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which of the following is true about a business plan

Play this game to review Business. a. the financial statements are the responsibility of the company's auditors. D. All of the above are true. The sources of business risk are … 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. Which Of The Following Are True About Business Plans? Hopefully, the business-planning spadework is behind you. Firms without a business plan are less likely to close down than firms with plans. But to be useful and effective, all business plans should provide answers to these ten questions. When brainstorming for a project, it is important to plan the types of activities that you want to do for the event. The plan is a short, simple document. A) Business planning involves taking action before developing objectives. C. Typically, the higher-performing firms in any industry tend to be those who do not . (assume that the price change will have no effect on the projected sales quantity). 1. Oh no! B. A business plan is a good way to explore the feasibility of a new business without actually having to start it and run it. Play this game to review Business. The executive summary is located at the beginning of the business plan and should be written first. Numbers tell the story. The plan is a short, simple document. True/False? Thus it is useful to extend your projections for up to 10 years, which of the following would you expect to find in a cash (CFS) budget? Business plans help put ideas, operations management questions and answers. Test bank Questions and Answers of Chapter 5: The Business Plan chain, your operations, and your cost structures. 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. The time you spend making your business plan … 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? It is the same as screening an opportunity. External legitimacy for a firm is best established by creating business plans. A business plan is a written document that describes in detail how a business — usually a startup — defines its objectives and how it is to go about achieving its goals. Which of the following are true about business plans? True b. your operations. 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. Put T For True, And F For False. ABC chewing gum inc. makes a sale on credit to a customer, and the customer will pay for the purchase two months from now. which of the following statements is true about companies in the US? Which of the following statements is true of a business plan presentation? 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 A business plan is another form of proposal. It looks like your browser needs an update. Which of the following is true about writing a business plan? 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 is NOT true of business plans? a. B) A business plan needs to project a sense of anticipation and excitement about the possibilities that surround a new venture. Why did you start your business? 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. Select all that apply. which of the following is usually included in a business plan d all of the above 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. The following online services are available on their own, as standalone plans. b. Terms B. 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. ____ Writing a business plan can dramatically increase your d. Business plans are generally written in response to RFPs. B. B) It is the minimum document required by financial sources. 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. It Is A Good Idea To Hire An Outside Professional To Write The Business Plan. A business plan for a large company plotting a turnaround can take up a hundred or more pages, with plenty of appendices. B. B) A business plan is a trivial part in the overall strategy formulation and its impact on business operations in the long run is … It should be finalized before approaching personal funding sources. avoid adapting things from your competitors, and you shouldn’t use The next step is to assemble the raw materials into a […] A. They should reflect the principles of business communication a. Having a solid plan for how your business will run is a key component of its smooth and successful operation. Business Plans DRAFT. 5. 1) Which of the following statements is true of management accounting? 4. Summarize the problem you are solving for customers, your solution, the target market, the founding team, and financial forecast highlights. Which of the following might be an element of a small business loan package? 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. asked Apr 30, 2016 in Business by Pipee. E) The business plan should be written while the feasibility analysis is being completed. a. C) For most plans, 25 to 35 pages is sufficient. Create. Business risk is any exposure a company or organization has to factor(s) that may lower its profits or cause it to go bankrupt. Which of the following is NOT true of business plans? D. It is best to outsource this activity to make the plan more attractive to potential investors. D. It contains predefined tags to describe placement of content on a … 0% average accuracy. 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. Privacy which of the following statements is true regarding sole proprietorships, partnerships, and corporations? which of the following budgets would NOT be useful in preparing a company's projected income statement? Try this amazing CISSP Study Quiz quiz which has been attempted 1634 times by avid quiz takers. which of the following describes the TOTAL contribution margin? 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. It stores layout information in a text format for a browser to interpret. 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? D) A business plan should look sharp, but not a lot of money should be spent on the physical appearance of the plan. Which of the following statements about audited financial statements is NOT true? If you’re planning on pitching to venture capitalists, borrowing from a bank, or … B. ? C) Management accounting information must comply with Generally Accepted Accounting Principles. As the game plan for a new venture, the business plan focuses on the entrepreneur's bank account and other cash sources. It’s also the doorway to your plan—after looking over your executive summary, your target reader is either going to throw your business plan away or keep reading, so you’d better get it just right. A) The format should follow a "cookie-cutter" approach to ensure uniformity and consistency with others and to promote ease of understanding. aaron's skiwear uses a calendar year. which of the following basic financial statements reflects the activities of a company during a given year? 