary
trade associations, cover letter, financial statements
12
SBA stands for...
Small Business Agency
Small Business Association
Southern Business Association
Starting A Business Association
13
What are short term goals?
1 - 2 months
1 week - 3 months
6 months - 3 years
14
You do not have to disclose who you will hire in your business plan.
True
false
15
What does the table of contents of your business plan entail?
assets, liabilities and page numbers
financial plans, cash flow and page numbers
business plan topics, sub-topics and page numbers
sub-sections only of the business plan
16
What is the correct order of the business plan?
Exec. summary, Goals, form of ownership, marketing
Goals, history/background, marketing
Executive summary, products/servicesExecutive summary,
Exec. summary, goals, history/background, products/services
17
Who is marketing aimed at?
as many people as possible
Existing customers
Potential new customers
both potential and existing customers
18
What does SWOT stand for?
seven weeks, one theme
Success works overtime
Strengths, weaknesses, opportunities, threats
still working on that
19
Why is it important to identify the risks you face?
Investors, lenders know how you will deal with risks.
none of these
So that you know the obstacles
All of these
20
Why should every business plan begin with a cover letter?
talks about money that you would like to borrow
informs investors about your long term goals
all of these
snapshot of the business plan/introduction of your product
21
The marketing plan explains a list of your company's advantages over the competition.
True
False
22
Where does the organizational structure of a business appear in a business plan?
Financial Plan
Marketing Plan
Operations Plan
Mission Statement
23
Customers are the most important asset of a business.
false
true
