Business Plan Implementation Quiz

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What is the primary objective of setting financial targets in a business venture?

To increase profit margins
To reduce operational costs
To guide the direction of the business (correct)
To minimize competition

What is included in the budget for a business venture?

Only profits and sales
Expenses for operations, such as transportation and materials (correct)
Only dividends and retained earnings
Only sales and dividends

What is the purpose of generating profits in a business venture?

To minimize competition
To increase sales
To reduce expenses
To finance continuing business expenses and personal expenses (correct)

What are dividends in the context of business management?

A portion of profits used to finance business expenses (D) Signup and view all the answers

What is the purpose of setting sales targets in a business venture?

To measure the success of the business (A) Signup and view all the answers

What is the purpose of retained earnings in a business venture?

To finance continuing business expenses (A) Signup and view all the answers

What is the primary goal of selling a product or service?

To highlight its features, advantages, and benefits to customers (D) Signup and view all the answers

What is the purpose of regularly reviewing a business plan?

To evaluate and improve business performance (A) Signup and view all the answers

What is bookkeeping, and how often should it be done?

It's a systematic recording of financial transactions, and should be done daily (A) Signup and view all the answers

What is the purpose of a Chart of Accounts?

To list all accounts for a given accounting system (B) Signup and view all the answers

What is the benefit of creating a knowledgeable and friendly environment for customers?

It enhances the selling process (A) Signup and view all the answers

What should be done daily in a business?

Record financial transactions (C) Signup and view all the answers

What is the primary source of savings for a business venture?

Dividends and a portion of Profits (D) Signup and view all the answers

Why is location important for entrepreneurs?

It is one of the keys to success (D) Signup and view all the answers

What is the purpose of registering a business with the government?

To get a business permit (C) Signup and view all the answers

What is important to consider when hiring employees for a business?

Their skills and competencies match the business requirements (B) Signup and view all the answers

What is the primary purpose of keeping business records?

To learn from mistakes and successes (A) Signup and view all the answers

What is the primary function of a Sales Journal?

To track all sales transactions (B) Signup and view all the answers

What is the role of suppliers in a business?

They provide the raw materials and resources for the business (B) Signup and view all the answers

What is included in operating a business plan?

Launching with attractive opening day activities, increasing marketing efforts initially, following the business and marketing plans, ensuring accessibility for customers, maintaining consistent operating hours and processes, and keeping track of inventory, sales, and expenses for profitability (D) Signup and view all the answers