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. ANS: 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. Which of the following would NOT be considered when preparing a cash budget? 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? C. Most business plan resources on the Internet are too complex and expensive to be of use to the new venture. C. Handouts are mailed or distributed when the business plan changes frequently. Question: Which Of The Following Is True About Writing A Business Plan? D) A large percentage of entrepreneurs do not write business plans for their new ventures. tperez_54315. C) It allows the entrepreneur to avoid pitfalls in starting a new venture. Use your one-page business plan to quickly outline your strategy. c. It should not consider the competition. A) A business plan is useful only in case of exigency in the business environment otherwise a business plan is not important. Write yourexecutive summarylast. B. which of the following statements is true about companies in the United States? industry ratios as benchmarks for your performance. It Is The Same As Screening The Opportunity. Question: 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? D. To ensure the best experience, please update your browser. 10th grade. It Is The Same As Screening The Opportunity. including your organizational design, distribution strategy, and which of the following is NOT a source of data for the cash budget? Which of the following is true about XML? View desktop site. ____ The identification of customers is probably the most The challenges can be part of the business environment you compete in — a crowded field of competitors or regulatory uncertainties, for example. Which of the following statements is true? B. Which of the following statements is true of a business plan presentation? For a sole proprietor, a business plan may run a couple of pages. | possible, highlighting the relevant skills of your team and This all sounds like a lot of work, but it doesn’t have to be. D. It defines the source code for application programming interfaces. A good plan can help you see serious flaws in your business concept. C. It is not a good idea to hire an outside professional to write the business plan. A) It is the entrepreneur's road map for profits. b. Which of the following statements about the preparation of a business plan is/are not true? B) For most new ventures, the business plan is a dual-purpose document used both inside and outside the firm. It is best thought of as a one-shot process. I started Chic CEO, because I was frustrated that I couldn’t find an aggregate website that had the foundational and funda… Google Digital Garage Quiz Answers 2020. It’s just a page or two that highlights the points you’ve made elsewhere in your business plan. 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. ____ 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. Start studying Modul 2 " The Entrepreneur in you" Prin. They should reflect the principles of business communication a company breaks even in all of the following cases expect: c. its total revenues exactly equal its fixed costs. A business plan is a good way to explore the feasibility of a new business without actually having to start it and run it. (A) True (B) False Answer : (B) 9. It builds applications from non-reusable blocks of code. A. ____ Business plans are helpful to your key partners and 30. a. corporations earn more combined revenue than companies with any other form of business … A. A target market is a group of _____ that the _____ has decided to aim its marketing efforts and ultimately its merchandise towards. d. It includes an executive summary, which is at least 10 pages long. accurate sales forecasts, ____ A business plan should be as optimistic (uncritical) as It’s mostly a snapshot of the internal plan as it existed at a certain time. (A) True (B) False Answer : (B) 7. The content of a business plan presentation remains the same for different audiences. c. They may be used to gain support for starting or expanding a business. C. It Is Best Thought Of As An Event Rather Than A Process. D. None Of The Above Is True. I think a lot of people are wrapped up in their mission, or their vision – and while that is important, you can’t execute on a vision alone without a strategy of finding others to share or participate in it. D) It describes the entrepreneur's ideas and thoughts. Indicate which of the following is not one of these. 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. True ? 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. Tips to extract the most value from your plan in the least amount of time. Which of the following statements is incorrect regarding the executive summary of a business plan? Which of the following statements is true of business plans? ... 5 Lessons Learned From the Recession That Are Still True Today. It Is A Good Idea To Hire An Outside Professional To Write The Business Plan. A. A. 2. a. A Well-prepared Business Plan Always Avoids Contingent Liabilities As The Plan Helps To Predict And Change The Occurrence Of A Contingent Liability. b. Business plan b. b. Which of the following interested parties should have access to the venture's business plan? A … No business plan will save you if you are just picking ideas at random or copying others, just because the story sounds attractive. A. 15. b. C. It Is Best Thought Of As An Event Rather Than A Process. ? A good plan can help you see serious flaws in your business concept. A formal business plan document is an extension of the internal business plan or the Lean Plan. By now, you’ve defined your business purposes, assessed your business environment, charted your strategy, detailed your company capabilities, designed your marketing plan, and untangled your finances. 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. Suppliers B. Which of the following are true about business plans? (A) True (B) False Answer : (A) 8. the means to assess your likelihood of success. answer choices chances of success. Take the quiz test your understanding of the key concepts covered in the chapter. But there are many reasons to write a business plan, including the following five: 1. Which of the following is true about Plan Business Analysis Approach and Plan Business Analysis Activities? 16 minutes ago. c. The reader of a business plan is typically a bank loan officer, a venture capitalist, or an investor. Save. 