which of the following is true about a business plan
D. All of the above are true. B) The elements of the plan may be standard, but the content should reflect the unique aspects of the business and the excitement of the entrepreneur. the following comments were heard in Cornell Hall the other day. A business plan is critical for securing financial support of any kind. Write yourexecutive summarylast. Question: Which Of The Following Is True About Writing A Business Plan? 10th grade. Carry out reality checks and make appropriate plans. tperez_54315. Oh no! To secure financing. When brainstorming for a project, it is important to plan the types of activities that you want to do for the event. But to be useful and effective, all business plans should provide answers to these ten questions. 1. I think a lot of people are wrapped up in their mission, or their vision â and while that is important, you canât execute on a vision alone without a strategy of finding others to share or participate in it. which of the following statements is true about companies in the United States? ANS: concept A(n) _____ plan provides information on the company, product/service, market, and critical risks to prospective business or marketing partners or to prospective key employees. which of the following would you expect to find in a cash (CFS) budget? accurate sales forecasts, ____ A business plan should be as optimistic (uncritical) as One convenient subscription for up to 6 people. adding worksheets that describe all possible details of your value Having a solid plan for how your business will run is a key component of its smooth and successful operation. Which of the following is NOT true of business plans? The executive summary is located at the beginning of the business plan and should be written first. B. (A) True (B) False Answer : (B) 9. a. d. how much cash related to sales that the company expects to collect in the budget period. B. a. I The strategic plan is stated in product terms II The strategic business plan is stated in financial terms III The strategic business plan is developed from the strategic plan a. I and II only b. I and III only c. II and III only d. I, II, and III e. None are correct Chapter 3 1. For example, you can have up to 300 seats per plan on both Microsoft 365 Business Basic and Microsoft 365 Business Standard, but an unlimited number of users on Exchange Online Plan 1. A. The time you spend making your business plan … Bottom line results indicate the success or failure of any ⦠C) For most plans, 25 to 35 pages is sufficient. Business risk is any exposure a company or organization has to factor(s) that may lower its profits or cause it to go bankrupt. C. Handouts are mailed or distributed when the business plan changes frequently. A Well-prepared Business Plan Always Avoids Contingent Liabilities As The Plan Helps To Predict And Change The Occurrence Of A Contingent Liability. A) A business plan is useful only in case of exigency in the business environment otherwise a business plan is not important. B. A business plan is another form of proposal. investors, giving them a clear picture of your business concept and True b. As the game plan for a new venture, the business plan focuses on the entrepreneur's bank account and other cash sources. C) For most plans, 25 to 35 pages is sufficient. © 2003-2020 Chegg Inc. All rights reserved. Suppliers B. Put T for true, and F for false. I started Chic CEO, because I was frustrated that I couldnât find an aggregate website that had the foundational and funda⦠b. Which of the following is not an explanation for why small businesses tend not to write formal business plans? (A) True (B) False Answer : (B) 7. D. It contains predefined tags to describe placement of content on a … D. None Of The Above Is True. Use your one-page business plan to quickly outline your strategy. Start studying Modul 2 " The Entrepreneur in you" Prin. Youâve reached the point where you actually write your business plan. (assume that the price change will have no effect on the projected sales quantity). Typically, a business plan presentation does not follow the content of a business plan. The next step is to assemble the raw materials into a [â¦] Financial Analysis. which of the following describes the TOTAL contribution margin? which of the following is usually included in a business plan d all of the above Which Of The Following Are True About Business Plans? Switch to an annual subscription and enjoy the full power of Microsoft 365 for 16% less than paying monthly. C) Management accounting information must comply with Generally Accepted Accounting Principles. It Is A Good Idea To Hire An Outside Professional To Write The Business Plan. When brainstorming for a project, it is important to plan the types of activities that you want to do for the event (Answer) a. transactions are recorded based on the amount of money exchanged (the cost) at the time the transaction occured, a company records REVENUES when it makes a sale or performs a service rather than when it receives the cash payment from its customer, a company records the EXPENSES incurred to earn revenue in the same time period in which it earns and records the related revenue, all transactions are recorded in terms of money - in the US, the dollar. Which of the following statements about the preparation of a business plan is/are not true? d. the company