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Test 2: CMGT Questions with Answers (100%
Correct Answers)
A document that contains a formal statement of business goals, an explanation
of how the goals can be achieved, and the detailed steps for reaching these
goals is known as a Answer: business plan.
A guide for an operation's marketing efforts outlining what will be done to
attract the number of customers needed to achieve the operation's revenue
targets is known as a Answer: marketing plan.
When developing a marketing budget, managers must consider costs and
expenses, future revenues, the competition's marketing efforts, and the
operation's Answer: marketing objectives.
An estimation of the cash needed to open a business or to buy an existing
business is known as a Answer: financial plan.
The amount of money the owner has on hand, as well as the total amount
needed to start the business are known as Answer: start-up funds.
An operation usually assesses its primary or direct competitors through
Answer: observation.
Banks often require a business plan before they consider loaning a business
money. This is because Answer: a well-developed business plan can help
minimize the risk of failure for new businesses.
A year after the restaurant opened, the investors are asked to contribute some
additional funds. What document should they review as part of this decision-
making process? Answer: Business plan
Which term best describes the formal statement of business goals and the
detailed steps for reaching them? Answer: Business plan
, 2
This part of the business plan is typically the last part written and is a brief
description of the highlights of the business plan. Answer: Executive summary
A recent graduate of a hospitality management program would like to start a
new restaurant. She has prepared a part of the business plan detailing the items
that will be on the menu, including the prices for these items, as well as a
description of the unique and distinguishing features of the restaurant. This
section of the business plan is known as the Answer: concept statement.
A critical tool to determine exactly how to attract, please, and retain customers
and achieve target profits is a Answer: marketing plan.
A recent culinary school graduate decides to open up a food truck. He believes
that he can handle the work by himself and has sufficient money to start this
business. He will be operating as a Answer: sole proprietorship.
A manager of a successful restaurant and a friend who has inherited a large
sum of money have decided to go into business together. The manager will run
a restaurant, and the friend will invest all of the money necessary to get the
business started but will be busy with his own business. They have drawn up an
agreement, which details their arrangement, including how they will share in
any profits of the business. This restaurant will operate as a Answer:
partnership.
In a SWOT analysis, which category is represented by the entry of a new
competitor with lower prices? Answer: Threats
Sally Jones opened a small café and named it Sally's Sandwiches. This is an
example of a Answer: DBA
The part of the business plan that details the strengths and weaknesses of other
similar businesses is known as the Answer: competitive assessment.
An operation's concept is defined by its menu, prices, and Answer: unique
features.
Test 2: CMGT Questions with Answers (100%
Correct Answers)
A document that contains a formal statement of business goals, an explanation
of how the goals can be achieved, and the detailed steps for reaching these
goals is known as a Answer: business plan.
A guide for an operation's marketing efforts outlining what will be done to
attract the number of customers needed to achieve the operation's revenue
targets is known as a Answer: marketing plan.
When developing a marketing budget, managers must consider costs and
expenses, future revenues, the competition's marketing efforts, and the
operation's Answer: marketing objectives.
An estimation of the cash needed to open a business or to buy an existing
business is known as a Answer: financial plan.
The amount of money the owner has on hand, as well as the total amount
needed to start the business are known as Answer: start-up funds.
An operation usually assesses its primary or direct competitors through
Answer: observation.
Banks often require a business plan before they consider loaning a business
money. This is because Answer: a well-developed business plan can help
minimize the risk of failure for new businesses.
A year after the restaurant opened, the investors are asked to contribute some
additional funds. What document should they review as part of this decision-
making process? Answer: Business plan
Which term best describes the formal statement of business goals and the
detailed steps for reaching them? Answer: Business plan
, 2
This part of the business plan is typically the last part written and is a brief
description of the highlights of the business plan. Answer: Executive summary
A recent graduate of a hospitality management program would like to start a
new restaurant. She has prepared a part of the business plan detailing the items
that will be on the menu, including the prices for these items, as well as a
description of the unique and distinguishing features of the restaurant. This
section of the business plan is known as the Answer: concept statement.
A critical tool to determine exactly how to attract, please, and retain customers
and achieve target profits is a Answer: marketing plan.
A recent culinary school graduate decides to open up a food truck. He believes
that he can handle the work by himself and has sufficient money to start this
business. He will be operating as a Answer: sole proprietorship.
A manager of a successful restaurant and a friend who has inherited a large
sum of money have decided to go into business together. The manager will run
a restaurant, and the friend will invest all of the money necessary to get the
business started but will be busy with his own business. They have drawn up an
agreement, which details their arrangement, including how they will share in
any profits of the business. This restaurant will operate as a Answer:
partnership.
In a SWOT analysis, which category is represented by the entry of a new
competitor with lower prices? Answer: Threats
Sally Jones opened a small café and named it Sally's Sandwiches. This is an
example of a Answer: DBA
The part of the business plan that details the strengths and weaknesses of other
similar businesses is known as the Answer: competitive assessment.
An operation's concept is defined by its menu, prices, and Answer: unique
features.
