Quiz Revision

Question 1

What are 3 advantages to sole propietorship?

Answer 1

1 - simple easy set up/ quick/legal paperwork
2 - direct ownership + control/ freedom
3 - keep all the profits

Question 2

What are 4 disadvantages of sole propietorship?

Answer 2

1 - unlimited personal liability for business debts
2 - financial risks
3 - limited access to capital and resources
4 - limited skills and expertise

Question 3

What are 3 advantages to Partnerships?

Answer 3

1 - Shared responsibility and workload
2 - Diverse skill + expertise
3 - Shared financial resources

Question 4

What are 3 disadvantages to Partnerships?

Answer 4

1 - Shared profit and decision-making
2 - unlimited personal liability for business debts
3 - potential for conflicts between partners

Question 5

What are 3 advantages to Corporations?

Answer 5

1 - Limited liability for shareholders
2 - access to capital through selling shares
3 - perpetual existence/longevity/stability

Question 6

What are 3 disadvantages to corporations?

Answer 6

1 - complex legal and regulatory requirements
2 - higher costs for formation and maintenance
3 - seperation of ownership and control

Question 7

What is included in the Specific section of SMART goals?

Answer 7

the 5 W’s

Question 8

What does it mean for a SMART goal to be measurable?

Answer 8

it can be tracked

Question 9

What does it mean to have an Achievable SMART goal?

Answer 9

the goal is attainable and realistic

Question 10

What does it mean for a SMART goal to be revelant?

Answer 10

aligns with the business’s ideas/goals

Question 11

What does it mean for a SMART goal to be time-based?

Answer 11

clear deadline and time-frame

Question 12

In a marketing plan what does product include?

Answer 12

goods + services offered

Question 13

In a marketing plan what does place include?

Answer 13

how and where products are sold and delivered to the px

Question 14

In a marketing plan what does promotions include?

Answer 14

various ways we communicate with target audience to gain sales

Question 15

In a marketing plan what does price include?

Answer 15

how much we charge of goods + services

Question 16

What are the 7 steps to setting KPIs?

Answer 16

1 - set numercial goods
2 - define metrics to be measured
3 - measure current status
4 - report findings
5 - communicate results
6 - assess results and make changes
7 - celebrate success

Question 17

What does the financing plan in a Business plan include?

Answer 17

how funds are secured to start + grow business

Question 18

what does the finacial plan in a business plan include?

Answer 18

detailed projections of revenue, expenses and profibility

Question 19

what does the market research in a business plan include?

Answer 19

analyzes target market, compeition and market trends

Question 20

what does the marketing plan in a business plan include?

Answer 20

outlines how we will attract and retain customers

Question 21

what does the delivery plan in a business plan include?

Answer 21

how we will get services/products to the customer

Question 22

In a finacing plan what does character include?

Answer 22

borrowers reputation, credit history + trustworthyness

Question 23

In a finacing plan what does capacity include?

Answer 23

ability to repay the loan, looked at through cash flow

Question 24

in a finacing plan what does capital include?

Answer 24

amount of money borrower invests

Question 25

In a financing plan what does current econmic conditions include?

Answer 25

the broader economic conditions

Question 26

In a financing plan what does collateral include?

Answer 26

any asset that secures loan in case of default

Question 27

What is an income statement/ Profit & Loss statement?

Answer 27

includes/ shows revenue + expenses over specific time period to show profitability

Question 28

what is a balance sheet?

Answer 28

shoes financial position at specific point in time including assets, liability and equity.

Question 29

what is a cash flow statement?

Answer 29

this tracks inflow/outflow of cash/cash equivalent, shows how well finances are managed

Question 30

A income statement, balance sheet and cash flow statement shoes critical insights into different aspects of the business's financial health. Comprehensive view to make decisions and attract investors + lenders. True/False

Answer 30

True

Question 31

When considering growth/exit plan what does market expansion include?

Answer 31

new markets and geographical areas

Question 32

When considering growth/exit plan what does strategic partnership + alliances include?

Answer 32

form alliances wth other businesses

Question 33

When considering growth/ exit plan what is product/service development?

Answer 33

innovating/ expanding products and services

Question 34

When considering growth/ exit plan what is included in growth strategies?

Answer 34

outlines strategies used to grow a business

Question 35

When considering growth/ exit plan what do financial projections include?

Answer 35

provide detailed financial forecast to support growth strategies

Question 36

When considering growth/exit plan what does exit plan include?

Answer 36

define potential exit options - selling/merging/ going public