1. The Business Plan is a valuable management tool. not used as a reference guide. a powerful money-raising tool. Both A and C
2. The properly developed Business Plan should answer questions such as: Does the proposed business have a reasonable chance for success at the start? Can the product and the marketing of the product be economically financed? Both A and B Neither A and B
3. The Business Plan should convey ideas, research findings, and proposed plans. detailed information concerning competitors. past failed business ventures. suggestions concerning personal investment strategies.
4. An important element of the Business Plan is the _______________, which is a brief statement that captures the essence of the organization and provides direction and guidance to everyone in the company. Mission Statement Executive Summary Objective Statement Company Description
5. An important element of the Business Plan is the _______________, which is a statement that specifies the company's time-based goals that can be monitored and measured. Mission Statement Executive Summary Objective Statement Company Description
6. An important element of the Business Plan is the _______________, which outlines specific actions that the company will take in attempt to interest potential customers in, and to persuade them to buy, their products/services. SWOT Analysis Marketing Plan Operating Procedures Industry Analysis
7. An important element of the Business Plan is the _______________, which identifies the internal and external forces affecting the company. SWOT Analysis Marketing Plan Operating Procedures Industry Analysis
8. The Business Plan must identify potential customers within the target market. The dividing up of the target market is called Industry Analysis the External Audit the Internal Audit Market Segmentation
9. The ''Opportunities'' and ''Threats'' of the Business Plan can be found in the _____________ portion of the SWOT Analysis. External Audit Internal Audit Industry Analysis Market Segmentation
10. The financial data section of the Business Plan contains the following elements: Break-even Analysis, Cash Flow Statements, Start-Up Budget Financial WriteUp Balance Sheet and Income Statements (Profit/Loss) All of the above
11. The purpose of Industry Analysis is to determine the performance of other firms in related industries and markets. TRUE FALSE
12. The Target Market consists of defined segments of people that possess common characteristics and have a greater tendency to purchase a particular product or service. TRUE FALSE
13. Geographics, Demographics, and Psychographics are all elements researched in the Industry Analysis. TRUE FALSE
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