Question 1

A business plan can be successfully prepared by:

Accepted Answer

A)  adding overestimated values of expected revenues to attract investors. 
B)  establishing a long-term operational plan only for the current production process. 
C)  developing short-term detailed plans for everybody involved with the business. 
D)  removing the operational planning part and retaining only the strategic planning part. 
A)  adding overestimated values of expected revenues to attract investors. 
B)  establishing a long-term operational plan only for the current production process. 
C)  developing short-term detailed plans for everybody involved with the business. 
D)  removing the operational planning part and retaining only the strategic planning part.

Question 2

_____ is the process of setting standards, measuring performance against standards, and taking corrective action to see that planned performance is achieved.

Accepted Answer

A)  Planning 
B)  Organizing 
C)  Staffing 
D)  Controlling 
A)  Planning 
B)  Organizing 
C)  Staffing 
D)  Controlling

Question 3

SWOT analysis is a useful tool to aid the process of strategic planning and can be organized into the form of a matrix.

Accepted Answer

A) True 
 B)False

Question 4

Simple start-up businesses do not need records and information systems.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following statements regarding a business plan of a company is true?

Accepted Answer

A)  It emphasizes operational planning more than strategic planning. 
B)  It is a money-raising tool to attract venture capitalists when the owner wants to assume more control over the company. 
C)  It usually provides big entrepreneurs a greater chance of success than the small business owners. 
D)  It provides a detailed design of activities to be carried to finance the business and market products. 
A)  It emphasizes operational planning more than strategic planning. 
B)  It is a money-raising tool to attract venture capitalists when the owner wants to assume more control over the company. 
C)  It usually provides big entrepreneurs a greater chance of success than the small business owners. 
D)  It provides a detailed design of activities to be carried to finance the business and market products.

Question 6

One important purpose of a business plan is to indicate the expected financial results from operations.

Accepted Answer

A) True 
 B)False

Question 7

Why is planning so important to small business?

Accepted Answer

Small business owners must look ahead. T

Question 8

Describe operational planning.

Accepted Answer

Operational planning starts with setting

Question 9

Setting up the human resource management (HRM) objectives of a company is an example of an activity for strategic planning.

Accepted Answer

A) True 
 B)False

Question 10

Expenses, such as depreciation on buildings are also known as variable expenses.

Accepted Answer

A) True 
 B)False

Question 11

An effective business plan should be about _____.

Accepted Answer

A)  25 to 30 pages long or less 
B)  40 to 50 pages long 
C)  50 to 65 pages long 
D)  70 to 75 pages long or more 
A)  25 to 30 pages long or less 
B)  40 to 50 pages long 
C)  50 to 65 pages long 
D)  70 to 75 pages long or more

Question 12

Explain the purpose of a business plan and enlist the key components of a written business plan.

Accepted Answer

A business plan is a formal plan prepare

Question 13

The business plan should be delivered from the entrepreneur's perspective, not the investor's.

Accepted Answer

A) True 
 B)False

Question 14

A change in the number of competitors of a firm leads to a change in the firm's:

Accepted Answer

A)  internal environment. 
B)  strengths. 
C)  external environment. 
D)  competitive edge. 
A)  internal environment. 
B)  strengths. 
C)  external environment. 
D)  competitive edge.

Question 15

Internal environmental factors include clients, technology and competition.

Accepted Answer

A) True 
 B)False

Question 16

Controlling is the process of setting standards and measuring performance against standards.

Accepted Answer

A) True 
 B)False

Question 17

The SWOT analysis is used to:

Accepted Answer

A)  select human resources. 
B)  restrict over-usage of physical capital. 
C)  formulate the mission of a company. 
D)  scan the business environment. 
A)  select human resources. 
B)  restrict over-usage of physical capital. 
C)  formulate the mission of a company. 
D)  scan the business environment.

Question 18

Mission statements should be revised frequently.

Accepted Answer

A) True 
 B)False

Question 19

Net profit is the total amount of revenue generated.