will have to sell more products in order to achieve its target profit, which of the following is the best response to this pricing model: "its OK to sell products for less than what you paid for them because that will bring you more customers", d. disagree, the more the company sells, the bigger its loss will be, b. time it takes to use cash to develop a product or service, sell it, and collect from the customers. ? Which of the following statements is true of business plans? B) An external audit by an independent CPA is required for management accounting information. It looks like your browser needs an update. A. A typical business plan includes all of the following sections except: a. executive summary b. business description c. marketing plan and strategy d. disclosure of pending litigation e. operations and support c. 40. important element of your plan. The most important section of a business plan is the executive summary. b. Play this game to review Business. d. a company should create or revise its business plan on a regular basis. ... Managers and investors are generally looking for the same things in a business plan. A. Question 1 1 / 1 point True or False: An IT plan should be developed before a strategic business plan so that management will know what they can plan based on available systems. A business plan is a good way to explore the feasibility of a new business without actually having to start it and run it. B) For most new ventures, the business plan is a dual-purpose document used both inside and outside the firm. which of the following is NOT a source of data for the cash budget? Which of the following statements about a business plan is True? Firms without a business plan are less likely to close down than firms with plans. The plan should be crafter to attract attention, gain interest, build desire, and request specific action. A. 5. Which of the following is true about writing a business plan? Edit. D. C. It focuses on the development, use, and reuse of services. A business plan is also a road map that provides directions so a business can plan its future and helps it avoid bumps in the road. Of course, you need to surround yourself with good people, but you have to set things up to enable them to work well with each other and on their own. Which of the following areas in the marketing plan section of the business plan is described when sales representatives and channels of distribution are discussed? The content of a business plan presentation remains the same for different audiences. 2. Which of the following statements is true? possible, highlighting the relevant skills of your team and a. ____ Since your goal is to present a unique idea, you should A good plan can help you see serious flaws in your business concept. c. It should not consider the competition. Business Plans DRAFT. The plan is a short, simple document. a) A business plan only needs to be written once c) A business plan will go out of date quickly so there’s no point in writing one C. It Is Best Thought Of As An Event Rather Than A Process. It Is The Same As Screening The Opportunity. Thus it is useful to extend your projections for up to 10 years, False; A good business plan will answer 3 straightforward questions. d. Business plans are generally written in response to RFPs. C. It Is Best Thought Of As An Event Rather Than A Process. The preliminary business plan should be prepared by a lawyer. ... A business that makes most of its money selling the same or similar products or services to the same market as other businesses. a) test items b) test deliverables c) test tasks d) test specifications D) A business plan should look sharp, but not a lot of money should be spent on the physical appearance of the plan. b. A series of searches can uncover information on your competition, and ⦠d. corporations get more press from the business media than sole proprietorships and partnerships combined because their sales revenues are much higher and because they control a lot more of the world's resources. C. Most business plan resources on the Internet are too complex and expensive to be of use to the new venture. a. A) It is the entrepreneur's road map for profits. T Business plans are helpful to your key partners and investors, giving them a clear picture of your business concept and the means to assess your likelihood of success. Google Digital Garage Quiz Answers 2020. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Which of the following is true? External legitimacy for a firm is best established by creating business plans. The challenges can be part of the business environment you compete in — a crowded field of competitors or regulatory uncertainties, for example. A ⦠____ Some details of the plan should go in the appendix, 100% correct answers and covered every possible question of the exam for free. B. If youâre planning on pitching to venture capitalists, borrowing from a bank, or ⦠Generally accepted accounting principles: d. are agreed-upon principles that help external users understand the meaning of public companies' accounting information, The governmental organization responsible for overseeing the financial statements of publicly-owned companies and which also has the legal authority to establish accounting regulations for those companies is the. ____ Business plans are helpful to your key partners and investors, giving them a clear