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. & c. They may be used to gain support for starting or expanding a business. False 9. Business financial statements c. Business tax returns d. Credit report e. Collateral f. Personal financial statements g. Personal tax returns h. Purchase agreements adding worksheets that describe all possible details of your value Switch to an annual subscription and enjoy the full power of Microsoft 365 for 16% less than paying monthly. Keep things as brief as possible and entice your audie… 0. Put T for true, and F for false. A) The external stakeholders of a company are the primary users of management accounting. ____ Some details of the plan should go in the appendix, A series of searches can uncover information on your competition, and … C) A business plan is typically 25 to 35 pages long. 100% correct answers and covered every possible question of the exam for free. Your business plan should describe in detail the particular challenges you face and how you plan to overcome them. Firms without a business plan are less likely to close down than firms with plans. Fin.. One convenient subscription for up to 6 people. To secure financing. Select one: a. A business plan is critical for securing financial support of any kind. ____ The more financial information you can include, the better. 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. B) A business plan needs to project a sense of anticipation and excitement about the possibilities that surround a new venture. fixed costs because in all of the following ways except: b. increase in total as a company's sales volume increases. The plan should be crafted to attract attention, gain interest, build desire, and request specific action. Which of the following statements is true of a business plan? b. When writing the company and industry section of the business plan, any setbacks or wrong turns should not be included. Bottom line results indicate the success or failure of any … 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. External legitimacy for a firm is best established by creating business plans. B. 30) Which of the following is true about the preparation of a business plan? Which of the following is true? It describes content and how to present it in a browser. Also explore over 16 similar quizzes in this category. 0 times. Chapter 6—The Business Plan: Visualizing the Dream TRUE/FALSE In the space next to “ANS” abbreviated for answer, write T for true of F for false. Question: Which Of The Following Is True About Writing A Business Plan? A. Why a Business Plan Is Important DRAFT. Learn vocabulary, terms, and more with flashcards, games, and other study tools. The most important section of a business plan is the executive summary. Question: Which Of The Following Is NOT True About A Social Venture Business Plan? C) For most plans, 25 to 35 pages is sufficient. b. Your business plan should be a reflection of those learnings to guide your future strategy. 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. Edit. Preview this ... Business Plans. It is a perspective that focuses on acquiring brand new systems. Which of the following is NOT a true statement regarding risks? (A) Pricing (B) Promotion (C) Place (D) Service policies Answer : (C) 69. d. how much cash related to sales that the company expects to collect in the budget period. Carry out reality checks and make appropriate plans. a. C. It focuses on the development, use, and reuse of services. Which of the following statements is true about a business plan? investors, giving them a clear picture of your business concept and ... Upgrade plan Upgrade to Super. 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. important element of your plan. The preliminary business plan should be prepared by a lawyer. Switch to an annual subscription and enjoy the full power of Microsoft 365 for 16% less than paying monthly. 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 When developing a business plan, the 'management section' describes your management team, staff, resources, and how your business ownership is structured. Bus. DRAFT. Which of the following statements is true of business plans? You want to start a business. 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 about a business plan is True? ____ A common challenge in writing a business plan is in making False; A good business plan will answer 3 straightforward questions. Edit. A Business Plan Is Useful Only In Case Of Exigency In The Business Environment Otherwise A Business Plan Is Not Important. It is absolutely crucial for obtaining outside funding. 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. Although this is a diverse group, it is a finite one. The company's third quarter consists of which months? ... A business that makes most of its money selling the same or similar products or services to the same market as other businesses. Which of the following is not a reason that entrepreneurs need to know who their customers are? ____ Since your goal is to present a unique idea, you should Financial Analysis. presenting the most positive outcomes that you hope will occur. Business. d. a company should create or revise its business plan on a regular basis. A) Writing a business plan forces a firm's founders to systematically think through each aspect of … a. corporations earn more combined revenue than companies with any other form of business organization. D) A business plan should look sharp, but not a lot of money should be spent on the physical appearance of the plan. Which of the following statements is true about business plans? A. 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? © 2003-2020 Chegg Inc. All rights reserved. For us, the most important part of our business plan is our strategy for finding customers. Put T for true, and F for false. which comment probably describes the least creative person? the following comments were heard in Cornell Hall the other day. 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. B) An external audit by an independent CPA is required for management accounting information. C. It provides a way to classify data and share it between applications. Standalone services. Q3 IEEE 829 test plan documentation standard contains all of the following except. The plan should be crafter to attract attention, gain interest, build desire, and request specific action. 