Business Plan Unit Test

A brief explanation of why the writer of a business plan is asking for a loan and what she or he plans to do with the money.

• Business Plan
• Statement of Purpose
• Cover Letter
• Executive Summary

A written document that describes all the steps necessary for opening and operating a successful business.

• Business Plan
• Statement of Purpose
• Cover Letter
• Executive Summary

A short restatement of the report portion of a business plan.

• Business Plan
• Statement of Purpose
• Cover Letter
• Executive Summary

A letter that introduces and explains an accompanying document or set of documents.

• Business Plan
• Statement of Purpose
• Cover Letter
• Executive Summary

Business Plans are not important

• True
• False

Business Plans explain the idea behind your business and spell out how your product or service will be produced and sold.

• True
• False

Business Plans will not help you secure financing for your business.

• True
• False

All Business Plans are alike

• True
• False

Financial Management lets you identify any risk your business may face and how you plan to deal with it.

• True
• False

List the 3 types of resources you use when researching a business plan.