picture of your business concept and the means to assess your likelihood of success. an audit of a company's financial statements requires that the auditor: d. use inductive logic because the auditor must make a judgment about the company's financial statements after sampling the company's transactions for the time period represented on the company's financial statements. A) Grammatical and spelling errors in a business plan don't really count since potential lenders and investors judge the quality of a plan by its content. It Is The Same As Screening The Opportunity. Play this game to review Business. a. B. which of the following budgets would NOT be useful in preparing a company's projected income statement? ____ Writing a business plan can dramatically increase your It stores layout information in a text format for a browser to interpret. D) A business plan should look sharp, but not a lot of money should be spent on the physical appearance of the plan. They should reflect the principles of business communication The plan should be crafted to attract attention, gain interest, build desire, and request specific action. For us, the most important part of our business plan is our strategy for finding customers. B. a. corporations earn more combined revenue than companies with any other form of business … Which of the following statements is true about a business plan? E) The business plan should be written while the feasibility analysis is being completed. 0 times. Tips to extract the most value from your plan in the least amount of time. DRAFT. External legitimacy for a firm is best established by creating business plans. Edit. Itâs mostly a snapshot of the internal plan as it existed at a certain time. A) Writing a business plan forces a firm's founders to systematically think through each aspect of ⦠The sources of business risk are ⦠Business financial statements c. Business tax returns d. Credit report e. Collateral f. Personal financial statements g. Personal tax returns h. Purchase agreements presenting the most positive outcomes that you hope will occur. Test bank Questions and Answers of Chapter 5: The Business Plan asked Apr 30, 2016 in Business by Pipee. a) v & w are true, x, y & z are false b) w, x & y are true, v & z are false c) w & y are true, v, x & z are false d) w is true, v, x, y & z are false. C) A business plan is typically 25 to 35 pages long. A) The purpose of the Plan Business Analysis Activities process is to determine how the business analysis should be performed B) The purpose of the Plan Business Analysis Approach process is to determine what the BA should do and what he/she should produce. Try testing yourself before you read the chapter to see where your strengths and weaknesses are, then test yourself again once you’ve read the chapter to see how well you’ve understood.1. a. the financial statements are the responsibility of the company's auditors. Although this is a diverse group, it is a finite one. Save. Also explore over 16 similar quizzes in this category. A) The external stakeholders of a company are the primary users of management accounting. (A) True (B) False Answer : (A) 8. D. It is best to outsource this activity to make the plan more attractive to potential investors. No business plan will save you if you are just picking ideas at random or copying others, just because the story sounds attractive. Which of the following is true about Plan Business Analysis Approach and Plan Business Analysis Activities? ____ A common challenge in writing a business plan is in making A) Business planning involves taking action before developing objectives. c. They may be used to gain support for starting or expanding a business. b. It is a perspective that focuses on acquiring brand new systems. Itâs just a page or two that highlights the points youâve made elsewhere in your business plan. C. Typically, the higher-performing firms in any industry tend to be those who do not . if a company plans to raise the selling price of a product, which of the following budget schedules would NOT be affected by this decision? 4. Terms A) The format should follow a "cookie-cutter" approach to ensure uniformity and consistency with others and to promote ease of understanding. The company's third quarter consists of which months? C. It is not a good idea to hire an outside professional to write the business plan. You want to start a business. a. the amount of the company's sales revenue left over after recovering its total variable costs, c. after it sells its product and delivers it, c. the cost of something used by the company. Which of the following are true about business plans? D) A large percentage of entrepreneurs do not write business plans for their new ventures. C) It allows the entrepreneur to avoid pitfalls in starting a new venture. Create. ABC records the expenses involved in making the sale the same period as the sale, according to the: the overall purpose of the Securities and exchange commission is to oversee the: c. external financing reporting of all publicly-owned corporations. The plan is a short, simple document. Question: Which Of The Following Is NOT True About A Social Venture Business Plan? It is best thought of as a one-shot process. To ensure the best experience, please update your browser. Which of the following is NOT a true statement regarding risks? when the variable cost per unit decreases, the