Business Planning Vocabulary

Mission statements

• are the guidelines that direct employees' behavior

• describe the reason businesses exist & what they want to accomplish

• are written explanations of how specific business ideas will be carried out

• are the principles of conduct governing an individual or group

What is the primary purpose of a business plan?

• To outline the company's goals and strategies

• To provide a detailed history of the company

• To list all employees and their roles

• To describe the company's office layout

Which term refers to the financial forecast in a business plan?

• Executive Summary

• Market Analysis

• Cash Flow Projection

• Company Description

What does SWOT stand for in business planning?

• Strengths, Weaknesses, Opportunities, Threats

• Sales, Wages, Operations, Taxes

• Strategy, Work, Objectives, Targets

• Systems, Workflow, Output, Technology

In business vocabulary, what is a 'stakeholder'?

• A person who holds shares in a company

• An individual or group with an interest in the company's success

• A tool used for measuring business performance

• A document outlining company policies

Which section of a business plan describes the target market?

• Financial Plan

• Marketing Plan

• Executive Summary

• Appendix

What is the meaning of 'liquidity' in business terms?

• The ability to convert assets into cash quickly

• The amount of liquid assets a company holds

• The process of dissolving a business

• The level of cash flow in a business

What is a 'mission statement'?

• A statement outlining the company's core purpose and values

• A detailed plan for achieving business goals

• A summary of the company's financial status

• A list of products and services offered

Which term describes a company's unique selling proposition?

• Competitive Advantage

• Market Share

• Brand Equity

• Customer Loyalty

What is the role of an 'executive summary' in a business plan?

• To provide a brief overview of the entire business plan

• To detail the company's financial projections

• To outline the company's marketing strategy

• To describe the company's organizational structure