In order to meet the financial needs for future business growth as well as current demands, TruWood Cabinet Makers must secure a business loan of $125,000 from a local bank. The loan committee has asked owner and general manager Jarret Jones to write a comprehensive business plan that meets all of First Security Bank’s requirements for such a large loan. After a lot of research and careful writing, the plan is constructed and ready for presentation to the loan committee.
-The section of his business plan in which Jones sets forth the purpose of his cabinet-making business-its reason for existing-is called the _____.
A)"Executive Summary"
B)"Vision Statement"
C)"Statement of Goals"
D)"Mission Statement"

Question

Quizplus · Accepted Answer

The section of a business plan where the purpose of the business—its reason for existing—is outlined is called the "Mission Statement." This part of the document explains the company's core objectives and its approach to reach those goals.

In Order to Meet the Financial Needs for Future Business