1. It is a written description of your business's future.

A. action plan C. market study B. business plan D. qualitative research

2. The three primary parts to a business plan are the following EXCEPT:

A. business concept C. industry idea B. financial section D. marketplace section

3. In this section of the business plan, you describe the competition and how you'll position yourself to beat it.

A. business concept C. industry idea B. financial section D. marketplace section

4. Business plans are useful and advantageous in the following ways EXCEPT:

A. to convey their vision to potential investors B. to deal with suppliers

C. to demotivate key employees D. to understand how to manage their companies better

5. As Marie writes her business plan, she writes her business’s projected income and cash flow statement,
balance sheet and other financial ratios, such as break-even analyses in the __________.

A. business concept C. industry idea B. financial section D. marketplace section

6. Laura discusses the industry, business structure, her particular product or service in the_______.

A. business concept C. industry idea B. financial section D. marketplace section

7. Which of the statements is INCORRECT about business plans?

A. It gives entrepreneurs the ability to lay out their goals

B. It helps the entrepreneur track their progress as their business begins to grow.

C. It should be the last thing done when starting a new business.

D. It is important for attracting investors so they can determine if your business in on the right path and worth
putting money into.

8. The business plan is useful for the following people EXCEPT:

A. creditor C. investor B. entrepreneur D. social media influencer

9. Through the business plan, Angelo was able to avoid committing crucial mistakes in calculating the supplies
he needs for his crafting business. In a sense, the business helped him in __________.

A. avoiding the big mistakes B. communicating objectives and benchmarks

C. making critical decisions D. understanding the broader landscape

10.Because her business plan was well written and with good data, Alicia was able to get an investor for her
Beauty Salon business. Hence, her business plan helped her in

A. ironing out the kinks B. proving the viability of the business

C. reducing risks D. securing financing

11. Formulating a business plan should be the _________ thing done when starting a new business.

A. first C. third B. second D. last

12. Rita, an entrepreneur prepares the section of her business plan which contains the income and cash flow
statement of her new business. This section is:

A. business concept C. industry idea B. financial section D. marketplace section

13. In this section, Marcelo writes in his business plan the industry he wants to enter, business structure, the
products he will be selling.

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A. business concept C. industry idea B. financial section D. marketplace section

14. Entrepreneurship is a risky business, but that risk becomes significantly more manageable once tested
against a well-crafted business plan Hence, a business plan can:

A. avoid the big mistakes C. prove the viability of the business B. iron out the kinks D. reduce risks

15. When starting a small business, you don’t need a business plan.

A. True B. False C. Maybe D. I Don’t Know

1. It is a tool/device that is useful for guiding/supervising day-to-day decisions and

also for evaluating/assessing progress and changing approaches/altering tactics

when moving forward.

A. Management Planning B. Market Planning

C. Strategic Planning D. Financial Planning

2. The Enterprise Business Plan section that includes business name registration

A. Enterprise study B. Financial study

C. Management study D. Marketing study

3. In this business simulation activity, the teams scan the macro and micro environments surrounding the
enterprise

A. Financial statement analysis B. Environmental analysis

C. Micro-environmental analysis D. Data analysis

4. The mission, goals and objectives are in this section of the Enterprise Business Plan

A. Enterprise study B. Financial study C. Management study D. Marketing study

5. A ______________________ is also known as company information or a company summary.

A. Company structure B. Company history C. Company overview D. Company facilities

6. Strategic planning is a tool that is useful for guiding _____________________ decisions and also for
evaluating progress and changing approaches when moving forward.

A. Monthly B. Annually C. Day to day D. Weekly

7. In the Management Study section of the Enterprise Business Plan, includes _________ registration

A. Business plan B. Financial plan C. Business name D. Marketing plan

8. In environmental analysis, the teams scan the _______________ environments surrounding the enterprise

A. Natural environments B. Macro and micro C. Social environmentsD. Technological environments

9. In the Management Study section, the mission, goals and ______________ are stipulated.

A. Plans B. Studies C. Objectives D. Anticipations

10.A company overview is also known as company information or a company _______________.

