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Business Plan Module 1 Introduction Quiz

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Business Plan Module 1 Introduction Quiz

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Questions and Answers

What is the primary purpose of an effective business plan?

To convince readers that the new business is exciting and needs support (correct)

To outline the legal requirements for starting a new business

To provide a detailed history of the company's founding members

To present a comprehensive analysis of global market trends

What does an effective business plan need to clearly demonstrate?

The latest technological advancements in the industry

The personal background of the company's management team

The company's social media strategy

The cost and benefit analysis (correct)

What does the concept of a business plan aim to answer in advance?

Who will provide financial funding for the business

What the company's annual revenue target will be

Where the company wants to be located geographically

How the company plans to start its operations (correct)

What does the term 'business plan' refer to?

A roadmap detailing where the company is, where it wants to be, and how it will get there (A) Signup and view all the answers

What does an effective business plan need to include details about?

The name of the company, description of products or services, target market, and business objectives (C) Signup and view all the answers

What does an effective business plan need to answer in advance?

5Ws (What, Why, When, Where, Who) and 1 H (How) regarding the business (B) Signup and view all the answers

What is the primary purpose of the executive summary in a business plan?

To provide a condensed but powerful summary of the entire business plan (C) Signup and view all the answers

Who are the readers of a business plan according to the text?

Employees, investors, bakers, advisors, and consultants (D) Signup and view all the answers

What is the role of a business plan for employees?

To articulate the vision and mission of the firm and guide employees in a consistent and purposeful manner (C) Signup and view all the answers

What does the scope of a business plan refer to according to the text?

The target reader of the plan (C) Signup and view all the answers

What is one of the components of a business plan mentioned in the text?

Competitive analysis (D) Signup and view all the answers

What is NOT a significance of a business plan as mentioned in the text?

Internal communication within the organization (C) Signup and view all the answers

What should an executive summary do according to the text?

Briefly describe the company, product or service, and unique opportunity offered by the company (A) Signup and view all the answers

'Create a new business (roadmap of business)' - What does this signify?

'Creating a new business' involves developing a detailed and actionable plan for launching a new venture (C) Signup and view all the answers