Entrepreneurship 5.2 (True/False)

True

The financial section of your business plan should state how much money you need to borrow and how much you are investing in the business.

False

The form of ownership section of a business plan is included only if you plan to organize as a partnership or corporation.

False

The marketing section of your business plan should describe the location of your business.

True

A business that needs a license should include a legal issue section in its business plan.

False

A financial statement based on projected revenues is called an informal financial statement.

False

All business plans have different purposes. so they do not all have the same basic elements.

True

Copies of resumes help show that owners are qualified to manage a business.

True

Describing how you came up with the idea for your business can help others understand how your business will operate.

True

Writing a business plan can force entrepreneurs to think about their short, medium, and long term goals.

False

You should not cite any sources you use in researching information because it will increate the length of your plan.