Practice Test Questions Flashcards
What type of business has one owner who personally liable for all debts?
Sole Prioprietor
What are 3 disadvantages to Business Partnership?
1- Shared Profits and Decision Making
2- Potential Conflicts
3- Unlimited personal liability
A general partnership needs to a corporate to function as a legal business. T/F
False
What does KPI stand for ?
Key Performance Indictator
List the 5 items included in the Intro/Synopsis section of the business plan.
1-intended audience
2-business idea
3-the reason for proposal or plan
4- proposed financing method
5-limits of scope of the entire document
What does SMART stand for?
Specific
Measurable
Achievable
Revelant
Time-based
The purpose of a marketing plan is to give a comprehensive roadmap for success and growth of your business. It is a strategic document that outlines the business goals such as objectives/strategies and action plan. T/F
False
Name 3 primary financial statements.
1- Income statement/ Profit&Loss statement
2 - Balance sheet
3 - Cash flow statement
Name 5 elements that are included in Market Research.
1 - average age of population
2 - income level
3 - population growth in the area
4 - quality schools
5 - public transportation link
The cash flow revels the sources and uses of practice income for any given period. T/F
True
What are the 5 C’s in a financing plan?
1 - Character
2 - Capacity
3 - Capital
4 - Current Econmic Conditions
5 - Collateral
What are the 4 P’s in a Marketing Plan?
1 - Product
2 - Place
3 - Promotion
4 - Price
What are 5 sections a Business plan MUST include?
1 - Financing Plan
2 - Finacial Plan
3 - Marketing Research
4 - Delivery Plan
5 - Marketing Plan
What 6 things should a growth/exit plan include?
1 - Market Expansion
2 - Strategic Partnerships and Alliances
3 - Product/ Service Development
4 - growth strategies
5 - financial projections
5 - exit options
How long should an executive summary be?
1 Page Long
