Deck 5: Business Plans

Question 1

Rather than using page count as a way to measure the length of a business plan,expert Tim Berry recommends that you measure a plan based on:

A)Readability and grammar
B)Sentence structure and summarization
C)Readability and summarization
D)Sentence structure and grammar

Answer 1

C

Question 2

In which part of the business plan will information about outstanding regulatory,testing,or other requirements be found?

A)Body of the plan under "Product/Service Offering"
B)Body of the plan under "Your Development Plan"
C)Body of the plan under "Company and the Industry"
D)Body of the plan under "Market Analysis"

Answer 2

B

Question 3

Which part of the business plan should capture the attention of the reader,stimulate interest,and get the reader to keep on reading?

A)Letter of Transmittal
B)Title Page
C)Table of Contents
D)Executive Summary

Answer 3

D

Question 4

Financial institutions are likely to read the executive summary of your business plan,and then skip directly to the section pertaining to:

A)The competition
B)Financials
C)Competitive advantage
D)Incorporation

Question 5

The business planning process focuses on the:

A)Present
B)Past
C)Future
D)Customers

Question 6

A _________ gives the title of the plan or the name of your business,and outlines the major features of your plan that may be of interest.

A)Letter of Transmittal
B)Letter of Expression
C)Letter of Purpose
D)Letter of Intent

Question 7

All of the following websites offer outlines,instructions,and templates for developing a business plan,except:

A)Canada Business Network
B)Canadian Bank Association
C)Business Development Bank of Canada
D)Industry Canada

Question 8

Which part of the business plan will describe the profile of your principal target customers?

A)Body of the plan under "Product/Service Offering"
B)Body of the plan under "Your Development Plan"
C)Body of the plan under "Company and the Industry"
D)Body of the plan under "Market Analysis"

Question 9

The _______ lays out the "super goal" that you would like your business to achieve.

A)Concept statement
B)Financial statement
C)Mission statement
D)Vision statement

Question 10

At the heart of the capital-raising process is:

A)Your business plan
B)Your statement of cash flows
C)Your feasibility study
D)Your income statement

Question 11

Many financial institutions will accept a(n)________ for use by early-stage businesses in applying for a bank loan.

A)Cash flow statement
B)Feasibility study
C)Independent executive summary
D)Summary business plan

Question 12

Which part of the business plan will contain estimates pertaining to sales and market share?

A)Body of the plan under "Product/Service Offering"
B)Body of the plan under "Your Marketing Plan"
C)Body of the plan under "Company and the Industry"
D)Body of the plan under "Market Analysis"

Question 13

Which part of the business plan will contain information about the name,address,and contact numbers as well as key company contacts?

A)Letter of Transmittal
B)Executive Summary
C)Title Page
D)Table of Contents

Question 14

According to Tim Berry,business planning has become:

A)Lengthy and verbose
B)Leaner and more agile
C)Long-winded and overly formal
D)Short and inadequate

Question 15

The length and detail of your business plan will depend on all of the following,except:

A)The type of business
B)The expectations of stakeholders
C)The expectations of competitors
D)The expectations of your financial institution

Question 16

The _______ defines the "super strategy" of your business.

A)Mission statement
B)Vision statement
C)Concept statement
D)Financial statement

Question 17

Which part of the business plan will include information about the goals and objectives of the business?

A)Letter of transmittal
B)Executive summary
C)Body of the plan under "Company and the Industry"
D)Body of the plan under "Market Analysis"

Question 18

Another appropriate term to describe a business plan is:

A)A feasibility plan
B)A game plan
C)A financial plan
D)A progress plan

Question 19

Which of the following parts of a business plan will answer the question,"is there a need and demand?"?

A)Executive summary
B)Market opportunity and competitive advantage
C)Goals and business strategy
D)Detailed financials

Question 20

All of the following should be included in the marketing plan section of the business plan,except:

A)Pricing
B)Sales and distribution
C)Proprietary issues
D)Service and warranty

Question 21

Contingency plans are not described in a business plan.

Question 22

The operational business plan is typically over 40 pages in length and is the most frequently used form of business plan.

Question 23

Patents and trademark information should be described in the Production/Operations Plan.

Question 24

Why is the executive summary thought to be the most important part of a business plan?

Question 25

The typical business plan is roughly 20 pages in length.

Question 26

Under which section of the business plan are environmental issues most likely to be described?

A)Market Analysis
B)Marketing Plan
C)Development Plan
D)Production/Operations Plan

Question 27

Outline the key components of the vision statement.

Question 28

A budget is generally included in the full business plan.

Question 29

Your mission statement should be short (a sentence or two).It should also be easy to understand and easy to remember.

Question 30

Compare a Summary Business Plan to an Operational Business Plan.

Question 31

It is not necessary to mention whether employees of your potential business with be union or non-union.

Question 32

Outline the key components of the mission statement.

Question 33

If your potential business is a manufacturing business,what items should be addressed in the production/operations plan?

Question 34

In what ways can an effective business plan serve you externally,or outside of the immediate internal planning function.

Question 35

Under which section of the business plan is the profile of the principal target customers described?

A)Market Analysis
B)Marketing Plan
C)Development Plan
D)Production/Operations Plan

Question 36

Your business plan should lay out the details so that everyone can see precisely where you are now,where you are going,and how you plan to get there.

Question 37

If you have used professional advisers,such as lawyers,accountants,insurance brokers,etc.,you should provide their names and contact information in your business plan under the heading "Management team".

Question 38

Provide examples of the kind of material that might be contained within the appendix of your business plan.

Question 39

Which of the following is most likely found under the development plan section of the business plan?

A)Facilities and equipment
B)Sales and distribution
C)Costs
D)Service and warranty