Question 1

A(n) ________ business plan, which is intended to be a blueprint for a company's operations, is 40-100 pages long and is meant primarily for an internal audience.

Accepted Answer

A)  operational 
B)  full 
C)  deliberate 
D)  summary 
E)  tactical 
A)  operational 
B)  full 
C)  deliberate 
D)  summary 
E)  tactical

Question 2

The management team and company structure section of a business plan is one of the lesser-read sections.

Accepted Answer

A) True 
 B)False

Question 3

According to the textbook, the executive summary is arguably the most important section of the business plan.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following is the main purpose for writing a business plan?

Accepted Answer

A)  The plan helps the company develop a "road map" to follow. 
B)  The plan introduces potential investors and other stakeholders to the business opportunity. 
C)  Both A and B are equally important. 
D)  Neither A nor B captures the true purpose of a business plan. 
E)  Reason A is the most important for experienced entrepreneurs and reason B is the most important for inexperienced entrepreneurs. 
A)  The plan helps the company develop a "road map" to follow. 
B)  The plan introduces potential investors and other stakeholders to the business opportunity. 
C)  Both A and B are equally important. 
D)  Neither A nor B captures the true purpose of a business plan. 
E)  Reason A is the most important for experienced entrepreneurs and reason B is the most important for inexperienced entrepreneurs.

Question 5

The document that does the best job of introducing potential investors and other stakeholders with the business opportunity the firm is pursuing and how it plans to pursue it is the ________.

Accepted Answer

A)  business plan 
B)  feasibility analysis 
C)  opportunity analysis 
D)  industry analysis 
E)  marketing plan 
A)  business plan 
B)  feasibility analysis 
C)  opportunity analysis 
D)  industry analysis 
E)  marketing plan

Question 6

What are the two main reasons for writing a business plan?

Accepted Answer

First,writing a business plan forces a f

Question 7

Which of the following business plans matches with its appropriate emphasis?

Accepted Answer

A)  Summary business plan - works best for companies who are at the point where they need funding or financing; serves as a "blueprint" for the company's operations 
B)  Operational business plan - works best for companies in the early stages of development that want to "test the waters" to see if investors are interested in their idea 
C)  Full business plan - works best for companies in the early stages of development that want to "test the waters" to see if investors are interested in the idea 
D)  Summary business plan is meant primarily for an internal audience - works best as a tool for creating a blueprint for a company's operations and providing guidance to operational managers 
E)  Summary business plan - works best for companies in the early stages of development that want to "test the waters" to see if investors are interested in their idea 
A)  Summary business plan - works best for companies who are at the point where they need funding or financing; serves as a "blueprint" for the company's operations 
B)  Operational business plan - works best for companies in the early stages of development that want to "test the waters" to see if investors are interested in their idea 
C)  Full business plan - works best for companies in the early stages of development that want to "test the waters" to see if investors are interested in the idea 
D)  Summary business plan is meant primarily for an internal audience - works best as a tool for creating a blueprint for a company's operations and providing guidance to operational managers 
E)  Summary business plan - works best for companies in the early stages of development that want to "test the waters" to see if investors are interested in their idea

Question 8

The ________ is a short overview of the entire business plan.

Accepted Answer

A)  summary statement 
B)  executive summary 
C)  managerial review 
D)  founder's introduction 
E)  abstract 
A)  summary statement 
B)  executive summary 
C)  managerial review 
D)  founder's introduction 
E)  abstract

Question 9

According to the textbook, a business plan is best described as a(n) ________.

Accepted Answer

A)  narrative description of a new business 
B)  contract 
C)  budget 
D)  agreement 
E)  marketing initiative 
A)  narrative description of a new business 
B)  contract 
C)  budget 
D)  agreement 
E)  marketing initiative

Question 10

Peter Watson is thinking about launching a small business consulting company. To get advice on how to proceed, he stopped by his local Small Business Administration (SBA) office. The SBA advisor told Peter that one of the first things he needs to do is to sit down and write a 25 to 35 page narrative that describes what his new business plans to accomplish and how it plans to accomplish it. The SBA advisor is telling Peter to write a(n) ________.

Accepted Answer

A)  tactical plan 
B)  marketing plan 
C)  operations plan 
D)  business plan 
E)  feasibility analysis 
A)  tactical plan 
B)  marketing plan 
C)  operations plan 
D)  business plan 
E)  feasibility analysis

Question 11

A(n) ________ business plan, which is typically 25 to 35 pages long, works best for new ventures who are at the point where they need funding or financing.

