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