A
What do you call a written document that describes the nature of a business, its goals, and how it will operate?
A. Concept Paper
B. Business Plan
C. Lesson Plan
D. Executive Summary
B. Business Plan
Which part describes the business idea, product/service features, and benefits?
A. Product/Service Description
B. Market Plan
C. Organizational Plan
D. Production Plan
A. Product/Service Description
What do you call the section that discusses how a business will promote, price, and sell its products?
A. Market Analysis
B. Marketing Plan
C. Executive Summary
D. Production Plan
B. Marketing Plan
Which section of the business plan gives a short overview of the entire plan?
A. Introduction
B. Executive Summary
C. Appendix
D. Market Analysis
B. Executive Summary
Which section explains the daily operations of the business, including equipment and production process?
A. Marketing Plan
B. Financial Plan
C. Operational/Production Plan
D. Organizational Plan
C. Operational/Production Plan
Which part analyzes the target customers and competitors of the business?
A. Market Analysis
B. Organizational Plan
C. Product Description
D. Introduction
A. Market Analysis
The appendices of a business plan usually contains which of the following?
A. Advertising strategies
B. Supporting documents like permits, resumes, and photos
C. Company goals and vision
D. Market segmentation
B. Supporting documents like permits, resumes, and photos
What is the main purpose of writing a business plan?
A. To create classroom lessons
B. To guide entrepreneurs in starting and managing the business
C. To compute academic grades
D. To design the company logo
B. To guide entrepreneurs in starting and managing the business
A business plan helps entrepreneurs minimize risks. What is the BEST reason why?
A. It guarantees success
B. It guides decision-making through planning
C. It eliminates competition
D. It increases product prices
B. It guides decision-making through planning
What do you call the estimated amount of money needed to start the business, including equipment, materials, and permits?
A. Working capital
B. Startup capital
C. Net income
D. Production cost
B. Startup capital
What is the BEST way to describe the role of the Executive Summary?
A. A separate advertisement for the product
B. A detailed explanation of operations
C. A concise overview that encourages readers to continue reading
D. A chart of financial computations
C. A concise overview that encourages readers to continue reading
What term refers to the unique benefit that makes customers choose your product over competitors?
A. Promotional strategy
B. Unique Selling Proposition (USP)
C. Packaging design
D. Market segmentation
B. Unique Selling Proposition (USP)
Why is a business plan considered a “living document”?
A. It is only used once
B. It must be updated regularly as the business grows and market conditions change
C. It does not require revision
D. It cannot be read by investors
B. It must be updated regularly as the business grows and market conditions change
Why is analyzing competitors crucial in the Market Analysis section?
A. It allows the business to copy their exact strategy
B. It helps determine product pricing and promotional decisions through understanding strengths and weaknesses
C. It forces competitors to lower prices
D. It is required but has no impact on decision-making
B. It helps determine product pricing and promotional decisions through understanding strengths and weaknesses
Which of the following operational weaknesses would MOST LIKELY cause a business to fail despite having strong marketing strategies?
A. Too many product colors
B. Inefficient workflow and delayed production leading to stock shortages
C. Use of free online ads
D. Small store signage
B. Inefficient workflow and delayed production leading to stock shortages