Chat with AIExam 7: The Business Plan: Creating and Starting the Venture
The entrepreneur need not concentrate on environmental analysis since most of the external factors are generally uncontrollable.
(30) 
VerifiedFalse
Business plan progress can and should be measured throughout the year.Discuss three controls that help track progress.(Students can discuss any three of the following six)
(37) VerifiedA.Inventory control.By controlling inventory,the firm can ensure maximum service to the customer.The faster the firm gets back its investment in raw materials and finished goods,the faster that capital can be reinvested to meet additional customer needs.
B.Production control.Compare the cost figures estimated in the business plan with day-to-day operation costs.This will help to control machine time,worker hours,process time,delay time,and downtime cost.
C.Quality control.This will depend on the type of production system but is designed to make sure that the product performs satisfactorily.
D.Sales control.Information on units,dollars,specific products sold,price of sales,meeting of delivery dates,and credit terms is useful to get a good perspective of the sales of the new venture.In addition,an effective collections system for accounts receivable should be set up to avoid aging of accounts and bad debts.
E.Disbursements.The new venture should control the amount of money paid out.All bills should be reviewed to determine how much is being disbursed and for what purpose.
F.Website control.With more and more sales being supported or garnered from a company's website,it is very important to continually evaluate the website to ascertain its effectiveness in meeting the goals and objectives of the plan.There are many services and software packages available to assist the entrepreneur in this process.
Distribution,pricing,and promotion of the product are discussed in which section of the plan
(29) VerifiedA
In writing the business plan,an entrepreneur should consider four perspectives: the investor,the customer,the employees,and themselves.
(32) Venture capitalists demand high rates of return for their investment in the new venture.
(35) An assessment of external uncontrollable variables that may impact the business plan is known as:
(33) Bankers agree that most business failures are due to the entrepreneur's inability to obtain financing.
(40) All of the following would be considering part of the description of the venture section of the business plan except:
(33) A written document describing all relevant internal and external elements and strategies for starting a new venture,best describes:
(37) If the new venture is a manufacturing operation a(n)________ in the business plan is necessary.
(38) Which of the following interested parties should not have access to the venture's business plan
(39) Investors often spend a lot of time conducting background checks.
(36) Which U.S.Census publication gives statistics such as industry outputs,inputs,and operating data on manufacturing activity,by industry groups
(35) Before beginning the business plan,the entrepreneur should define the venture's goals and objectives.These goals should be:
(37) A quick feasibility study should be conducted before preparing the business plan to uncover possible barriers to success.
(32) Most entrepreneurs have little difficulty with gathering market information.
(39) To determine the figures in the budget,the entrepreneur should identify benchmarks or norms in the industry.
(31) 
Filters
- Essay(0)
- Multiple Choice(0)
- Short Answer(0)
- True False(0)
- Matching(0)