Creating a business plan

Answers

  1. When defining the problem your company solves, you should look at it through the perspective of _.
    1.  your customers
    2.  your ad agencyyour suppliers
    3. your employees
  2. What is a profit pool?
    1. the return your investors make when you sell your company
    2. the profit dollars available in a given market
    3. a measure of how much profit you make
    4. how much of your profits are taxable
  3. What does the “T” in SWOT stand for?
    1. Teams
    2. Training
    3. threats
    4. taxes
  4. The threat of substitutes is the risk you face when _.
    1. your customers can use a different product to solve their problem
    2. your employees are absent and you use lower skilled workers
    3. your suppliers swap out cheaper components in your product
    4. you use the wrong numbers in your financial projections
  5. The product development roadmap describes _.
    1. how your competitor’s product has evolved over time
    2. how your research and development process works
    3. how you’ll build your product over time
    4. the routes you’ll use to distribute your product
  6. When you describe your points of differentiation versus competitors, thosedifferences must be _.
    1. aspirational
    2. your weaknesses versus competitor
    3. spelled out in writing
    4. substantial and meaningful
  7. What does the sales section of your business plan explain?
    1. the profit margin you earn on each sale
    2. how much revenue you’ll earn each year
    3. your FOB delivery terms for each sale
    4. how you’ll sell your product to your customer
  8. A brand is a _.
    1. marketing campaign
    2. promise
    3. sales plan
    4. logo
  9. What must your production plan explain?
    1. what kind of staffing you need to make your product
    2. whether you’ll insource or outsource production
    3. all of these answers
    4. how your production matches your strategy
  10. What is the most expensive form of compensation?
    1. equity
    2. bonus
    3. cash
    4. perks
  11. What is one way to exit your business?
    1. short sale
    2. bank refinancing
    3. acquisition
    4. mass layoffs
  12. Your financial forecast should be _.
    1. built based on unit drivers
    2. optimistic and exciting
    3. built top down
    4. extremely precise
  13. What is a moon chart?
    1. only required if you’re in the aerospace industry
    2. a measure of your financial performance
    3. a way to compare your business to your competitors
    4. a map of the moon
  14. When choosing suppliers, you should select the one that is _.
    1. the highest reliability
    2. the best fit with your business model
    3. the lowest cost
    4. the highest quality
  15. Your financial forecast should be _.
    1. extremely precise
    2. built top down
    3. optimistic and exciting
    4. built based on unit drivers
  16. Which of the following is not a type of revenue model?
    1. Recurring
    2. positive amortization
    3. one time fee
    4. cost plus margin
  17. Which of the following affects how you support your product?
    1. how demanding your customers are
    2. how often your product breaks down
    3. how many product returns you receive
    4. all of these answers
  18. What must your production plan explain?
    1. all of these answers
    2. what kind of staffing you need to make your product
    3. whether you’ll insource or outsource production
    4. how your production matches your strategy
  19. What is the most important thing your product delivery plan should focus on?
    1. choosing between government and private shipping companies
    2. speed of delivery
    3. low cost shipping options
    4. how you get your product into your customers’ hands
  20. What’s a warning sign that your financial plan isn’t accurate?
    1. a hockey stick forecast
    2. market research inaccuracy
    3. capital requirement ratios
    4. high-level unit drivers
  21. What does your value proposition describe?
    1. how your employees are paid
    2. how your product benefits your customer
    3. how much your company is worth
    4. the beliefs and values of your company
  22. What are two things you must know about your capital on hand?
    1. your burn rate and runway
    2. your FDIC protection and overdraft limit
    3. your interest rate and yield
    4. your equity value and book value
  23. What does the sales section of your business plan explain?
    1. the profit margin you earn on each sale
    2. how you’ll sell your product to your customer
    3. your FOB delivery terms for each salehow much revenue you’ll earn each year
  24. Why should you have expert advice when it comes to HR and legal issues?
    1. so that you can impress investors
    2. it’s less expensive than doing it yourself
    3. to prevent major regulatory and legal issues from harming your business
    4. because you don’t have time to do it on your own
  25. What is a warning sign that your financial plan isn’t accurate?
    1. market research inaccuracy
    2. capital requirement ratios
    3. high-level unit drivers
    4. a hockey stick forecast
  26. What is the most important thing your product delivery plan should focus on?
    1. low cost shipping options
    2. how you get your product into your customers’ hands
    3. speed of delivery
    4. choosing between government and private shipping companies
  27. Contingency plans should be created once you’re sure one of your financial risks is a certainty.
    1. FALSE
    2. TRUE
  28. Patents are the absolute best way to protect your market.
    1. FALSE
    2. TRUE
  29. What does your value proposition describe?
    1. how your product benefits your customer
    2. how your employees are paid
    3. how much your company is worth
    4. the beliefs and values of your company
  30. What are two things you must know about your capital on hand?
    1. your interest rate and yield
    2. your burn rate and runway
    3. your FDIC protection and overdraft limit
    4. your equity value and book value
  31. Why should you have expert advice when it comes to HR and legal issues?
    1. to prevent major regulatory and legal issues from harming your business
    2. because you don’t have time to do it on your own
    3. because it’s less expensive than doing it yourself
    4. so that you can impress investors
  32. Your go-to market strategy explains how you’ll get your product to your customers.
    1. FALSE
    2. TRUE
  33. Financial assumptions don’t really matter as long as they’re generally reasonable.
    1. TRUE
    2. FALSE
  34. Which option affects how you support your product?
    1. how many product returns you receive
    2. how demanding your customers are
    3. all of these answers
    4. how often your product breaks down
  35. Pricing decisions impact revenues but not profits.
    1. FALSE
    2. TRUE
  36. Members of your advisory board should always have deep expertise in your industry.
    1. FALSE
    2. TRUE
  37. Understanding market trends has no impact on risks your business faces.
    1. TRUE
    2. FALSE
  38. What is a moon chart?
    1. a measure of your financial performance
    2. a chart that is only required if you’re in the aerospace industry
    3. a way to compare your business to your competitors
    4. a map of the moon
  39. What is not a type of revenue model?
    1. positive amortization
    2. recurring
    3. one time fee
    4. cost plus margin
  40. When choosing suppliers, you should select the one that is _.
    1. the highest reliability
    2. the lowest cost
    3. the best fit with your business model
    4. the highest quality
  41. What should the leadership section of your business plan cover?
    1. the organization’s leadership philosophy
    2. a description of which leaders you admire
    3. the structure and roles of the leadership team
    4. your overall business strategy
  42. You can expect new employees to be fully effective within a few days of joining your company.
    1. TRUE
    2. FALSE
  43. The way you define your product must explain benefits to your customer.
    1. FALSE
    2. TRUE

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