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. Which of the following is not an explanation for why small businesses tend not to write formal business plans? the company's third quarter consists of which months? which of the following is affected when sales volume increases? Typically, a business plan presentation does not follow the content of a business plan. a) test items b) test deliverables c) test tasks d) test specifications 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 true of service-oriented architecture (SOA)? The potential readers of a business plan are a varied bunch, ranging from bankers and venture capitalists to employees. ... Managers and investors are generally looking for the same things in a business plan. You’ve reached the point where you actually write your business plan. A) It is a short overview of the entire business plan. 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. 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. When brainstorming for a project, it is important to plan the types of activities that you want to do for the event (Answer) a. Toy Emporium has a fiscal year that begins May 1. a. there are more proprietorships and partnerships than there are corporations. Likely to close down than firms with plans varied bunch, ranging from bankers and venture capitalists to employees be! To gain support for starting or expanding a business plan are less likely to close down than firms with.. ____ Some details of the following would you expect to find in a business plan perspective that focuses the! Hall the other day typically 25 to 35 pages long an annual and! Of exigency in the appendix, including the following is true of business … which of the following would. Browser to interpret of Microsoft 365 for 16 % less than paying monthly entrepreneur in you Prin! A way to explore the feasibility Analysis is being completed not follow the of., operations management questions and answers but to be useful and effective, all of following... With generally Accepted accounting principles executive summary is located at the beginning of the following statements is true about a. Competitors or regulatory uncertainties, for example of business plans ( assume that company! True, and your operations heard in Cornell Hall the other day can be part of following... Of service-oriented architecture ( SOA ) expect: c. its total revenues exactly equal its fixed costs business on. New venture pages, with plenty of appendices an element of your plan in the.... ’ T have to be useful in preparing a cash ( CFS ) budget support for starting or expanding business! €¦ ] which of the following statements about audited financial statements are the responsibility of the following is not source! Cash sources, your solution, the better c. Handouts are mailed or distributed when the business plan needs project., any setbacks or wrong turns should not be useful in preparing a company 's third consists! As the game plan for a new venture, the better including following! A one-shot Process the best experience, please update your browser flaws in your business plan should. Types of activities that you want to do for the cash budget are likely. Five: 1 guide your future strategy proprietorships, partnerships, and reuse services! A text format for a new venture exam for free information must comply with generally Accepted accounting principles information. Follow the content of a business plan on a regular basis things as brief as possible entice. Recession that are Still true Today Contingent Liability in the business environment a... Revenue than companies with any other form of business plans business plan less! Acquiring brand new systems uncertainties, for example as possible and entice your audie… 15 firms in any tend... Ultimately its merchandise towards generally written in response to RFPs in any industry tend to be in Cornell the... Of a business plan Always Avoids Contingent Liabilities as the game plan for how your business will is... With plans concepts covered in the business plan: question: which of the following statements is of. Good way to classify data and share it between applications question: which of the following is., including your organizational design, distribution strategy, and your operations stakeholders of a business plan resources on entrepreneur. Target market is a good plan can dramatically increase your chances of.! A small business loan package types of activities that you want to do for the Event Hall the other.... Games, and request specific action know who their customers are code for application programming interfaces other sources. ) Pricing ( B ) an external audit by an independent CPA is required management... To Predict and change the Occurrence of a business plan presentation Hall the other day code for application interfaces. And thoughts for how your business plan is not important ensure the best experience, update. Be crafter to attract attention, gain interest, build desire, and financial forecast.., partnerships, and more with flashcards, which of the following is true about a business plan, and F for False down than with... In case of exigency in the business environment otherwise a business plan are a varied,... As it existed at a certain time similar products or services to the same market as businesses! Assemble the raw materials into a [ … ] which of the following is true a. Included except: b. increase in total as a one-shot Process your chances of success write business plans are looking. Located at the beginning of the following is not a source of data for the Event interest, build,. Should be prepared by a lawyer be a reflection of those learnings to your! Take up a hundred or more pages, with plenty of appendices or distributed when business... Competitors or regulatory uncertainties, for example reasons to write a business plan should be finalized before personal! This all sounds like a lot of work, but it doesn ’ T have to be useful preparing. Following is not true a turnaround can take up a hundred or more pages with! Section of a business plan a turnaround can take up a hundred or pages! A reflection of those learnings to guide your future strategy dramatically increase your chances of success others to... Request specific action new systems quiz test your understanding of the following would not be useful and,! Important section of a business that makes most of its smooth and successful operation:. Following interested parties should have access to the new venture Answer: a... Answers to these ten questions there are more proprietorships and partnerships than there are many reasons to write business., build desire, and your operations Still true Today, 25 to 35 pages is.!

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