Develop a Horticulture Business Plan
What is the first step in developing a business plan?
a) Financial projections
b) Executive summary
c) Market analysis
d) Business goals
Executive Summary
What does mark-up refer to in pricing?
a) The final sale price
b) The cost of goods sold
c) The amount added to the cost price
d) The discount offered
The amount added to the cost price
What is the most important attribute in customer service?
a) Knowledge
b) Friendliness
c) Speed
d) Appearance
Friendliness
What is the primary purpose of record keeping in a horticultural business?
a) To impress investors
b) To track costs and sales
c) To make the office look organized
d) To meet legal requirements
To track costs and sales
What is business ethics?
A) Legal regulations in business
B) Moral principles guiding business conduct
C) Strategies for increasing profit
D) Methods for reducing costs
Moral principles guiding business conduct
Which section of the business plan outlines the target market?
a) Marketing strategy
b) Operations plan
c) Financial plan
d) Management team
Marketing Strategy
If a plant costs $10 and the mark-up is 50%, what will be the selling price?
a) $15
b) $20
c) $25
d) $30
$15
Which of the following is a good practice for maintaining customer relationships?
a) Ignoring feedback
b) Regular communication
c) Offering discounts only
d) Limiting customer inquiries
Which type of record is essential for tracking inventory?
a) Sales ledger
b) Expense report
c) Inventory sheet
d) Payroll record
Inventory sheet
Which of the following is an example of unethical business practice?
A) Honest advertising
B) Misleading product information
C) Fair pricing
D) Respectful treatment of employees
A SWOT analysis in a business plan stands for:
a) Strengths, Weaknesses, Opportunities, Threats
b) Sales, Wages, Operations, Transactions
c) Systems, Workflows, Objectives, Targets
d) Service, Warranty, Output, Timeframe
Strengths, Weaknesses, Opportunities, Threats
Which pricing strategy involves setting a low price to enter a competitive market?
a) Skimming
b) Penetration pricing
c) Psychological
d) Value-based
Penetration pricing
How should a horticulture business handle a customer complaint?
a) Ignore it
b) Listen and resolve it
c) Blame the product
d) Refer them to another company
Listen and resolve it
What type of record would be essential for tax preparation?
A) Sales records
B) Employee schedules
C) Customer feedback
D) Marketing plans
Sales records
Why is it important for a horticulture business to adhere to ethical practices?
A) To increase competition
B) To build trust and reputation
C) To reduce costs
D) To avoid legal issues only
To build trust and reputation
In a horticultural business plan, which financial statement shows expected income and expenses?
a) Balance sheet
b) Cash flow statement
c) Profit and loss statement
d) Market analysis
Profit and loss statement
What is a common method for determining the selling price of products in horticulture?
a) Cost-plus pricing
b) Demand pricing
c) Competition pricing
d) All of the above
What tool can be used to manage customer relationships effectively?
a) CRM software
b) Spreadsheets
c) Email only
d) Business cards
CRM software
Which record keeping method is most effective for small businesses?
A) Manual ledger
B) Spreadsheets
C) Accounting software
D) None of the above
Accounting software
What is the consequence of unethical behavior in business?
A) Increased customer loyalty
B) Legal penalties and loss of reputation
C) Higher sales
D) Better employee morale
Legal penalties and loss of reputation
What key factor should be included in the marketing strategy of a horticultural business plan?
a) Employee salaries
b) Production methods
c) Pricing strategy
d) Legal structure
Pricing strategy
Which factor is NOT typically considered when setting prices for horticultural products?
a) Seasonal demand
b) Production costs
c) Employee salaries
d) Market trends
Employee salaries
Which attribute is essential for building long-term customer loyalty?
a) Price
b) Quality
c) Trust
d) Location
What is the benefit of using cloud-based record keeping systems?
A) Accessibility from anywhere
B) Higher costs
C) Limited access
D) Slower updates
Accessibility from anywhere
How can a horticultural business promote ethical practices among employees?
A) By ignoring unethical behavior
B) By establishing a code of ethics
C) By focusing solely on profits
D) By limiting employee training
By establishing a code of ethics