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Business Plan
Business Plan
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Questions
29
Answers
1
Writing a business plan can help you identify problems you might encounter in the future.
True
False
2
The experience of those who will be running the business help lender make financing decisions.
False
True
3
After your business plan is completed, you can use it to....
identify your target market
identify you product or service
make short-term sales projectioms
help manage your business
4
The marketing section of your plan explains
all of these
your advantages over the competition
how you plan to enter the market
who your prospective customers are
5
A business plan 's title page includes all of the following
except
name of your company
the date
the owner's name
summary of the plan
6
A business plan explains how your product or service...
all of these
will be sold
will be produced
is better than existing products
7
Writing an effective business plan should only take 24 hours.
False
True
8
Online business resources
are not as reliable as print resources
are not available from SBA
can be found via search engines
should not be used in business plan
9
After your business is up and running, you will not need you business plan.
True
False
10
What is a Business Plan?
business goal
executive summary
controls your market
describes a new business
11
Never reveal your competitors' strengths in your business plan-only what they are doing wrong.
True
False
12
Small Business Development Centers can provide advice to help develop your business plan.
False
True
13
A handwritten business plan is acceptable if it neat, well organized, and inviting to read.
False
True
14
Your business plan should describe the location of your business because
all of these
different forms of ownership have different locations
every industry has an ideal type of location
location is critical to success
15
All business plans have different purposes, so they don not all have the same basic elements.
True
False
16
The financial section of your business plan should state how much money you need to borrow.
True
False
17
Businesses must have a new products or services to show investors that the ______ is solid.
investment
product
idea
location
18
The business plan explains to lenders
day to day guide
business shortcomings
why the business deserves financial support
unique qualities about the owner
19
A copy of your resume help show owners that you are qualified to manage a business.
False
True
20
The Internet is not a trusted source of information on how to develop a business plan.
True
False
21
An executive summary
must be never be longer than two paragraphs
includes supporting documentsbackup statements in the report
should be written before the business plan is completed
state the amount you want to borrow
22
A business plan should...
identify target market
all of these
show how your business will earn a profit
detail who will run your business
23
Your business plan must
be consistent
all of these
clearly define your market
never overlook competition
24
The executive summary should be
no more than 2 pages
3 pages
1 page
4 pages
25
this section of the business plan shows the legal form of the business.
industry anaylsis
executive summary
management plan
organizational plan
26
Which of the following is least likely to be a helpful resource for your business plan/
Business Week magazine
SBA publication
National Geographic
books on entrepreneurship
27
A business plan will not help you think about all aspects of your business.
False
True
28
A business pan provides financial information that shows how your business will earn a profit
False
True
29
A letter that introduces and explains an accompanying document is called a
introductory letter
statement of purpose
cover letter
letter of intent
