12 Questions
What is the primary purpose of the Executive Summary in a business plan?
To present a brief summary of the business plan
What is the main focus of the Marketing Section in a business plan?
Defining the product/service and its marketing strategy
What is the purpose of forecasting in business planning?
To support management in adjusting to uncertainties
What is the difference between Sales and Service Income?
Sales is used for merchandising businesses, while Service Income is used for service-based businesses
What is the formula to calculate Gross Profit?
Sales - Cost of Goods Sold = Gross Profit
What is the purpose of the Organizational Chart in a business plan?
To graphically illustrate the relations between officials
What is the main factor of production measured in the 4M's of Business Operation?
Manpower
What should an entrepreneur consider when selecting equipment to purchase?
The type of products to be produced and the production system to be adopted
What is the primary function of a product description?
To provide details to customers about the features and benefits of the product
What is a prototype?
A duplication of a product as it will be produced
What is the primary function of a supply chain?
To move a product or service from supplier to customer
What is the term for the activities by which a company adds value to an item?
Value chain
Test your knowledge of the 4M's, which are the key factors of production: Manpower, Machine, Materials, and Money. Learn how they are used to manufacture products and deliver services.
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