Question 1

A small business plans should be written by

Accepted Answer

A small business plan should be written by the proposed business owners as they have the vision and understanding of the business they want to create.

Question 2

Descriptions of factors such as the background of the company,your competitive advantage,company objectives,and the legal business form would be found in which of the following sections?

Accepted Answer

The "Company" section of a business plan typically includes details about the company's background, competitive advantage, objectives, and legal business form.

Question 3

____ involves identifying trends and changes that are happening at the national and international levels that may influence the future of a small business.

Accepted Answer

Environmental analysis involves identifying trends and changes at national and international levels that may influence a business's future.

Question 4

A condensed abstract of a business plan used to spark reader interest and to highlight critical information is called a/an

Accepted Answer

An executive summary is a condensed abstract of a business plan used to spark reader interest and to highlight critical information.

Question 5

In terms of appearance,a business plan should be

Accepted Answer

A business plan should be printed and spiral bound to ensure it looks professional and is easy to handle and read.

Question 6

Which of the following people is most qualified to write the business plan for a proposed new business?

Accepted Answer

The answer of Which of the following people is most...

Question 7

A good executive summary provides the opportunity to develop an elevator pitch.What is an elevator pitch?

Accepted Answer

The elevator pitch is a short explanation of your business idea condensed to its essence.

Question 8

The executive summary should include all but which of the following?

Accepted Answer

The executive summary should focus on key points such as company information, market opportunity, and financial data, but a detailed listing of competitors' products is typically not included in the summary itself.

Question 9

Which of the following is not a necessary component of a business plan?

Accepted Answer

Advertising samples and brochures are not a necessary component of a business plan. They are supplementary materials that can be included if relevant, but the core components focus on the business's strategy, operations, and financial projections.

Question 10

Of the following business plans shown in the text,which is an example of a poorly written business plan in the Manager's Notebook titled "Good,Bad,and Ugly Business Plans"?

Accepted Answer

Jay's Quarterback Club is likely the example of a poorly written business plan as indicated by the context of the Manager's Notebook titled "Good, Bad, and Ugly Business Plans".

Question 11

A business plan's cover page should include all of the following information except

Accepted Answer

A short summary is not typically included on the cover page of a business plan.

Question 12

Free or inexpensive business planning assistance is available from

Accepted Answer

Small business development centers offer free or low-cost business planning assistance to entrepreneurs and small business owners.

Question 13

In general,how many pages should the business plan contain?

Accepted Answer

The answer of In general,how many pages should the business...

Question 14

Which of the following Web sites should be referenced first when seeking help in writing a business plan?

Accepted Answer

The U.S. Small Business Administration (SBA) website, www.sba.gov, is a reputable and authoritative source for guidance on writing business plans, offering resources, templates, and expert advice.

Question 15

In writing her business plan,Rita wants to include an honest portrayal of the setbacks that she had come up against along the way in forming the business.This would fit under which area of the business plan?

Accepted Answer

The company information section of a business plan typically includes details about the company's history, including any challenges or setbacks faced during its formation.

Question 16

Daniel is preparing a business plan for the carwash that he plans to open.He is writing a one-page abstract of the plan to highlight crucial information and to spark readers' interest.This abstract is part of which business plan component?

Accepted Answer

The executive summary is a one-page abstract of the business plan that highlights crucial information and sparks readers' interest.

Question 17

Which of the following areas is addressed in the marketing research section of the business plan when the target markets are identified by some common variable?

Accepted Answer

The marketing research section of a business plan addresses the identification of target markets by common variables, which falls under the category of "Markets."

Question 18

Which of the following areas is addressed in the marketing research section of the business plan when the price leader,the quality leader,and the service leader are identified?

Accepted Answer

The marketing research section of a business plan addresses competition by identifying the price leader, quality leader, and service leader in the market.

Question 19

Factors such as uses for the product,patents and trademarks,and how the product is different will be found in which of the following sections?

Accepted Answer

The "Products and services" section typically includes details about the uses for the product, patents and trademarks, and how the product is different from others.

Question 20

Which of the following is not a general guideline for writing a business plan?

Accepted Answer

The executive summary is typically written last, after the rest of the business plan is complete, to ensure it accurately reflects the content of the plan.

Quiz 4: The-Business-Plan