Business Plan Updated Actual Questions With Correct Answers

BUSINESS PLAN UPDATED ACTUAL QUESTIONS WITH
CORRECT ANSWERS

Question 1.
business plan

ANSWER
a written descriptions of a new business venture that describes all aspects


Question 2.
company description

ANSWER
statement of the business opportunity and why you think it will succeed


Question 3.
mission statement

ANSWER
expresses the specific objectives of a company and the major goals it will try to reach


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 will you need
a loan, how to finance




1/5

, Question 6.
goals

ANSWER
business (or personal) objectives you wish to accomplish


Question 7.
objectives

ANSWER
specific, measurable, short-term expectations


Question 8.
organizational plan

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




2/5