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Test answers for Business Planning 2016

(53) Last updated: January 22
Elance • Fin. & Mgt.
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53 Answered Test Questions:

1. Financial Statements Include

Answers:

• Balance Sheet

• All of the above

• Income Statement

• Cash Flow Statement

2. The 4Ps are also known as:

Answers:

• Marketing mix

• Promotions

• Market demographics

• Marketing trends

3. A Business Plan should not include a section about regulatory issues since this is out of the business owners hands.  True or False

Answers:

• True

• False

4. How long should a typical business plan project for?

Answers:

• 12 months

• 6 months

• 8-10 years

• 3-5 years

5. Estimating capital requirements is important for the:

Answers:

• Product design

• Marketing

• Product management

• Break-even analysis

6. True or False? A business plan should only focus on short term objectives

Answers:

• False

• True

7. What is the first section in a traditional business plan?

Answers:

• Management profile

• Executive summary

• Marketing plan

• Financials

8. What does Market Share mean?

Answers:

• Opportunities to share in greater market profits

• The portion of a market controlled by a particular company or product.

• Ownership stake in a public company

9. What does the 'T' stand for in SWOT analysis?

Answers:

• Technology

• Trends

• Threat

• Target

10. Potential creditors will often be interested in gaining collateral before lending.  True or False

Answers:

• False

• True

11. Answering which of the following questions does NOT help in understanding a niche?

Answers:

• Which areas are competitors already well-established?

• Which areas are being ignored by competitors?

• What are potential opportunities for the business?

• How will the Board of Directors help implement capital controls?

12. The Purpose of the Company Description in the Business Plan is:

Answers:

• List the specific consumers, organizations or businesses that your company serves or will serve.

• (all of these)

• Explain how your products and services meet these needs.

• Describe the nature of your business and list the marketplace needs that you are trying to satisfy.

13. True or False: Narrowing the target for potential clients helps because it concentrates sales efforts to a selective group that is most likely to be most profitable.

Answers:

• True

• False

14. New funds can be put toward which of the following?

Answers:

• Acquisitions

• All of the above

• Debt retirement

• Working capital

15. In a competitor analysis, what should you focus on?

Answers:

• Barriers to entry

• All of these

• Prime customer motivators

• Component costs

16. In the financial forecasting, operating profit margin should be:

Answers:

• Negative

• Unchanged

• Positive

17. True or False: Start-up companies are almost always succesful in the first few years.

Answers:

• False

• True

18. Who are the most important readers of a business plan?

Answers:

• Investors

• Competitors

• Employees

• Customers

19. What should organizational structures include?

Answers:

• All of these

• Percentage of ownership

• Management r??sum??s

• Forms of ownership

20. Legal issues like non-disclosure agreements and patents are NOT important considerations for the business.

Answers:

• True

• False

21. True or False: A partnership is normally run by one entreprenuer

Answers:

• True

• False

22. It is common for creditors to want historial financial statements, True or False

Answers:

• True

• False

23. An appendix may include:

Answers:

• R??sum??s

• Building permits

• All of these

• Letters of reference

24. True or False? A business plan should state a value proposition.

Answers:

• False

• True

25. Ratio and Trend Analysis can help to create a better picture of profitability and growth potential.  True or False

Answers:

• True

• False

26. Which of these is an example of a competitive strategy?

Answers:

• Distribution

• Promotion

• Pricing

• All of these

27. Sales targets should be:

Answers:

• Specific

• Both specific and measurable

• Measurable

• Lofty

28. What is the Executive Summary of a Business Plan?

Answers:

• Summary Provided To Bank Executives

• Plan of Executive Orders

• A snapshot of your business plan as a whole and touches on your company profile and goals.

29. True or False: The Market Analysis of your business plan should illustrate your industry and market knowledge as well as any of your research findings and conclusions.

Answers:

• False

• True

30. SWOT Stands for

Answers:

• Strengths, Weaknesses, Opportunities, Threats

• Strengths, Weakness, Origination, Targets

• (none of these)

• Simple While On Target

31. What is ROI?

Answers:

• Return on Investment

• Ratio of Intermediaries

• Rapid Operation Inspection

• Rate of Installation

32. True or Fales: An Organization Chart is a diagram that shows the structure of an organization and the relationships and relative ranks of its parts and positions/jobs.

Answers:

• Time's Up!

• False

• True

33. When requesting funding it's important to be clear on:

Answers:

• Timing of funds

• Type of funding (Equity vs Debt)

• Time period funding is for

• All of these

34. International sales can be hampered by:

Answers:

• All of the above

• Cultural Differences

• Regulatory Issues

• Language Barriers

35. What should the prospective financial data include?

Answers:

• Cash flow statements

• Income statements

• All of these

• Balance sheets

36. One common method for selecting prices is called Cost Pricing Strategy.  This means:

Answers:

• Comparing to market norms and adding/subtracting premium based on perceived quality

• Estimating price consumers wish to pay

• Calculating the Costs of Production/Service per unit and adding a per unit profit margin

37. True or False? You should have concise bulleted lists in a business plan.

Answers:

• True

• False

38. Financial Projections are done before Market Analysis and objectives are set.  True or False.

Answers:

• False

• True

39. True or False? It is acceptable to use business jargon or pop culture references in a business plan.

Answers:

• False

• True

40. Which should NOT be included in an executive summary?

Answers:

• Name of founders

• Dates

• Current investors

• Exhibits

41. What is not included in variable costs?

Answers:

• Packaging

• Direct sales

• Supplies

• Technology

42. The use of exhibits are intended for:

Answers:

• Breaking up the writing

• Showing your graphing skills

• All of these

• Visual information that is easier to interpret than words

43. Market Penetration Strategy is one of the Strategies underlying Cost Control.  True or False

Answers:

• False

• True

44. A pricing strategy where you set your prices high for quick cash and little emphasis on market penetration is called:

Answers:

• Luxury illusion

• Top shelf pricing

• Price skimming

• Market saturation

45. Marketing Strategies can be composed of:

Answers:

• Poison Pill

• Growth Strategy

• Funding Allocations

• SWOT

46. In a business plan the Funding Requests portion should include:

Answers:

• Competitors Product Cycle

• Strategic Financial Situations

• All of the above

• Expected Employee Retention

47. What is the post-money valuation for a $1.5 million round of investment when the equity stake offered is 25%?

Answers:

• $6 million

• $4.5 million

• $375,000

• $1.5 million

48. In the Competitive Analysis It's important to include:

Answers:

• Potential Barriers to the Market

• Financial Statements

• SWOT Analysis

49. A good way to analyze the external environment is with a(n):

Answers:

• None of these

• PEST Analysis

• SWOT Analysis

• VRIO Framework

50. What will a VRIO framework help distinguish?

Answers:

• Competitive potential

• Financial potential

• Size of the target market

• Organizational structure

51. The first thing to assess in your market analysis is the:

Answers:

• Size of primary target market

• Industry outlook

• Target market

• Competitive analysis

52. The section of your business plan that is similar to an "elevator pitch" is the:

Answers:

• Appendix

• Market Analysis

• Executive Summary

• Company Description

53. For a typical executive summary, what is the maximum length?

Answers:

• 1 page

• Half a page

• 3 pages

• 2 paragraphs