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20 Business Plan Quiz Questions and Answers

A business plan is a comprehensive document that outlines the goals, strategies, and financial projections of a business venture. It serves as a roadmap for entrepreneurs and stakeholders to understand the direction and viability of the business. Here’s an overview of the key components typically included in a business plan:

Executive Summary: This section provides a concise overview of the entire business plan. It highlights the company’s mission, vision, key objectives, and a summary of the proposed business model.

Company Description: Here, you’ll provide a detailed explanation of your business concept. Include the type of business, its legal structure, location, target market, and any unique selling propositions that set your business apart.

Market Analysis: Conduct thorough market research to understand your industry, target market, and competitors. Identify trends, potential opportunities, and challenges. Explain how your product or service will meet the needs of your target audience better than existing solutions.

Organization and Management: Describe the organizational structure of your business, including key team members, their roles, and relevant experience. Investors want to know that you have a capable team driving the venture.

Article overview

Part 1: 30 business plan quiz questions & answers.

1. Question: What is the primary purpose of a business plan? a) Secure funding b) Improve employee morale c) Enhance customer service d) Increase market competition Answer: a) Secure funding

2. Question: Which section of a business plan outlines the company’s mission and vision? a) Marketing strategy b) Financial projections c) Executive summary d) Company overview Answer: d) Company overview

3. Question: Which of the following is NOT a common business plan component? a) Competitive analysis b) SWOT analysis c) Cash flow statement d) Social media strategy Answer: d) Social media strategy

4. Question: What is the purpose of conducting a market analysis in a business plan? a) Determine the company’s competitors b) Develop financial projections c) Define the company’s mission d) Set employee goals Answer: a) Determine the company’s competitors

5. Question: Which section of a business plan highlights the company’s unique selling proposition (USP)? a) Marketing strategy b) Company description c) Competitive analysis d) Financial projections Answer: a) Marketing strategy

6. Question: What financial document shows a company’s revenues and expenses over a specific period? a) Balance sheet b) Cash flow statement c) Income statement d) Profit and loss statement Answer: c) Income statement

7. Question: In a business plan, what does ROI stand for? a) Return on Investment b) Revenue on Investment c) Risk of Inflation d) Rate of Interest Answer: a) Return on Investment

8. Question: Which business plan section outlines the marketing tactics to promote a product or service? a) Financial projections b) Market analysis c) Marketing strategy d) Company overview Answer: c) Marketing strategy

9. Question: What is a break-even analysis used for in a business plan? a) Identifying potential customers b) Calculating potential profits c) Determining the point of profitability d) Analyzing competitor strategies Answer: c) Determining the point of profitability

10. Question: In a business plan, what does the term “SWOT” stand for? a) Strengths, Weaknesses, Opportunities, Threats b) Sales, Workforce, Objectives, Technology c) Strategies, Workflow, Operations, Targets d) Success, Wealth, Objectives, Tactics Answer: a) Strengths, Weaknesses, Opportunities, Threats

11. Question: What is the purpose of an executive summary in a business plan? a) Provide an overview of the company’s history b) Detail the company’s long-term objectives c) Summarize the key points of the entire plan d) Highlight the company’s competitive advantages Answer: c) Summarize the key points of the entire plan

12. Question: Which financing option involves giving up ownership shares of a company in exchange for capital? a) Debt financing b) Equity financing c) Venture capital d) Angel investing Answer: b) Equity financing

13. Question: What does the term “KPI” mean in a business context? a) Key Performance Indicator b) Key Profit Increment c) Key Planning and Implementation d) Key Personnel Improvement Answer: a) Key Performance Indicator

14. Question: What section of a business plan should discuss the company’s organizational structure and management team? a) Market analysis b) Financial projections c) Company overview d) Marketing strategy Answer: c) Company overview

15. Question: What type of business plan primarily targets internal decision-making and planning? a) Startup business plan b) Strategic business plan c) Operational business plan d) Feasibility business plan Answer: c) Operational business plan

Part 2: Download business plan questions & answers for free

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16. Question: What external factor analysis tool helps identify the political, economic, social, and technological influences on a business? a) PEST analysis b) SWOT analysis c) BCG matrix d) Porter’s Five Forces Answer: a) PEST analysis

17. Question: Which statement best describes a vision statement in a business plan? a) Outlines the short-term goals of the company b) Identifies potential risks and challenges c) Describes the company’s future aspirations d) Analyzes the company’s target market Answer: c) Describes the company’s future aspirations

18. Question: What is the purpose of conducting a competitive analysis in a business plan? a) Identify potential partners b) Analyze customer feedback c) Evaluate strengths and weaknesses of competitors d) Forecast financial performance Answer: c) Evaluate strengths and weaknesses of competitors

19. Question: Which financing option involves borrowing money that must be repaid with interest over time? a) Debt financing b) Equity financing c) Venture capital d) Angel investing Answer: a) Debt financing

20. Question: What does the term “ROI” stand for in the context of financial analysis? a) Revenue on Investment b) Return on Innovation c) Risk of Inflation d) Return on Investment Answer: d) Return on Investment

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Business Plan

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• 17. Multiple Choice Edit 30 seconds 1 pt What are the 7 essential parts to creating a business plan? 1.Executive Summary 2.Company Description 3.Product/Services 4.Market Analysis 5.Strategy 6.Organizational/ management team 7.Finicial Plan none of the above all of the above

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Business Plan Assessment: Quiz!