A. Structure B. History C. Summary D. Facilities

11. “The business owner envisions not just female youth but all young at heart coming and going to the store
and browsing to Facebook page satisfied with the store.” This is an example of a:

A. Goals B. Objectives C. Mission D. Vision

12. “Live Life the K-pop Way, Simple yet Elegant.” is an example of what element of a strategic plan?
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A. Goals B. Objectives C. Mission D. Vision

13.The following statement is an example of: “Provide employees with workshops to come up with creative
ideas to better fit with customer expectations.”

A. Operational, Tactical and Strategies B. Standards of measurement C. SWOT D. Core Values

14.The business owner can only claim that the business venture if its sales can come up with the goal set that
at 6 months the company will meet at a break-even point. This is an example of:

A. Operational, Tactical and Strategies B. Standards of measurement C. SWOT D. Core Values

15.The business owner will be having a close relationship with the community to make the neighborhood
spear thru word of mouth the information about the business. If an entrant threatens the business, the owner
will take it as opportunity to grow not as threat. These are examples of:

A. Operational, Tactical and Strategies B. Standards of measurement C. SWOT D. Core Values

1. ___________ exist because people working together can achieve more than a person working alone.

A. Enterprise B. Business Venture C. Organization D. Marketplace

2. This section should not only describe who's on the management team but how each person's skill set will
contribute to the organizational goals and objectives.

A. Management Planning B. Market Planning C. Strategic PlanningD. Financial Planning

3. The Enterprise Business Plan section that includes business name registration

A. Enterprise study B. Financial study C. Management study D. Marketing study

4. It is a form of business operation that declares the business as a separate, legal entity guided by a group of
officers known as the board of directors

A. Sole Proprietorship B. Business partnership C. Limited-liability company D. Corporation

5. These companies are hybrid entities that combine the characteristics of a corporation with those of a
partnership or sole proprietorship.

A. Sole Proprietorship B. Business partnership C. Limited-liability company D. Corporation

6. Organizations exist because people ____________ can achieve more than a person working alone.

A. Eating together B. Standing together C. Working together D. Sitting together

7. Management study section should not only describe who's on the management team but how each
___________________ set will contribute to the organizational goals and objectives.

A. Person’s skill B. Person’s attitude C. Person’s personality D. Person’s characteristics

8. Management study is the Enterprise Business Plan section that includes ________________.

A. Income statement B. Projected volume C. Organizational chart D. Start-up Expenses

9. It is a form of business operation that declares the business as a separate, legal entity guided by a group of
officers known as the board of directors

A. Sole Proprietorship

B. Business partnership

C. Limited-liability company

D. Corporation

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10.These companies are hybrid entities that combine the characteristics of a

corporation with those of a partnership or sole proprietorship.

A. Sole Proprietorship

B. Business partnership

C. Limited-liability company

D. Corporation

11. The first step in building an investor-ready personnel plan is:

A. Describe the organizational structure

B. Describe the team

C. Explain the gaps

D. Forecast personnel cost

12. These three group of individuals can play a key role in setting business strategy

namely, EXCEPT;

A. Advisors

B. Board members

C. Consultants

D. Shareholders

13.In explaining the gap within the hired personnel from a certain period from startup you need to figure out
the following, EXCEPT;

A. Who you need to hire

B. When you need to hire them

C. What are your plans to correct problems

D. Explain where your team is strong

14.In forecasting personnel cost, you must include the following expenses, EXCEPT;

A. Salaries and wages

B. Benefits like SSS, Philhealth and Pag-ibig Fund

C. Taxes

D. Representation

15.The 'management study section' describes the following, EXCEPT;

A. management team

B. staff and resources

C. how the business ownership is structured

D. target market

According to Entrepreneur Asia Pacific (n.d.), a good business plan follows

to a business plan:

• The first is the business concept, where you discuss the industry, your business

structure, your particular product or service, and how you plan to make your business

a success.

• The second is the marketplace section, in which you describe and analyze potential

customers: who and where they are, what makes them buy and so on. Here, you also

describe the competition and how you'll position yourself to beat it.

• Finally, the financial section contains your income and cash flow statement, balance

sheet and other financial ratios, such as break-even analyses. This part may require

help from your accountant and a good spreadsheet software program.

Breaking these three major sections down even further, a business plan consists

of seven key components:

1. Executive summary

2. Business description

3. Market strategies

4. Competitive analysis

5. Design and development plan

6. Operations and management plan

7. Financial factors

In addition to these sections, a business plan should also have a cover, title page

and table of contents

Why is a Business Plan Important?

