Question 1

The legal objectives are included in the operational planning process.

Accepted Answer

A) True 
 B)False

Question 2

_____ give a shorter-term direction to the business and serve as benchmarks for measuring performance.

Accepted Answer

A)  Budgets 
B)  Objectives 
C)  Strategies 
D)  Missions 
A)  Budgets 
B)  Objectives 
C)  Strategies 
D)  Missions

Question 3

The _____ is the part of the business plan that outlines the entire plan, its major objectives and the expected results.

Accepted Answer

A)  cover sheet 
B)  executive summary 
C)  table of contents 
D)  appendix 
A)  cover sheet 
B)  executive summary 
C)  table of contents 
D)  appendix

Question 4

Which of the following are set by strategic planning?

Accepted Answer

A)  Methods and procedures 
B)  Policies 
C)  Missions 
D)  Budgets 
A)  Methods and procedures 
B)  Policies 
C)  Missions 
D)  Budgets

Question 5

Operational planning involves developing strategies to meet competition.

Accepted Answer

A) True 
 B)False

Question 6

Raw materials used to produce products are:

Accepted Answer

A)  variable expenses. 
B)  overhead expenses. 
C)  fixed expenses. 
D)  promotional expenses. 
A)  variable expenses. 
B)  overhead expenses. 
C)  fixed expenses. 
D)  promotional expenses.

Question 7

_____ set the requirements needed to follow the strategies and accomplish the objectives.

Accepted Answer

A)  Methods 
B)  Policies 
C)  Procedures 
D)  Budgets 
A)  Methods 
B)  Policies 
C)  Procedures 
D)  Budgets

Question 8

The oral presentation of the business plan should be:

Accepted Answer

A)  presented by an outside advisor. 
B)  delivered from the owner's perspective. 
C)  detailed in order to motivate employees. 
D)  validated by the market research findings. 
A)  presented by an outside advisor. 
B)  delivered from the owner's perspective. 
C)  detailed in order to motivate employees. 
D)  validated by the market research findings.

Question 9

Expenses that do not change in value as sales volume rise or fall are called _____.

Accepted Answer

A)  variable expenses 
B)  fixed expenses 
C)  operating expenses 
D)  miscellaneous expenses 
A)  variable expenses 
B)  fixed expenses 
C)  operating expenses 
D)  miscellaneous expenses

Question 10

State three examples of strategic planning for a small business owner.

Accepted Answer

Students' examples may vary.
Strategic p

Question 11

_____is the process of setting objectives and devising courses of action to achieve those objectives.

Accepted Answer

A)  Controlling 
B)  Planning 
C)  Organizing 
D)  Leading 
A)  Controlling 
B)  Planning 
C)  Organizing 
D)  Leading

Question 12

In order to maintain control, the owner should:

Accepted Answer

A)  include securities dealers in the business to finance the startup costs. 
B)  use venture capital funds. 
C)  invest more personal funds than all other sources combined. 
D)  borrow funds for the startup capital from external lenders. 
A)  include securities dealers in the business to finance the startup costs. 
B)  use venture capital funds. 
C)  invest more personal funds than all other sources combined. 
D)  borrow funds for the startup capital from external lenders.

Question 13

In developing a business plan, one should consider the firm's origins and background to attract investors.

Accepted Answer

A) True 
 B)False

Question 14

Strategic planning is likely to incorporate:

Accepted Answer

A)  provision for low-cost financial security. 
B)  the selection process of employees. 
C)  preferential promotion of employees. 
D)  optimum usage of money. 
A)  provision for low-cost financial security. 
B)  the selection process of employees. 
C)  preferential promotion of employees. 
D)  optimum usage of money.

Question 15

Methods and procedures provide employees with standing instructions for performing their jobs.

Accepted Answer

A) True 
 B)False

Question 16

The largest expense for companies selling products usually is related to:

Accepted Answer

A)  human capital. 
B)  insurance. 
C)  materials, supplies, and/or goods. 
D)  advertising. 
A)  human capital. 
B)  insurance. 
C)  materials, supplies, and/or goods. 
D)  advertising.

Question 17

A business plan is a tool for attracting people and money.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is/are part of a company's financial resource?