Do you think you know what business plan assessment is? For this quiz, you will need to know why a business plan is directed solely at a specialized target market, a value proposition, what entails a successful and active business model, and the essential part of your business plan. This quiz was designed to teach you to assess your success; best of luck.

My business plan was written for a clearly identified and understood target market.

Not well addressed

My pricing and channel to market assumptions have been validated by channel partners and/or customers.

My business plan clearly identifies the value proposition from a customer or channel perspective., my business model is well understood and clearly identified using a 1-page diagram., my business plan clearly articulates a proposition and desired action by the target audience., my financial model clearly identifies the core business drivers and enables users to test different assumptions.  it covers a forecast period of 5 years and includes an integrated income statement, cash flow statement, and balance sheet.  the break-even point is highlighted., the most important part of your business plan.

Executive Summary

Table of Contents

Financial Plan

A plan which explains the process of attraction of customers to your business.

Market Research/anaylsis

Financial Plan 

Background and History

All of the above

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• Current Version
• Mar 22, 2022 Quiz Edited by ProProfs Editorial Team
• Jul 21, 2010 Quiz Created by Mtarrant

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Business Plan

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• Q 1 / 20 Score 0 1. It is a a roadmap for your business that outlines goals and details how you plan to achieve those goals. 29 Executive Summary Business Plan Project Proposal Product Concept

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• Q 1 1. It is a a roadmap for your business that outlines goals and details how you plan to achieve those goals. Executive Summary Business Plan Project Proposal Product Concept 30 s
• Q 2 2. It is the practice of starting new organization, particularly new business. Entrepreneur Enterprise Economy Entrepreneurship 30 s
• Q 3 3. It is an instrument used to evaluate a performance. criteria Assessment Tool component evaluation 30 s
• Q 4 4. It is a step by step guide in the thorough operation of the business enterprise. Corporation Business Plan Business Goal Business Venture 30 s
• Q 5 5. It is a uniquely identifiable input, part, piece, assembly or sub- assembly, system or sub –system. Enterprise Assessment Tool Component Criteria 30 s
• Q 6 6. It is a project activity commercial or industrial. It may also be an organizational activity. Evaluation Component Criteria Enterprise 30 s
• Q 7 7. It is the statement of need, rules, standards or tests that must be used in evaluating a decision, idea, opportunity, program, projects, etc. to form correct judgment intended goal. Enterprise Component Assessment Criteria 30 s
• Q 8 8. It is a rigorous analysis of completed or ongoing activities that determine or support management accountability, effectiveness and efficiency. Enterprise Component Business Evaluation 30 s
• Q 9 9. It is a vivid mental image of what you want your business to be at some point in the future, based on your goals and aspirations. Vision Goal Values Mission 30 s
• Q 10 10. It is a simple statement that explains your company's goals. It's a summary of what your company does for its customers, employees, and owners. It explains how you do what you do. Achievement Vision Mission Values 30 s
• Q 11 11. It also known as corporate values or core values, are the fundamental beliefs upon which your business and its behavior are based. Vision Mission Values Beliefs 30 s
• Q 12 12. It. is an organized effort to gather information about target markets and customers: know about them, starting with who they are. Market Research Market Share Observation Survey 30 s
• Q 13 13. If there are 900 students in grade 7 and you are targeting a 10% for the daily volume, how may students will buy daily? 90 9 199 900 30 s
• Q 14 14. If there are 1000 students from grade 8, with 12% as target buyers, compute the monthly volume. 1,240 2,640 264 120 30 s
• Q 15 15. What is the formula to get the yearly target buyers? Monthly volume X 12 Daily Volume X 22 Daily Volume X 12 Monthly Volume X 22 30 s

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Understanding Business Plans

Study Flashcards

15 Questions

The marketing mix includes the controllable tactical marketing tools of ______, price, place, and promotion., the marketing plan process involves ______ marketing opportunities, selecting target markets, developing the marketing mix, and managing the marketing effort., a marketing plan is a plan of the overall company ______ for selecting a particular target market and then satisfying consumers in that segment., marketing research involves the systematic design, collection, analysis, and reporting of data and findings relevant to a specific ______ situation facing an organization., a social media plan should start with the company ______ and then post information on a regular basis., the marketing strategy is the marketing logic by which the business unit is supposed to achieve its ______ objectives., the ______ implementation is the process that turns marketing strategies and plans into marketing actions., the executive summary is one of the sections of the ______ plan., marketing researchers engage in activities ranging from studies of ______ potential and market share to assessments of customer satisfaction., the marketing plan focuses on marketing activities for ______ year or more., the business plan is a road map for the entire organization over ______., defining the business situation involves reviewing where the company has been and considering factors defined in the environmental and industrial ______., market segmentation divides the market into ______ groups..

homogeneous

To segment and target customers, you must decide what general ______ or industry you wish to pursue.

Step 5 of the social media plan involves assessing and analyzing the ______ of the plan..

effectiveness

Test your knowledge of business plans, including their definition, importance, and who should write them. Learn how a business plan serves as a roadmap for companies to achieve their goals and ensure success.

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