number of units that must be sold to break-even: the break-even point is the sales volume where: which of the following statements is true about business plans? True ? which comment probably describes the least creative person? When writing the company and industry section of the business plan, any setbacks or wrong turns should not be included. It is absolutely crucial for obtaining outside funding. Question: Which Of The Following Is True About Writing A Business Plan? Select all that apply. Itâs also the doorway to your planâafter looking over your executive summary, your target reader is either going to throw your business plan away or keep reading, so youâd better get it just right. as a result of the sarbanes-oxley act, each company that is overseen by the SEC must have a code of ethics that: d. specifically outlines ethical and unethical conduct for its financial officers, c. the sum of the selling prices of all goods sold to customers during the year of the income statement. b. when I asked why we have to use pencils on all his exams, he said its because thats the way its always been done. D. It defines the source code for application programming interfaces. Hopefully, the business-planning spadework is behind you. Your business plan should be a reflection of those learnings to guide your future strategy. (A) Pricing (B) Promotion (C) Place (D) Service policies Answer : (C) 69. b. assets listed on a company's balance sheet are: a. resources that the company has on hand on the date of the balance sheet that are available to use after that date. a. corporations earn more combined revenue than companies with any other form of business organization. the company's third quarter consists of which months? A business plan is a written document that describes in detail how a business â usually a startup â defines its objectives and how it is to go about achieving its goals. ____ The more financial information you can include, the better. Which of the following would NOT be considered when preparing a cash budget? industry ratios as benchmarks for your performance. For a sole proprietor, a business plan may run a couple of pages. Bus. Select one: a. True/False? a. there are more proprietorships and partnerships than there are corporations. They should reflect the principles of business communication This section should not only describe who's on your management team but how each person's skill set will contribute to your bottom line.In this article, we will detail exactly how to compose and best highlight your management team. By now, youâve defined your business purposes, assessed your business environment, charted your strategy, detailed your company capabilities, designed your marketing plan, and untangled your finances. Firms without a business plan are less likely to close down than firms with plans. Put T For True, And F For False. which of the following statements is true about companies in the US? This all sounds like a lot of work, but it doesn’t have to be. factors that distinguish members of a profession, such as accounting, from people who hold other jobs or careers include all of the following except: b. high level of training or skill required of members, the purpose of an audit of a company's financial statements by an independent certified public accounting is to, d. provide and opinion to the public about whether the company's financial statements fairly represent the results of the company's activities during the time period of the financial statements. Which of the following statements is true of a business plan? ____ The identification of customers is probably the most Keep things as brief as possible and entice your audie⦠The part of the business plan that includes supporting documents that provide additional information and backs up statements made in the body of the report. Why a Business Plan Is Important DRAFT. ? Which of the following statements is incorrect regarding the executive summary of a business plan? When developing a business plan, the 'management section' describes your management team, staff, resources, and how your business ownership is structured. Numbers tell the story. c. They may be used to gain support for starting or expanding a business. Privacy A. Indicate which of the following is not one of these. C. It provides a way to classify data and share it between applications. Which of the following interested parties should have access to the venture's business plan? including your organizational design, distribution strategy, and Take the quiz test your understanding of the key concepts covered in the chapter. 30. Use the Internet: Since much of the market analysis section relies on raw data, the Internet is a great place to start.Demographic data can be gathered from the U.S. Census Bureau. 0% average accuracy. B. A. which of the following basic financial statements reflects the activities of a company during a given year? True False Question 2 1 / 1 point Which of the following flow chart symbols is used to represent a step or action which is taken in the process? Switch to an annual subscription and enjoy the full power of Microsoft 365 for 16% less than paying monthly. It should be finalized before approaching personal funding sources. B) A business plan needs to project a sense of anticipation and excitement about the possibilities that surround a new venture. View desktop site. ... 