Introduction to Business

Section 2: The Business Plan

Self-Checks

1
A business plan is a written description of a new business venture that describes all ______ of the business.
A)aspects
B)products
C)goals
D)strategies
2
A business plan must follow ______ .
A)a logical format
B)industry standards
C)an executive summary
D)SBA guidelines
3
The length of an executive summary should be limited to ______ .
A)one paragraph
B)one page
C)two paragraphs
D)two pages
4
In a business plan, the size, scope, and type of business is explained in the ______ .
A)company description
B)vision and mission statements
C)product and service plan
D)marketing plan
5
Company values and beliefs are established in the ______ .
A)executive summary
B)organizational plan
C)mission statement
D)vision statement
6
The business plan section that presents research about the company’s customer profile is called the ______ .
A)competitive analysis
B)market analysis
C)industry overview
D)marketing plan
7
The business plan section that identifies likely risks to the business is called the ______ .
A)back-up plan
B)emergency plan
C)contingency plan
D)risk analysis
8
The business plan section that identifies trends and growth within the industry is called the industry ______ .
A)analysis
B)plan
C)overview
D)statement
9
The business plan section that includes demographic data about the target market and business location is called the ______ .
A)company description
B)marketing plan
C)market analysis
D)product and service plan
10
Before starting a particular business, an entrepreneur needs to determine if there is enough ______ for the product.
A)customer base
B)mission
C)demand
D)need
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