Accepted Answer

A) True 
 B)False

Question 20

Strategic planning consists of two parts: the firm's mission and objectives, and its strategies.

Accepted Answer

A) True 
 B)False

A business plan can be successfully prepared by:

_____ is the process of setting standards, measuring performance against standards, and taking corrective action to see that planned performance is achieved.

SWOT analysis is a useful tool to aid the process of strategic planning and can be organized into the form of a matrix.

Simple start-up businesses do not need records and information systems.

Which of the following statements regarding a business plan of a company is true?

One important purpose of a business plan is to indicate the expected financial results from operations.

Why is planning so important to small business?

Describe operational planning.

Setting up the human resource management (HRM) objectives of a company is an example of an activity for strategic planning.

Expenses, such as depreciation on buildings are also known as variable expenses.

An effective business plan should be about _____.

Explain the purpose of a business plan and enlist the key components of a written business plan.

The business plan should be delivered from the entrepreneur's perspective, not the investor's.

A change in the number of competitors of a firm leads to a change in the firm's:

Internal environmental factors include clients, technology and competition.

Controlling is the process of setting standards and measuring performance against standards.

The SWOT analysis is used to:

Mission statements should be revised frequently.

Net profit is the total amount of revenue generated.

Strategic planning consists of two parts: the firm's mission and objectives, and its strategies.

Starting Your Small Business

Family-Owned Businesses

Forms of Ownership of Small Businesses

Maintaining Good Government Relations and Business Ethics

Becoming the Owner of a Small Business

How to Obtain the Right Financing for Your Business

Developing Marketing Strategies

Promoting and Distributing

How to Obtain and Manage Human Resources and Diversity in Small Companies

How to Maintain Relationships With Your Employees and Their Representatives

Obtaining and Laying Out Operating Facilities

Purchasing, Inventory, and Quality Control

Basic Financial Planning

Budgeting and Controlling Operations and Taxes

Using Computer Technology in Small Businesses

Risk Management, Insurance, and Crime Prevention

Filters

Exam 6: Planning, Organizing, and Managing a Small Business

A business plan can be successfully prepared by:

_____ is the process of setting standards, measuring performance against standards, and taking corrective action to see that planned performance is achieved.

SWOT analysis is a useful tool to aid the process of strategic planning and can be organized into the form of a matrix.

Simple start-up businesses do not need records and information systems.

Which of the following statements regarding a business plan of a company is true?

One important purpose of a business plan is to indicate the expected financial results from operations.

Why is planning so important to small business?

Describe operational planning.

Setting up the human resource management (HRM) objectives of a company is an example of an activity for strategic planning.

Expenses, such as depreciation on buildings are also known as variable expenses.

An effective business plan should be about _____.

Explain the purpose of a business plan and enlist the key components of a written business plan.

The business plan should be delivered from the entrepreneur's perspective, not the investor's.

A change in the number of competitors of a firm leads to a change in the firm's:

Internal environmental factors include clients, technology and competition.

Controlling is the process of setting standards and measuring performance against standards.

The SWOT analysis is used to:

Mission statements should be revised frequently.

Net profit is the total amount of revenue generated.

Strategic planning consists of two parts: the firm's mission and objectives, and its strategies.

Starting Your Small Business

Family-Owned Businesses

Forms of Ownership of Small Businesses

Maintaining Good Government Relations and Business Ethics

Becoming the Owner of a Small Business

How to Obtain the Right Financing for Your Business

Developing Marketing Strategies

Promoting and Distributing

How to Obtain and Manage Human Resources and Diversity in Small Companies

How to Maintain Relationships With Your Employees and Their Representatives

Obtaining and Laying Out Operating Facilities

Purchasing, Inventory, and Quality Control

Basic Financial Planning

Budgeting and Controlling Operations and Taxes

Using Computer Technology in Small Businesses

Risk Management, Insurance, and Crime Prevention

Filters