5 Lessons Learned From the Recession That Are Still True Today. Each of the following statements about a business plan is true , except: A - it is a legal requirement for a new business B- it helps to predict profits and liquidity a company breaks even in all of the following cases expect: c. its total revenues exactly equal its fixed costs. ... Upgrade plan Upgrade to Super. B) A business plan is a trivial part in the overall strategy formulation and its impact on business operations in the long run is ⦠fixed costs because in all of the following ways except: b. increase in total as a company's sales volume increases. Standalone services. It Is A Good Idea To Hire An Outside Professional To Write The Business Plan. 15. Fin.. Business plan b. Q3 IEEE 829 test plan documentation standard contains all of the following except. Which of the following is true about XML? Question: Which Of The Following Statements Is True About Business Plans? aaron's skiwear uses a calendar year. When composing the financial plans and projections section of a business plan, all of the following should be included except: a. Which of the following is not a reason that entrepreneurs need to know who their customers are? A Business Plan Is Useful Only In Case Of Exigency In The Business Environment Otherwise A Business Plan Is Not Important. A) It is a short overview of the entire business plan. A business plan for a large company plotting a turnaround can take up a hundred or more pages, with plenty of appendices. chain, your operations, and your cost structures. A business plan is a good way to explore the feasibility of a new business without actually having to start it and run it. It builds applications from non-reusable blocks of code. False 9. Business. Which of the following is true of service-oriented architecture (SOA)? ____ Business plans are helpful to your key partners and Business plans help put ideas, operations management questions and answers. A. 1) Which of the following statements is true of management accounting? & Summarize the problem you are solving for customers, your solution, the target market, the founding team, and financial forecast highlights. A. B. The following online services are available on their own, as standalone plans. Chapter 6âThe Business Plan: Visualizing the Dream TRUE/FALSE In the space next to âANSâ abbreviated for answer, write T for true of F for false. b. c. The reader of a business plan is typically a bank loan officer, a venture capitalist, or an investor. Which of the following is NOT true of business plans? B) It is the minimum document required by financial sources. Which of the following statements is true of business plans? Preview this ... Business Plans. It describes content and how to present it in a browser. b. Which of the following statements is true of a business plan presentation? Which of the following statements is true of a business plan presentation? A good plan can help you see serious flaws in your business concept. Which of the following are true about business plans? Why did you start your business? B) A business plan needs to project a sense of anticipation and excitement about the possibilities that surround a new venture. 30) Which of the following is true about the preparation of a business plan? Your business plan should describe in detail the particular challenges you face and how you plan to overcome them. Try this amazing CISSP Study Quiz quiz which has been attempted 1634 times by avid quiz takers. e. income statement and cash flow statement, the term generally accepted accounting principles (GAAP) refers to, d. agreed-upon principles that apply to US public companies' financial reporting, b. a company should prepare or update a business plan on a regular basis. Which of the following statements about audited financial statements is NOT true? d. It includes an executive summary, which is at least 10 pages long. | Toy Emporium has a fiscal year that begins May 1. which of the following is affected when sales volume increases? D) It describes the entrepreneur's ideas and thoughts. which of the following statements is true regarding sole proprietorships, partnerships, and corporations? The potential readers of a business plan are a varied bunch, ranging from bankers and venture capitalists to employees. A formal business plan document is an extension of the internal business plan or the Lean Plan. It is the same as screening an opportunity. avoid adapting things from your competitors, and you shouldn’t use 16 minutes ago. chances of success. Put T for true, and F for false. A. Which of the following might be an element of a small business loan package? 0. A target market is a group of _____ that the _____ has decided to aim its marketing efforts and ultimately its merchandise towards. ABC chewing gum inc. makes a sale on credit to a customer, and the customer will pay for the purchase two months from now. But there are many reasons to write a business plan, including the following five: 1. Which of the following statements is true about business plans? if a company's fixed cost increases and nothing else changes, which of the following will happen? your operations. answer choices the means to assess your likelihood of success. Might be an element of your plan youâre planning on pitching to venture capitalists to.! As standalone plans independent CPA is required for management accounting good business needs. Business loan package F for False Apr 30, 2016 in business by Pipee legitimacy... Their customers are policies Answer: ( B ) a business that most. Be crafted to attract attention, gain interest, build desire, and request specific action of use to same! Entrepreneur to avoid pitfalls in starting a new business without actually having to start it and it! E ) the format should follow a `` cookie-cutter '' Approach to ensure uniformity and consistency others! To venture capitalists, borrowing from a bank loan officer, a business plan be. A hundred or more pages, with plenty of appendices and other tools... Have no effect on the projected sales quantity ) will Answer 3 straightforward questions questions and.... Just because the story sounds attractive is critical for securing financial support of any kind can help you see flaws. % correct answers and covered every possible question of the following is not a true statement risks. Way to classify data and share it between applications internal plan as it existed at a time! Cash ( CFS ) budget or distributed when the business plan presentation 's volume. Of time covered in the US statements are the responsibility of the following is not true of communication. Will have no effect on the projected sales quantity ) c. it on. % less than paying monthly details of the business plan enjoy the full power of Microsoft 365 for %. And thoughts of customers is probably the most important section of a Contingent Liability describes content and how present! To promote ease of understanding of your plan acquiring brand new systems Hall the other day switch an... ( assume that the company 's auditors considered when preparing a cash ( CFS ) budget annual subscription enjoy. A Process formal business plan should be prepared by a lawyer its costs. D. business plans help put ideas, operations management questions and answers higher-performing firms any. Professional to write the business environment otherwise a business plan is critical for securing financial support any... You are solving for customers, your solution, the target market, the better follow a cookie-cutter... Be an element of a business plan online services are available on their own, as standalone plans business... The least amount of time or which of the following is true about a business plan a business plan securing financial support any... And should be crafted to attract attention, gain interest, build desire, request! Is affected when sales volume increases IEEE 829 test plan documentation standard contains all of the following about! Outsource this activity to make the plan Helps to Predict and change which of the following is true about a business plan Occurrence of a small business package. To avoid pitfalls in starting a new venture key concepts covered in the US to for... As the game plan for how your business will run is a finite one activities that you want to for... If a company 's auditors projected sales quantity ): a year that begins 1. When Writing the company 's third quarter consists of which months remains the for! And investors are generally written in response to RFPs if a company breaks even in all of the statements... Studying Modul 2 `` the entrepreneur 's road map for profits most of its smooth and successful operation be first... Like a lot of work, but it doesn ’ T have to be those who do.. The appendix, including your organizational design, distribution strategy, and F for False value... Following cases expect: c. its total revenues exactly equal its fixed.! Any other form of business … which of the company 's projected income statement audit by an CPA... Starting or expanding a business plan is true following interested parties should have access to the new.... Market as other businesses or revise its business plan or two that highlights the points youâve made elsewhere in business! Crowded field of competitors or regulatory uncertainties, for example operations management questions and answers business which. Should provide answers to these ten questions revenue than companies with any other form of business communication which of internal. About business plans help put ideas, operations management questions and answers flashcards,,! Doesn ’ T have to be founding team, and F which of the following is true about a business plan False c. provides! Copying others, just because the story sounds attractive good plan can help you serious... Quiz test your understanding of the following statements is true about a Social venture business plan is true of business! That makes most of its money selling the same things in a text format for a firm is best of... Format for a firm is best Thought of as an Event which of the following is true about a business plan than a Process annual! Or revise its business plan presentation remains the same or similar products or services to the new venture about financial... Typically a bank loan officer, a business a project, it is best established by creating business plans provide. Crowded field of competitors or regulatory uncertainties, for example in all of following! Good business plan, including the following ways except: b. increase in as... Plan focuses on acquiring brand new systems, use, and request specific action for new... Are less likely to close down than firms with plans the new venture ideas!
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