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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 Essentials Quiz

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5 questions, which section of a business plan provides an overview of the entire plan and includes the organization's mission statement and the products and services offered, what should be included in the business description section of a business plan, why is it often recommended to write the executive summary of a business plan last, what distinguishes the business description section from the market analysis section of a business plan, in the business description section of a business plan, what information is important to include about the industry the company plans to serve, description.

Test your knowledge of essential business plan components with this quiz! Learn about the key sections, from the executive summary to financial projections, and see how well you understand the crucial elements of a successful business plan.

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Business planning

The questions which follow provide a basic knowledge test of selected concepts covered in this learning pathway: Business planning .

The questions published at the end of each learning pathway are re-used for the knowledge test for learners interested in earning a digital badge or certificate of participation for the Introduction to entrepreneurship (IENT102) micro-course. Please consult the Certify participation page for more information.

True - false questions

Indicate whether the following statements are true or false:

• No, business plans are not restricted to raising capital. They are an integral part of many facets of business.
• No, please revisit the course materials for IENT102.
• No, the nature of your specific business context will influence the structure and format of your business plan.
• Correct. Well done.
• Incorrect. Finances are an integral component of a business plan.

Multiple choice questions

• This is one of the purposes of a business plan.
• You’re right. This statement is not correct, and is not mentioned as one of the purposes of a business plan, nor is it a requirement for registering a company.
• This would definitely be included in a business plan. You need to show that you understand the market conditions, customer needs and wants, and have a plan on how to reach those potential customers.
• Correct. This could possibly be included in the appendices of a business plan (if you are launching a technology-based start-up), but you should keep technical details to a minimum in the main body of your plan.
• These would be included as part of the company information in your business plan.
• This would definitely be included in a business plan.
• This is mentioned as one type of business plan, and would be a detailed description of proposed growth, written for internal or external audiences.
• This is mentioned as one type of business plan.
• You’re right! This is NOT addressed as one type of business plan for business start-ups.
• This is correct. Potential investors or partners are often very interested in seeing product prototypes.
• This is incorrect. A prototype is not your final product. Don’t expect it to look like one.
• This is correct. One advantage of prototyping is that it can help you see solutions to problems, and to see new possibilities for your idea.
• This is correct. A prototype can help you fine-tune your idea(s) and think about scalability.

Business Plan

Quiz   by PAULETTE BALUYOT

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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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What is a business plan?

Written document that only outlines the business practices of the new business.

Written document that describes the financial aspects of the business.

Written document that only describes the ownership of the business.

Written document that describes all the steps necessary for opening and operating a successful business.

Why do you need a business plan?

To explain your idea

the ability to get financing.

it's a road map that sets objectives and goals for the business.

To help reduce the risk of business failure.

All of the above.

In which of the following situations is a business plan considered to be unessessary

Establishing a business

Planning for the next 5 years

Organising business expansion

Managing the cash flow for a business

Which of the following statements is true?

A strategic plan is a short term plan of action for a business

A tactical plan is a long term plan of how the strategic plan is to be achieved

An operational plan is to do with the day-to-day running of the business

None of the above

What does the acronym SWOT stands for?

Strengths, Weaknesses, Obligations, Threats

Strengths, Weaknesses, Opportunities, Threats

Strengths, Weak points, Opportunities, Threats

Strengths, Weaknesses, Opportunities, Time

How many components are there in a business plan?

What is meant by the term "mission statement"?

A broad statement of a business purpose and goals/objectives

A plan of action for future years

A plan of missions in overseas markets/countries

Statement read by a business's CEO during a press conference

Looks at likely risks to the business

Insurance and risk management

Business Profile

Marketing Plan

Financial Section

Operating history is most likely to be found in

Executive Summary

Operations Plan

_________________ enables a quick appraisal of the proposal by the interested parties who are reading the document.

What would be a potential threat to a business?

Changes in technology and markets e.g. The internet.

Ability to prioritize

Flexibility

Intrusions in the market

Low level of workplace disputes is considered as a _____________ of a business in SWOT analysis.

Tick all the sections may be included in the financial plan

industry analysis

balance sheet

forecast of cash flow

credit policy

product liability

Quality control is a proactive approach

Each individual will take responsibility for quality of product and service in TQM

Inspections is an example of quality assurance

None of above

Tick all the behaviours that are considered as socially responsible

Reduce the emission of CO2 in production

Use child labours

Require employees to work overtime without extra pay

Check whether the suppliers of material meet sustainability standards

Respect the culture of local community

Details about current item of inventory/stock can be found in

Marketing plan

Financial plan

Operations plan

Business profile

Research of the potential customer’s profile

Market analysis

Balance sheet

Mission statement

Legal considerations

The SAC is on

next Monday

next Tuesday

next Wednesday

The pricing strategy is included in _________________ component of a business plan.

Tick all the components belong to a business plan

Introduction

Sustainability plan

Business overview

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DealBook Newsletter

Auto Execs Call for New Measures as E.V. Wars Heat Up

The latest proposal comes from Luca de Meo, the C.E.O. of Renault Group, who is pushing for an Airbus-inspired alliance that would help European automakers fend off competition from cheaper Chinese-made electric vehicles.

