Vocabulary
a business that offers similar products or services to another company within the same market
direct competitor
What is the term to describe the plans for income and expenses from the beginning of a new business, or a major business expansion, until the business becomes profitable?
Start up Budget
The costs of operating a business. These costs may include labor, capital operating, debt service, marketing, and more.
expenses
How many sections are there in a business plan?
14
What is the marketing mix?
product, price, place, promotion
What is a document that describes a new business and a strategy to launch that business?
a business plan
What does ROI stand for?
Return on Investment
What does COGS stand for?
cost of goods sold
a business that offers slightly different products and services, but targets the same group of customers with the goal of satisfying the same need.
indirect competitor
expresses the specific aspirations of a company, the major goals for which it will strive
mission statement
establishes the scope and purpose of a company and reflects its values and beliefs
vision statement
A term to describe earnings beyond all expenses.
profit
What is the difference between a payroll record and an earnings report?
payroll record is for the employer and the earnings report is for the employee
Where is the Executive Summary located within the business plan?
begining
plan that examines the assumptions in the business plan and the greatest risks to the business and suggests plans to minimize the risk
contingency plan
the means by which you deliver the product or service to the customer.
distribution channel
What term describes all income that a business receives over a period of time?
revenue
A term to describe money that a company owes or parts of a company that are losing money.
liability
What plan includes all of the processes in the business that result in production and delivery of the product or service?
operational plan
What information is in the market analysis portion of the business plan?
information about the target market
A report that describes a business’ revenue, expenses, and net income or loss from business operations for a specified period of time.
Income Statement
What three categories does a balance sheet contain?
assets, liabilities, owner's equity
What term describes when a business’s total expenses (including taxes, fees, interest, and depreciation) exceed the income or revenue produced for a given period of time?
net loss
What financial documents are included in the financial plan portion of the business plan?
Income Statement, Balance Sheet, Cash Flow Statement
List 3 Documents that are included in the Key Management Portion of the Business Plan.
describe each team member, including title, salary, abilities, duties, responsibilities, educational experience, previous industry and related work experience, and past success. (Include personal financial statements, tax returns, and resumes)