Accepted Answer

A)  tactical 
B)  strategic 
C)  summary 
D)  full 
E)  operational 
A)  tactical 
B)  strategic 
C)  summary 
D)  full 
E)  operational

Question 12

Most business plan writers interpret or make sense of a firm's historical and/or pro forma financial statements through ________ analysis.

Accepted Answer

A)  ratio 
B)  assumptions 
C)  scenario 
D)  proportion 
E)  relative 
A)  ratio 
B)  assumptions 
C)  scenario 
D)  proportion 
E)  relative

Question 13

A commercialization plan is a written narrative that describes what a new business plans to accomplish and how it plans to accomplish it.

Accepted Answer

A) True 
 B)False

Question 14

The major revenue drivers, which are the ways a business earns money, should be first identified in "The Economics of the Business" section of the business plan.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following statements is incorrect regarding the marketing plan section of a business plan?

Accepted Answer

A)  The marketing plan focuses on how the business will market and sell its product or service. 
B)  The two most important items to include in a marketing plan are (1) overall marketing strategy and (2) the nuts and bolts of marketing a firm's product in terms of product, price, promotion, and place. 
C)  The best way to describe a company's marketing plan is to begin by talking about its competitors. 
D)  A firm's marketing strategy refers to its overall approach for marketing its products and services. 
E)  A firm's overall approach to marketing typically boils down to how it positions itself in its market and how it differentiates itself from its competitors. 
A)  The marketing plan focuses on how the business will market and sell its product or service. 
B)  The two most important items to include in a marketing plan are (1) overall marketing strategy and (2) the nuts and bolts of marketing a firm's product in terms of product, price, promotion, and place. 
C)  The best way to describe a company's marketing plan is to begin by talking about its competitors. 
D)  A firm's marketing strategy refers to its overall approach for marketing its products and services. 
E)  A firm's overall approach to marketing typically boils down to how it positions itself in its market and how it differentiates itself from its competitors.

A(n) ________ business plan, which is intended to be a blueprint for a company's operations, is 40-100 pages long and is meant primarily for an internal audience.

The management team and company structure section of a business plan is one of the lesser-read sections.

According to the textbook, the executive summary is arguably the most important section of the business plan.

Which of the following is the main purpose for writing a business plan?

The document that does the best job of introducing potential investors and other stakeholders with the business opportunity the firm is pursuing and how it plans to pursue it is the ________.

What are the two main reasons for writing a business plan?

Which of the following business plans matches with its appropriate emphasis?

The ________ is a short overview of the entire business plan.

According to the textbook, a business plan is best described as a(n) ________.

A(n) ________ business plan, which is typically 25 to 35 pages long, works best for new ventures who are at the point where they need funding or financing.

Most business plan writers interpret or make sense of a firm's historical and/or pro forma financial statements through ________ analysis.

A commercialization plan is a written narrative that describes what a new business plans to accomplish and how it plans to accomplish it.

The major revenue drivers, which are the ways a business earns money, should be first identified in "The Economics of the Business" section of the business plan.

Which of the following statements is incorrect regarding the marketing plan section of a business plan?

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Developing an Effective Business Model

Industry and Competitor Analysis

Preparing the Proper Ethical and Legal Foundation

Assessing a New Venture's Financial Strength and Viability

Building a New-Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters

Exam 6: Writing a Business Plan

A(n) ________ business plan, which is intended to be a blueprint for a company's operations, is 40-100 pages long and is meant primarily for an internal audience.

The management team and company structure section of a business plan is one of the lesser-read sections.

According to the textbook, the executive summary is arguably the most important section of the business plan.

Which of the following is the main purpose for writing a business plan?

The document that does the best job of introducing potential investors and other stakeholders with the business opportunity the firm is pursuing and how it plans to pursue it is the ________.

What are the two main reasons for writing a business plan?

Which of the following business plans matches with its appropriate emphasis?

The ________ is a short overview of the entire business plan.

According to the textbook, a business plan is best described as a(n) ________.

A(n) ________ business plan, which is typically 25 to 35 pages long, works best for new ventures who are at the point where they need funding or financing.

Most business plan writers interpret or make sense of a firm's historical and/or pro forma financial statements through ________ analysis.

A commercialization plan is a written narrative that describes what a new business plans to accomplish and how it plans to accomplish it.

The major revenue drivers, which are the ways a business earns money, should be first identified in "The Economics of the Business" section of the business plan.

Which of the following statements is incorrect regarding the marketing plan section of a business plan?

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Developing an Effective Business Model

Industry and Competitor Analysis

Preparing the Proper Ethical and Legal Foundation

Assessing a New Venture's Financial Strength and Viability

Building a New-Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters