entrepreneurship ch 3 test
A short restatement of a report
executive summary
A entrepreneurs plan for extracting his or her money from a business after its operating successfully
exit strategy
The main body of a business plan includes which of the following?
financial management
Which of the following is not a true statement regarding risks?
Identifying the possible risks your business faces will alarm lenders and investors and cause them to withhold funds.
An independent agency of federal government that was created to provide support to entrepreneurs and small businesses
Small Business Administration (SBA)
Organizations made up of professionals in a specific industry are called
trade associations
Organizations made up of professionals in a specific industry that exist to provide information, education, support, and networking opportunities to individuals in their industry
trade associations
Mistakes to avoid when preparing a business plan include all of the following except
wasting time on research
A business plan is not intended for
your competition
A nonprofit association made up of working and retired professionals who volunteer their time to provide small businesses and entrepreneurs with free real-world advice and know-how
SCORE
Which of the following organizations can provide assistance when writing your business plan?
bank, chamber of commerce, SBA
A _____ is a written document that describes all the steps necessary in opening and operating a successful business
business plan
A written document that describes all the steps necessary for opening and operating a successful business
business plan
A letter that introduces and explains an accompanying document or set of documents
cover letter
Purposes of a business plan include which of the following?
it explains your idea for a product or service,it sets specific objectives and describes how they will be achieved, it describes the backgrounds and experiences of the people who will run the business
A business plan is important for all of the following reasons except
it guarantees you will get financing for your business
A financial statement based on projected revenues and expenses
pro forma financial statement
In the financial management section of a business plan, an entrepreneur should include ____ , which are statements based on projected revenues and expenses
pro forma financial statements
The purpose of including supporting documents in a business plan is to
provide additional information
Writing a business plan
requires patience, research, thought, and time
A brief explanation of why you are asking for a loan and what you plan to do with the money
statement of purpose