11 Questions
What is a business plan?
A document that details the strategy of business owners on how they intend to run their business.
Why is preparing a business plan important?
To provide a clear direction for any uncertain business endeavor.
What is a business contract?
A written/verbal agreement between two parties in a business.
Define a business transaction.
An activity or event that can be measured in terms of money and affects the financial position or operations of the business entity.
Why does a business need a permit?
To regulate safety, structure, and appearance of the business community.
What are the reasons for preparing a business plan for a small business?
To prove the viability of the business, set better objectives, secure financing, and reduce risk.
Why is it important to correctly write the address of the business?
To ensure all business correspondence and shipments are sent to the right location.
What information about the owner needs to be properly stated?
The name of the owner.
In a partnership, what information about the partners should be included?
The names of the partners and the extent of their liabilities.
What should a brief description of the business include?
Information about the type of product or service, mission, vision, and objectives.
Why is it necessary to mention a partner's liabilities in a partnership?
To clarify each partner's level of responsibility and potential financial obligations.
Test your knowledge on business contracts, permits, transactions, and plans. Learn about written and verbal agreements, regulatory permits, financial activities, and strategic documents that guide business operations.
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