Accepted Answer

A)  Tools and equipment 
B)  Available equity 
C)  Reputation 
D)  Supervisors 
A)  Tools and equipment 
B)  Available equity 
C)  Reputation 
D)  Supervisors

Question 19

Explain the purpose and the use of a business's mission statement.

Accepted Answer

A business's mission statement defines t

Question 20

The executive summary outlines the entire business plan, its major objectives, how these objectives will be accomplished, and the expected results.

Accepted Answer

A) True 
 B)False

The legal objectives are included in the operational planning process.

_____ give a shorter-term direction to the business and serve as benchmarks for measuring performance.

The _____ is the part of the business plan that outlines the entire plan, its major objectives and the expected results.

Which of the following are set by strategic planning?

Operational planning involves developing strategies to meet competition.

Raw materials used to produce products are:

_____ set the requirements needed to follow the strategies and accomplish the objectives.

The oral presentation of the business plan should be:

Expenses that do not change in value as sales volume rise or fall are called _____.

State three examples of strategic planning for a small business owner.

_____is the process of setting objectives and devising courses of action to achieve those objectives.

In order to maintain control, the owner should:

In developing a business plan, one should consider the firm's origins and background to attract investors.

Strategic planning is likely to incorporate:

Methods and procedures provide employees with standing instructions for performing their jobs.

The largest expense for companies selling products usually is related to:

A business plan is a tool for attracting people and money.

Which of the following is/are part of a company's financial resource?

Explain the purpose and the use of a business's mission statement.

The executive summary outlines the entire business plan, its major objectives, how these objectives will be accomplished, and the expected results.

Starting Your Small Business

Family-Owned Businesses

Forms of Ownership of Small Businesses

Maintaining Good Government Relations and Business Ethics

Becoming the Owner of a Small Business

How to Obtain the Right Financing for Your Business

Developing Marketing Strategies

Promoting and Distributing

How to Obtain and Manage Human Resources and Diversity in Small Companies

How to Maintain Relationships With Your Employees and Their Representatives

Obtaining and Laying Out Operating Facilities

Purchasing, Inventory, and Quality Control

Basic Financial Planning

Budgeting and Controlling Operations and Taxes

Using Computer Technology in Small Businesses

Risk Management, Insurance, and Crime Prevention

Filters

Exam 6: Planning, Organizing, and Managing a Small Business

The legal objectives are included in the operational planning process.

_____ give a shorter-term direction to the business and serve as benchmarks for measuring performance.

The _____ is the part of the business plan that outlines the entire plan, its major objectives and the expected results.

Which of the following are set by strategic planning?

Operational planning involves developing strategies to meet competition.

Raw materials used to produce products are:

_____ set the requirements needed to follow the strategies and accomplish the objectives.

The oral presentation of the business plan should be:

Expenses that do not change in value as sales volume rise or fall are called _____.

State three examples of strategic planning for a small business owner.

_____is the process of setting objectives and devising courses of action to achieve those objectives.

In order to maintain control, the owner should:

In developing a business plan, one should consider the firm's origins and background to attract investors.

Strategic planning is likely to incorporate:

Methods and procedures provide employees with standing instructions for performing their jobs.

The largest expense for companies selling products usually is related to:

A business plan is a tool for attracting people and money.

Which of the following is/are part of a company's financial resource?

Explain the purpose and the use of a business's mission statement.

The executive summary outlines the entire business plan, its major objectives, how these objectives will be accomplished, and the expected results.

Starting Your Small Business

Family-Owned Businesses

Forms of Ownership of Small Businesses

Maintaining Good Government Relations and Business Ethics

Becoming the Owner of a Small Business

How to Obtain the Right Financing for Your Business

Developing Marketing Strategies

Promoting and Distributing

How to Obtain and Manage Human Resources and Diversity in Small Companies

How to Maintain Relationships With Your Employees and Their Representatives

Obtaining and Laying Out Operating Facilities

Purchasing, Inventory, and Quality Control

Basic Financial Planning

Budgeting and Controlling Operations and Taxes

Using Computer Technology in Small Businesses

Risk Management, Insurance, and Crime Prevention

Filters