Question 1

A SWOT analysis is associated with _______________________.

Accepted Answer

A SWOT analysis is a tool used in strategic planning to identify strengths, weaknesses, opportunities, and threats related to a business or project.

Question 2

Articles of incorporation and the related bylaws for an independent business would typically include all of the following, EXCEPT:

Accepted Answer

Annual budget projection for the current year is not typically included in the articles of incorporation or bylaws, as these documents focus on the structure and governance of the corporation rather than financial projections.

Question 3

The __________ is/are the foundational document(s) detailing the purpose of the business, its product or service, its clients, and its revenue.

Accepted Answer

The business plan is the foundational document that outlines the purpose of the business, its products or services, its target clients, and its revenue model.

Question 4

The __________ is a condensed version of the detailed annual report. In this abridged version, major topics are highlighted for rapid perusal.

Accepted Answer

The executive summary is a condensed version of a detailed report, highlighting major topics for quick reading.

Question 5

A strategic plan usually lays out the desired outcomes for a long period of time (e.g., several years).

Accepted Answer

Strategic plans are designed to set long-term goals and objectives, typically spanning several years, to guide an organization's direction and decision-making.

Question 6

The initial strategic plan is usually completed after the organization has moved out of the youth stage of the life cycle and well into the middle-age phase of the life cycle.

Accepted Answer

The initial strategic plan is typically developed during the early stages of an organization's life cycle, often in the startup or youth phase, to guide its growth and development.

Question 7

Licensure and accrediting agencies are given access to the annual reports if they request these documents.

Accepted Answer

Licensure and accrediting agencies often have the authority to request access to annual reports to ensure compliance with standards and regulations.

Question 8

When a full-time employee plans to open his own private practice on weekends while continuing as a weekday employee with his regular employer, he is free to do so without consulting the full-time employer.

Accepted Answer

Many employers have policies regarding outside employment or conflicts of interest, and employees may be required to disclose or seek approval for additional work to ensure it does not interfere with their primary job responsibilities.

Question 9

A due diligence report is carried out on an annual basis.

Accepted Answer

A due diligence report is not necessarily carried out on an annual basis; it is typically conducted during specific transactions or events, such as mergers, acquisitions, or investments.

Question 10

Once it has been approved by the governing board, a due diligence report is generally distributed to all employees.

Accepted Answer

A due diligence report is typically shared with relevant stakeholders and decision-makers, not all employees, as it often contains sensitive information.

Quiz 12: Comprehensive Planning and Accountability Documentation