Question 1

The operational business plan is typically over 40 pages in length and is the most frequently used form of business plan.

Accepted Answer

A) True 
 B)False  False

Question 2

Which of the following is most likely found under the development plan section of the business plan?

Accepted Answer

A)  Facilities and equipment
B)  Sales and distribution
C)  Costs
D)  Service and warranty C

Question 3

A _________ gives the title of the plan or the name of your business,and outlines the major features of your plan that may be of interest.

Accepted Answer

A)  Letter of Transmittal
B)  Letter of Expression
C)  Letter of Purpose
D)  Letter of Intent A

Question 4

Your mission statement should be short (a sentence or two).It should also be easy to understand and easy to remember.

Accepted Answer

A) True 
 B)False

Question 5

Another appropriate term to describe a business plan is:

Accepted Answer

A)  A feasibility plan
B)  A game plan
C)  A financial plan
D)  A progress plan

Question 6

Your business plan should lay out the details so that everyone can see precisely where you are now,where you are going,and how you plan to get there.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following parts of a business plan will answer the question,"is there a need and demand?"?

Accepted Answer

A)  Executive summary
B)  Market opportunity and competitive advantage
C)  Goals and business strategy
D)  Detailed financials

Question 8

Many financial institutions will accept a(n)________ for use by early-stage businesses in applying for a bank loan.

Accepted Answer

A)  Cash flow statement
B)  Feasibility study
C)  Independent executive summary
D)  Summary business plan

Question 9

The business planning process focuses on the:

Accepted Answer

A)  Present
B)  Past
C)  Future
D)  Customers

Question 10

At the heart of the capital-raising process is:

Accepted Answer

A)  Your business plan
B)  Your statement of cash flows
C)  Your feasibility study
D)  Your income statement

Question 11

Which part of the business plan will contain estimates pertaining to sales and market share?

Accepted Answer

A)  Body of the plan under "Product/Service Offering"
B)  Body of the plan under "Your Marketing Plan"
C)  Body of the plan under "Company and the Industry"
D)  Body of the plan under "Market Analysis"

Question 12

Contingency plans are not described in a business plan.

Accepted Answer

A) True 
 B)False

Question 13

The _______ defines the "super strategy" of your business.

Accepted Answer

A)  Mission statement
B)  Vision statement
C)  Concept statement
D)  Financial statement

Question 14

According to Tim Berry,business planning has become:

Accepted Answer

A)  Lengthy and verbose
B)  Leaner and more agile
C)  Long-winded and overly formal
D)  Short and inadequate

Question 15

If your potential business is a manufacturing business,what items should be addressed in the production/operations plan?

Accepted Answer

The answer of If your potential business is a manufacturing...

Question 16

Under which section of the business plan is the profile of the principal target customers described?

Accepted Answer

A)  Market Analysis
B)  Marketing Plan
C)  Development Plan
D)  Production/Operations Plan

Question 17

A budget is generally included in the full business plan.

Accepted Answer

A) True 
 B)False

Question 18

If you have used professional advisers,such as lawyers,accountants,insurance brokers,etc.,you should provide their names and contact information in your business plan under the heading "Management team".

Accepted Answer

A) True 
 B)False

Question 19

Which part of the business plan should capture the attention of the reader,stimulate interest,and get the reader to keep on reading?

Accepted Answer

A)  Letter of Transmittal
B)  Title Page
C)  Table of Contents
D)  Executive Summary

Question 20

In which part of the business plan will information about outstanding regulatory,testing,or other requirements be found?

Accepted Answer

A)  Body of the plan under "Product/Service Offering"
B)  Body of the plan under "Your Development Plan"
C)  Body of the plan under "Company and the Industry"
D)  Body of the plan under "Market Analysis"

Exam 5: Business Plans

The operational business plan is typically over 40 pages in length and is the most frequently used form of business plan.

Which of the following is most likely found under the development plan section of the business plan?

A _________ gives the title of the plan or the name of your business,and outlines the major features of your plan that may be of interest.

Your mission statement should be short (a sentence or two).It should also be easy to understand and easy to remember.

Another appropriate term to describe a business plan is:

Your business plan should lay out the details so that everyone can see precisely where you are now,where you are going,and how you plan to get there.

Which of the following parts of a business plan will answer the question,"is there a need and demand?"?

Many financial institutions will accept a(n) ________ for use by early-stage businesses in applying for a bank loan.

The business planning process focuses on the:

At the heart of the capital-raising process is:

Which part of the business plan will contain estimates pertaining to sales and market share?

Contingency plans are not described in a business plan.

The _______ defines the "super strategy" of your business.

According to Tim Berry,business planning has become:

If your potential business is a manufacturing business,what items should be addressed in the production/operations plan?

Under which section of the business plan is the profile of the principal target customers described?

A budget is generally included in the full business plan.

If you have used professional advisers,such as lawyers,accountants,insurance brokers,etc.,you should provide their names and contact information in your business plan under the heading "Management team".

Which part of the business plan should capture the attention of the reader,stimulate interest,and get the reader to keep on reading?

In which part of the business plan will information about outstanding regulatory,testing,or other requirements be found?