In the context of small businesses, _____ is the first step in profit planning.
A) establishing a profit goal
B) estimating the volume of sales revenue
C) estimating the amount of expenses
D) preparing a balance sheet

Question

Quizplus · Accepted Answer

Establishing a profit goal is the first step in profit planning for small businesses. It helps to determine the target profit and the resources needed to achieve it. Estimating the volume of sales revenue, estimating the amount of expenses, and preparing a balance sheet are all important steps in profit planning, but they come after establishing a profit goal.

In the Context of Small Businesses, _____ Is the First