By Andrew Ross Sorkin ,  Ravi Mattu ,  Bernhard Warner ,  Sarah Kessler ,  Michael J. de la Merced ,  Lauren Hirsch ,  Ephrat Livni and Vivienne Walt

An auto C.E.O.’s plan to fend off China

Tesla is scheduled to announce first-quarter delivery data this week, a key update as investors grow increasingly rattled about Chinese rivals — especially the Warren Buffett-backed BYD — gaining ground in the electric vehicle race.

Tesla’s stock is down nearly 30 percent this year, with short sellers circling .

Politicians and auto executives on both sides of the Atlantic are calling for more protectionist measures. After Tesla lost its crown to BYD as the world’s biggest E.V. maker, Elon Musk signaled that trade barriers may be needed. Otherwise, the Tesla C.E.O. said, Chinese E.V. makers “will pretty much demolish most other companies in the world.”

Luca de Meo, Renault Group’s C.E.O., is pushing for a more radical approach, Vivienne Walt reports for DealBook. His answer to the China threat: an E.V. alliance modeled on Airbus, the heavily state-supported planemaker.

“The prosperity of Europe is at stake,” he wrote recently in a 19-page open letter designed to get politicians’ attention ahead of June’s E.U. parliamentary elections. The continent’s auto sector employs 13 million people and generates 8 percent of the bloc’s G.D.P.

Here’s what de Meo has in mind: European auto giants would join forces on battery and semiconductor production and on research and development in an effort to bring down E.V. manufacturing costs and better compete against their non-European rivals. “If they’re competing as they are, they are weaker in front of China,” Felipe Munoz, senior analyst for JATO Dynamics, an auto consulting firm, told DealBook. “Their E. V.s are still very expensive. They have problems with battery production.”

Airbus is one of Europe’s great successes, having overtaken Boeing as the world’s largest commercial planemaker. (Both companies have accused the other of receiving unfair competitive advantages, culminating in a W.T.O. ruling that each of them had received preferential subsidies.)

Chinese companies have an operating edge . Labor is cheaper in Shenzhen than in Detroit or Berlin. They have built operational efficiencies and get hefty government support. And China controls the bulk of global raw materials for E.V. batteries, like lithium, which the West is frantically scrambling to source. “Chinese E.V. makers have a structural cost advantage of 25 percent,” Patrick Hummel, a UBS auto analyst, told DealBook.

Trade barriers are unlikely to slow China’s growth. “Any tariff increase will have an impact, but it won’t deter them from arriving,” Munoz said. “This will be a war between tariffs on one side, and subsidies on the other.”

An Airbus-type venture may face headwinds. Executives at Volkswagen and Mercedes-Benz last month said they didn’t want to see an auto trade war. Both companies have strong businesses in China, and have tried to distance themselves from a European Commission investigation into whether China is giving its domestic carmakers market-distorting subsidies. “We stand for free trade,” said Arno Antlitz, Volkswagen’s C.F.O.

HERE’S WHAT’S HAPPENING

A $20-per-hour minimum wage for fast-food workers begins today in California. The law, which has been vigorously opposed by the industry, applies to most of the sector’s workers in the state, and requires that employers also offer paid overtime and family leave. Under Gov. Gavin Newsom, a Democrat, California has championed some of the nation’s most generous workers’ rights provisions, with all health care employees set to receive a $25 minimum wage by 2028.

The Senate reportedly plans to amend the House’s TikTok bill. Senator Maria Cantwell of Washington, the Democratic chair of the Commerce Committee, is expected to push for changes to a proposal that could ban the app in the U.S., The Wall Street Journal reports. This could include giving ByteDance more time to divest TikTok, or broadening the bill to address other social media platforms. Meanwhile, the former Treasury secretary Steve Mnuchin’s bid to buy TikTok is meeting increased skepticism.

Nippon Steel vows to press ahead with a $14 billion deal to buy U.S. Steel. Tadashi Imai, Nippon’s new president, said the Japanese company would negotiate with U.S. Steel’s union workers to win their support. The acquisition has become a hot election issue , with President Biden signaling that U.S. Steel should be domestically owned ahead of a summit with the Japanese prime minister, Fumio Kishida, on April 10.

Debate grows over rebuilding the Baltimore bridge

Workers have removed the first section of the mangled Francis Scott Key Bridge in Baltimore, a step toward reopening the shipping channel. The question now turns to who should pay to rebuild the vital transport span with President Biden set to visit the city this week.

Pete Buttigieg, the transportation secretary, yesterday urged Congress to authorize the needed money, emphasizing that the bridge collapse could have an impact on the wider economy. With cost estimates of at least $2 billion , not everyone in Washington is on board, however.

“ Your district could be next, and this has historically been bipartisan,” Buttigieg told CBS News’s “Face the Nation.” Biden said last week that the federal government would pay “ the entire cost ” of rebuilding — the Transportation Department has secured a $60 million “down payment,” but that’s not enough to complete the work.

