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Entrepreneurship Chapter 3 Flashcards | StudBud
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Entrepreneurship Chapter 3
Entrepreneurship Chapter 3
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Chapter 3
Flashcards
14 cards
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Practice quiz
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Questions
14
Answers
1
Which of the following is a good resource when preparing your business plan?
the local chamber of commerce
trade association
all of the above
professional business consultant
2
Never reveal any financial information in a business plan
True
False
3
Organizations made up of professionals in a specific industry are called __________.
professionals
S.C.O.R.E.
S.B.A.
trade associations
4
The title page of your business plan includes
the name and title of the owner
the date
the name of your company
all of the above
5
The _____ section of your business plan should describe your products and services
introduction
financial management
marketing
operations
6
Which of the following is NOT one of the main purposes of a business plan?
includes sales goals for at least 12 years into the future
it explains the idea behind a business
describes the experience of the business’s leadership team
it sets specific business objectives
7
A(n) __________ is a short restatement of your business plan.
executive summary
cover letter
concluding statement
introduction
8
Financial statement based on projected revenues/expenses is called a _____ financial statement
future financial statement
business plan financial statement
projected financial statement
forma financial statement
9
Lenders and investors require a business plan before they will consider financing a business.
False
True
10
A business plan should never list any risks or potential problems your new business could face
True
False
11
A business plan needs to convince readers that you have come up with a practical business idea.
False
True
12
Which section contains information about the ownership structure of the business?
the financial management section
the introduction section
the operations section
the marketing section
13
A(n) _____ strategy is the way an entrepreneur intends to extract their $ from a business
Owners' Equity Account
forma financial statement
executive summary
harvest strategy
14
A business plan
is not usful during the startup
all of the above
is not usually needed to secure financing for your business
can serve as a tool for managing your business
