Entrepreneurship Chapter 3

A business plan is important for all of the following reasons except?

it helps you decide what to sell.

What is SCORE

made up of working and retired business professionals.

Trade associations provide all of the following to entrepreneurs except

Small loans

The appendix of a business plan might include...

tax returns of the business owner letters of recommendation. a copy of required licenses.

Information about necessary equipment for your business is included in a business plan's

operations section.

In the financial management section of its business plan, a new business must include

projected financial statements.

An executive summary

states how much you want to borrow.

Working on a business plan helps you...

Think through business strategies Identify problems that you may encounter. Recognize limits

True or False: A business plan provides detailed financial information that shows how your business will succeed in earning a profit.

True

True or False: A good business plan should describe what products or services will be introduced over the next five years.

True

True or False: A local chamber of commerce can provide information on trends affecting local businesses, local resources, and zoning and licensing information.

True

True or False: An undefined target market can ruin a business plan.

True

A business plan's title page includes all of the following except

a brief description of the business.

Small Business Development Centers (SBDCs)

are often located at community and state colleges.

Before they will consider financing a business, lenders require?

A business plan

Which of the following is not an element of the financial management section of your plan?

Distribution of profits and losses

True or False: A handwritten business plan is acceptable if it is neat, well organized, and inviting to read.

False

True or False: Only corporations need to include a section detailing the form of ownership in a business plan.

False

Financial projections in a business plan should

be based on solid evidence.

Your business plan must

clearly define your market. never overlook the competition. be consistent.