Name:__________________________ Date:________________
Business Planning
True/False
1. _____ A business plan allows you to act, not react..
2. _____ The business plan provides a framework for decision making.
3. _____ The business plan is a document that contains historical information and goals for the
business.
4. _____ Industry trends and competitors should not be considered within a business plan.
5. _____ A business plan decreases the chances of success.
Multiple Choice (Circle One)
6. Which of the following is not necessary in a Business Plan?
a. Historical trends
b. Balance Sheet
c. Bank Reconciliation
d. Projected Cash Flow
7. Which of the following best describes a skill not needed by a manager to overcome
business challenges?
a. Financial management
b. Risk management
c. Time management
d. Weight management
8. A contingency plan will help the business manage through times of:
a. Price fluctuation
b. Cost fluctuation
c. Production fluctuation
d. All of the above
9. Which of the following are components of a business plan?
a. Executive Summary
b. Financial Analysis
c. Company Background
d. All of the above
10. All of the following are methods to monitor the success of the business plan except:
a. Compare business production and financial performance to industry standards
b. Compare business results to original goals
c. Personal satisfaction with business performance
d. Measure the thickness of the business plan document
Morgan Community College ABM 111 Unit 5
