5.3 Importance of a business plan

5.3 Importance of a business plan

10th - 11th Grade

10 Qs

quiz-placeholder

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5.3 Importance of a business plan

5.3 Importance of a business plan

Assessment

Quiz

Business

10th - 11th Grade

Medium

Used 21+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define what is meant by a business plan

A written document that details an idea and how a business aims to achieve its objectives. Usually created when a new business is forming or when a business is applying for finance.

A financial statement that summarizes the revenues, costs, and expenses incurred during a specified period, usually a fiscal quarter or year.

2.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Why is a business plan needed?

Identify 3 reasons

To obtain finance

Help identify potential problems .e.g financial shortages

Measures progress towards goals e.g. sales forecasts

Generate revenue for a brand

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Identify what information is likely to be included about the business idea

The goals of the business, usually set as S.M.A.R.T and how it will achieve them.

Information about its customer, including customer profiling

Outline of costs to include: staff, stock, buildings, insurance etc...

What product or service the business will provide

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Identify what information is likely to be included about a businesses target market

The goals of the business, usually set as S.M.A.R.T and how it will achieve them.

Information about its customer, including customer profiling

Outline of costs to include: staff, stock, buildings, insurance etc...

What product or service the business will provide

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Identify what information is likely to be included about a businesses aims and objectives

The goals of the business, usually set as S.M.A.R.T and how it will achieve them.

Information about its customer, including customer profiling

Outline of costs to include: staff, stock, buildings, insurance etc...

What product or service the business will provide

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Identify what information is likely to be included about a businesses costs

The goals of the business, usually set as S.M.A.R.T and how it will achieve them.

Information about its customer, including customer profiling

Costs arising from: staff , stock, buildings, insurance etc...

What product or service the business will provide

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Identify what information is likely to be included about a businesses source of finance

Where finance has been obtained, the amount and term i.e. NatWest £35,0000 secured over 5 years at £660p/m

Information about its customer, including customer profiling

Costs arising from: staff , stock, buildings, insurance etc...

What product or service the business will provide

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