Study Guide: Business Plan

A business plan describes:

• the financial projections of a business.

• the marketing strategies of a business.

• the overall strategy and objectives of a business.

• the legal structure of a business.

Who will run your business according to a business plan?

• The CEO

• The Manager

• The Owner

• The Board of Directors

A business plan helps in securing financing by:

• Providing a detailed roadmap of the business's future plans and financial projections.

• Offering a brief overview of the business's products and services.

• Highlighting the personal achievements of the business owner.

• Focusing solely on the marketing strategies.

Which of the following is a purpose of a business plan?

• To describe the background of the business

• To provide detailed financial information

• To serve as a tool for managing your business

• All of the above

What is more likely to interest a bank or investor in your business plan?

• A detailed financial projection

• A vague business idea

• An unproven market

• A personal story

The 7 basic elements of a business plan are:

• Executive Summary, Company Description, Market Analysis, Organization and Management, Service or Product Line, Marketing and Sales, Funding Request

• Executive Summary, Company Description, Market Analysis, Organization and Management, Service or Product Line, Marketing and Sales, Financial Projections

• Executive Summary, Company Description, Market Analysis, Organization and Management, Service or Product Line, Marketing and Sales, Appendix

• Executive Summary, Company Description, Market Analysis, Organization and Management, Service or Product Line, Marketing and Sales, SWOT Analysis

What should be included in the 'History and Background' section of a business plan?

• Company's founding date and key milestones

• Detailed financial projections

• List of current employees

• Marketing strategies

What are the three types of goals and objectives mentioned in a business plan?

• Financial, Marketing, Operational

• Strategic, Tactical, Operational

• Short-term, Medium-term, Long-term

• Personal, Professional, Organizational

What should be highlighted in the 'Products or Services' section of a business plan?

• Key features and benefits of the products or services

• The history of the company

• The financial projections

• The marketing strategy

What are the two forms of ownership mentioned in a business plan?

• Sole proprietorship and partnership

• Corporation and cooperative

• Franchise and joint venture

• Limited liability company and nonprofit