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The Business Plan Flashcards | StudBud
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The Business Plan
The Business Plan
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Flashcards
20 cards
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Questions
20
Answers
1
DBA means:
Debt Bylaw Asset
Doing Business As
Debt Business Account
Done Business Account
2
Intellectual Property refers to:
Assets that exclude intangibles
Patents, trademarks and copyrights
Your knowledge of your business
3
It is a good idea to quit one's job before beginning to plan for a business.
False
True
4
A trademark can provide you with which of the following:
The ability to order checks in your business name.
An increase to the amount of credit cards you can get.
Protection in case another business tries to use your name.
The most important part of your business plan.
5
The greatest risk in operating a business 'while still employed' is:
Failure to separate the two
All of the choices are correct
Fatigue
Conflict of interest
6
The biggest single mistake made when selecting a business is:
Zoning
Selecting the wrong business
Not having an office
7
Your business plan could EXCLUDE:
Financial projections
Personal bios of management
Vacation home
Expansion plan
8
The primary reason to prepare a business plan is to create a tool to deal with investors
False
True
9
Personal liability for a business loan can be avoided by organizing the business as a corp.
False
True
10
The best place to find more information on designing your own individualized plan is:
Lawyer
Library or other open sources
Accountant
Consultant
11
Most lending sources (SBA, for example) will require submission of a business plan.
False
True
12
Where is the best place to start for someone looking to get a business license?
Office supply
City Hall
Post office
13
In order to test your understanding of your market, the safest approach would be to
Rely on Instinct
Survey friends
Test market your product or service
14
A sole proprietor is not personally liable for the obligations of his or her business.
True
False
15
The best source of money to start my business is:
Selling shares of stock
Personal money
Bank loan
16
Preparation of a business plan is optional for some small businesses.
True
False
17
Turning a hobby into a home based business should be considered as a possibility.
False
True
18
Equity financing means:
Money that stays in the business as an ownership interest.
Borrowed money that is paid back in installments.
Money borrowed on a fair ("equity") basis.
19
With the financial projections, it is as important to estimate long range sales and earnings
True
False
20
It is a good idea to line up a lawyer whose practice is focused on business?
False
True