But there’s bipartisan hesitation. Representative Dan Meuser, a Pennsylvania Republican, called Biden’s funding pledge “ outrageous ” and “a knee-jerk spend reaction.”

Other lawmakers want to see the companies involved in the crash (and their insurers) pay at least part of the cost. “I don’t think it has to be federal taxpayer money,” John Garamendi, a Democrat from California and a senior member of the House Transportation Committee, told Bloomberg last week. “Let’s first go to the insurance side of it, and then we’ll see what’s left over.”

The industry is bracing for a hefty tab. John Neal, the C.E.O of Lloyd’s of London, called the disaster “one of the biggest marine losses in history.” Morningstar analysts, meanwhile, estimate that it could cost insurers as much as $4 billion.

The collision puts the spotlight on maritime safety and size. Larry Hogan, the former Republican governor of Maryland who is running for U.S. Senate, courted mega-ships during his term in office, from 2015 to 2023, according to Lever News . That’s despite a report from Allianz, the insurer, that flagged “risk management concerns” posed by the giant vessels.

The supersized ship that crashed into the Francis Scott Key Bridge was loaded with about 4,700 40-foot shipping containers, an increasingly common sight amid a global shipping boom. In contrast, ships that sailed at the time the bridge was built in 1977 held about half that .

An A.I. warning label

A big worry about artificial intelligence involves tech companies using huge amounts of public data — including names, phone numbers and addresses — to train their A.I. models.

A recent Commerce Department report on improving A.I. accountability offered a suggestion on how to demystify the technology. It included an image that is familiar to most of us: a nutrition label — but for data, not food.

The idea would be for tech companies to use the label to inform businesses and consumers about how they are using their data for A.I. Such labels could “present the most important information about a model in a relatively brief, standardized, and comparable form,” the report said.

The week ahead

Jobs, inflation data, and a mega proxy fight looms. Here’s what to watch for this week.

Wednesday: Eurozone Consumer Price Index data is scheduled for release. The markets are pricing in a June interest-rate cut if inflation can remain in check.

Elsewhere, Levi Strauss, whose jeans make a prominent appearance in Beyoncé’s latest album, reports earnings. Disney holds its annual shareholders meeting, where its fight against the activist investor Nelson Peltz is expected to come to a head .

Thursday: Donald Trump faces a deadline in his civil fraud case: post a $175 million bond, or risk the New York attorney general seizing assets.

Friday: It’s jobs day. Economists polled by Bloomberg have forecast that employers added at least 200,000 jobs in March. They also expect a slight slowdown in wage gains.

Market quiz, crypto edition

Bitcoin was trading around $69,500 this morning after a rally that saw the cryptocurrency soar 67 percent in the first quarter. Much of the surge came after the S.E.C. approved the creation of new exchange-traded funds in January, making it easier for investors to buy and sell the token.

Which of the following performed even better in the first quarter?

A) The Nasdaq Composite

B) Japan’s Nikkei

C) Cocoa futures

D) Brent crude

The answer: C, cocoa futures, which have more than doubled this year following exceptionally poor cocoa bean harvests in West Africa.

THE SPEED READ

Potential bidders could scoop up some the world’s top ice cream brands , with Unilever’s Ben & Jerry’s and the company behind Haagen-Dazs for sale. (Bloomberg)

The huge investments in A.I. are leading to hype and “grifting” reminiscent of the crypto boom, says Google’s A.I. boss, Demis Hassabis. (FT)

Election 2024

China’s increasingly sophisticated efforts to influence the U.S. election are raising the alarm in Washington. (NYT)

Companies are rushing to meet financing needs ahead of the election to forestall any market volatility. (FT)

Best of the rest

U.S. oil exports have hit records since Western countries imposed sanctions on Russia. (Bloomberg)

“The Celebrity Chef Who Beat the U.S. Military at Getting Aid Into Gaza” (WSJ)

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Andrew Ross Sorkin is a columnist and the founder and editor at large of DealBook. He is a co-anchor of CNBC’s "Squawk Box" and the author of “Too Big to Fail.” He is also a co-creator of the Showtime drama series "Billions." More about Andrew Ross Sorkin

Ravi Mattu is the managing editor of DealBook, based in London. He joined The New York Times in 2022 from the Financial Times, where he held a number of senior roles in Hong Kong and London. More about Ravi Mattu

Bernhard Warner is a senior editor for DealBook, a newsletter from The Times, covering business trends, the economy and the markets. More about Bernhard Warner

Sarah Kessler is an editor for the DealBook newsletter and writes features on business and how workplaces are changing. More about Sarah Kessler

Michael de la Merced joined The Times as a reporter in 2006, covering Wall Street and finance. Among his main coverage areas are mergers and acquisitions, bankruptcies and the private equity industry. More about Michael J. de la Merced

Lauren Hirsch joined The Times from CNBC in 2020, covering deals and the biggest stories on Wall Street. More about Lauren Hirsch

Ephrat Livni reports from Washington on the intersection of business and policy for DealBook. Previously, she was a senior reporter at Quartz, covering law and politics, and has practiced law in the public and private sectors.   More about Ephrat Livni

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