Jared Lindzon (2019) stated that a well-written business plan is an important tool because it gives
entrepreneurs the ability to lay out their goals and track their progress as their business begins to grow.
Formulating a business plan should be the first thing done when starting a new business. Business plans are
also important for attracting investors so they can determine if your business in on the right path and worth
putting money into.

Lindzon (2019) said that business plans typically include detailed information that can help improve the
business’s chances of success, like a market analysis, competitive analysis, customer segmentation, marketing,
logistics and operations plans, cash flow projection and an overall path to long-term growth.

Though it may sound tedious and time-consuming, business plans are critical to success. To outline the
importance of business plans, here are 10-reasons why you need one for your small business.

1. To help you with critical decisions. Building a business plan allows you to determine the answer to some of
the most critical business decisions ahead of time. Creating a robust business plan is a forcing function—you
have to sit down and think about major components of your business before you get started, like your
marketing strategy and what products you’ll sell. You answer many tough questions before they arise. And
thinking deeply about your core strategies can also help you understand how those decisions will impact your
broader strategy.

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2. To iron out the kinks. Putting together a business plan requires entrepreneurs to ask themselves a lot of
hard questions and take the time to come up with well researched and insightful answers. Even if the
document itself were to disappear as soon as it’s completed, the practice of writing it helps to articulate your
vision in realistic terms and better determine if there are any gaps in your strategy.

3. To avoid the big mistakes. According to the Small Business Administration, only about half of small
businesses are still around to celebrate their fifth birthday. While there are many reasons why small businesses
fail, many of the most common are purposefully addressed in business plans. However, the exercise of
creating a business plan can help you avoid these major mistakes.

Whether it’s cash flow forecasts or a product-market fit analysis, every piece of a business plan can help spot
some of those potentially critical mistakes before they arise.

4. To prove the viability of the business. Many businesses are created out of passion, and while passion can be
a great motivator, it’s not a great proof point. Planning out exactly how you’re going to turn that vision into a
successful business is perhaps the most important step between concept and reality.

Business plans can help you confirm that your grand idea makes sound business sense.

5. To set better objectives and benchmarks. Without a business plan, objectives often become arbitrary,
without much rhyme or reason behind them. Having a business plan can help make those benchmarks more
intentional and consequential. They can also help keep you accountable to your long-term vision and strategy,
and gain insights into how your strategy is (or isn’t) coming together

over time.

6. To communicate objectives and benchmarks. Whether you’re managing a team of 100 or a team of two, you
can’t always be there to make every decision yourself. Think of the business plan like a substitute teacher,
ready to answer questions anytime there’s an absence. You and your staff can always consult the business plan
to understand the next steps in the event that they can’t get an answer from you directly. Sharing your
business plan with team members also helps ensure that all members are aligned with what you’re doing, why,
and share the same understanding of long-term objectives.

7. To provide a guide for service providers. Small businesses typically employ contractors, freelancers, and
other professionals to help them with individual tasks like accounting, marketing, legal assistance, and as
consultants. Having a business plan in place allows you to easily share relevant sections with those you rely on
to support the organization, while ensuring everyone is on the same page.

8. To secure financing. If you’re planning on pitching to venture capitalists, borrowing from a bank, or are
considering selling your company in the future, you’re likely going to need a business plan. After all, anyone
that’s interested in putting money into your company is going to want to know it’s in good hands and that it’s
viable in the long run. Business plans are the most effective ways of proving that and are typically a
requirement for anyone seeking outside financing.

9. To better understand the broader landscape. No business is an island, and while you might have a strong
handle on everything happening under your own roof, it’s equally important to understand the market terrain
as well. Writing a business plan can go a long way in helping you better understand your competition and the
market you’re operating in more broadly, illuminate consumer trends and preferences, potential disruptions
and other insights that aren’t always plainly visible.

10. To reduce risk. Entrepreneurship is a risky business, but that risk becomes significantly more manageable
once tested against a well-crafted business plan.

Drawing up revenue and expense projections, devising logistics and operational plans, and understanding the
market and competitive landscape can all help reduce the risk factor from an inherently precarious way to
make a living. Having a business plan allows you to leave less up to chance, make better decisions, and enjoy
the clearest possible view of the future of your company.