BUSINESS PLAN LATEST ACTUAL EXAM WITH VERIFIED
QUESTIONS & CORRECT ANSWERS
Question 1.
business plan
ANSWER
a written description of a new business venture that describes all aspects
Question 2.
business description
ANSWER
statement of the business opportunity and why you think it will succeed
Question 3.
mission statement
ANSWER
the message to the customer as to why a business exists
Question 4.
marketing plan
ANSWER
how to inform people about your new product or business; includes advertising and
promotion
Question 5.
financial plan
ANSWER
how much money you'll need to jump start your business and keep it running, if you will need
a loan and how to finance if necessary
1/6
, Question 6.
goals
ANSWER
business (or personal) objectives you wish to accomplish
Question 7.
objectives
ANSWER
specific, measurable, short-term expectations
Question 8.
organizational structure
ANSWER
describes how a business will be structured and staffed, where it will be located and details of
the office or retail space it will occupy
Question 9.
competitive advantage
ANSWER
a set of unique features of a company and its products that are perceived by the target market
as significant and superior to those of the competition
Question 10.
operations plan
ANSWER
a plan outlining how the business will operate
Question 11.
profit
ANSWER
the amount of $ left over when the revenue exceeds costs/expenses
2/6
QUESTIONS & CORRECT ANSWERS
Question 1.
business plan
ANSWER
a written description of a new business venture that describes all aspects
Question 2.
business description
ANSWER
statement of the business opportunity and why you think it will succeed
Question 3.
mission statement
ANSWER
the message to the customer as to why a business exists
Question 4.
marketing plan
ANSWER
how to inform people about your new product or business; includes advertising and
promotion
Question 5.
financial plan
ANSWER
how much money you'll need to jump start your business and keep it running, if you will need
a loan and how to finance if necessary
1/6
, Question 6.
goals
ANSWER
business (or personal) objectives you wish to accomplish
Question 7.
objectives
ANSWER
specific, measurable, short-term expectations
Question 8.
organizational structure
ANSWER
describes how a business will be structured and staffed, where it will be located and details of
the office or retail space it will occupy
Question 9.
competitive advantage
ANSWER
a set of unique features of a company and its products that are perceived by the target market
as significant and superior to those of the competition
Question 10.
operations plan
ANSWER
a plan outlining how the business will operate
Question 11.
profit
ANSWER
the amount of $ left over when the revenue exceeds costs/expenses
2/6
