Workbook 3.1 and 3.2
a business plan will not help you think about all the aspects of your business
false
your business plan should describe the location of your business because ...
location is often a critical factor is a business's success
information about necessary equipment for your business is included in the...
operation risks
an executive summary..
state me amount you want to borrow
before they will consider financing a business, lenders require ..
a business plan
a business plan's title page includes all the following except...
a summary of the plan
the introduction section of a business plan contains all the following except...
an identification of risks
a brief explanation of why you are asking for a loan and what you plan to do with the money is called and executive summary.
false
a business plan does not give suppliers much confidence when it comes to extending credit.
false
a financial statement based on projected revenues is called an informal financial statement.
false
a handwritten business plan is acceptable if it is neat, well organized, and inviting to read
false
after your business is up and running, you will rarely use your business plan.
false
all business plans have different purposes, so they do not all have the basic elements
false
businesses must have a completely new product or service to convince investors that the item is solid.
false
only corporations need to include a form or ownership section in a business plan.
false
long term sales productions are...
for five years in the future
after it is completed, you can use your business plan to ...
help manage your business
the marketing section of your plan explains ...
how you plan to enter the market, who your prospective customers are, your advantages over the competition.
which of the following is not an element of the financial management section of your plan?
identification of risks
a business plan should ..
identify target customers, show how your business will earn a profit, and detail who will run your businesses.
a letter than introduces and explains an accompanying document is called an...
introductory letter
the appendix of a business plan might include...
tax returns of the business owner, letter of recommendation, and a copy of required licenses
before lenders will loan you money to a new business...
they need to be convinced that the people running the business have the necessary skills to succeed
which of the following is not a purpose of a business plan?
to describe the backgrounds and experience of your suppliers.
a business plan provides financial information that shows how your business will earn a profit.
true
a good business plan includes sale projections for the short, medium, and long terms and sets forth future business plans
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
how a business will get and keep customers is not part of a business plan.
true
lenders require a business plan before they consider financing a business
true
the backgrounds and experience of the people who will be running the business help lenders make financing decisions
true
the financial section of your business plan should state how much money you need to borrow and how much you are investing in a business
true
the marketing section of your business plan should describe the location of your business.
true
writing a business plan can force entrepreneurs to think about their goals
true
writing a business plan can help you identify problems you might encounter in the future
true
a business plan explains how your product or service ...
will be produced, will be sold, is either a new or better than existing products or services.