Chap008 - Chapter 08 - Business Plans: Seeing Audiences and...

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Chapter 08 - Business Plans: Seeing Audiences and Your Business Clearly Chapter 08 Business Plans: Seeing Audiences and Your Business Clearly True / False Questions 1. (p. 204) One circumstance under which creating a business plan is absolutely necessary is when outsiders accept it. TRUE Difficulty: Easy 2. (p. 204) If you need outside support to get a business going, you do not need to develop a business plan since the outside support will take care of it. FALSE Difficulty: Medium 3. (p. 204) According to research, firms without a business plan are more likely to close down than firms with plans. TRUE Difficulty: Easy 4. (p. 205) The primary concern of joint venture partners is the amount scheduled for returns. FALSE Difficulty: Hard 8-1
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Chapter 08 - Business Plans: Seeing Audiences and Your Business Clearly 5. (p. 206) The five types of business planning presentations are vision, mission, goals, objectives and business plans. FALSE Difficulty: Medium 8-2
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Chapter 08 - Business Plans: Seeing Audiences and Your Business Clearly 6. (p. 207) The elevator pitch is more like a sales pitch and should be between 20-50 words. FALSE Difficulty: Medium 7. (p. 209-210) Executive summaries are written in a journal style, suitable for investors, bankers and lawyers to read. TRUE Difficulty: Easy 8. A classic business plan contains a maximum of 20 pages but a more modern plan requires 50-60 pages. FALSE Difficulty: Hard 9. (p. 213) A cover letter is not required when you send a full business plan to someone, but it is required with a mission. FALSE Difficulty: Easy 10. (p. 214) In the closing paragraph of the cover letter, you describe the current situation of the company and explain what you are seeking from the recipient. FALSE Difficulty: Medium 8-3
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Chapter 08 - Business Plans: Seeing Audiences and Your Business Clearly 11. (p. 215) The last part of the company background describes its business model. TRUE Difficulty: Hard 12. (p. 216) The market section of the business plan talks about your employees – who they are and what they like. FALSE Difficulty: Medium 13. (p. 218) A major organizational asset of a business is its location. TRUE Difficulty: Medium 14. (p. 218) There are two parts to the financial section of a business plan: critical risks and the deal being offered to investors. TRUE Difficulty: Medium 15. (p. 219) For an existing business, the financial section should report 5-year projections and not the past year's since future progress is what bankers lend you money for. FALSE Difficulty: Hard 8-4
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Chapter 08 - Business Plans: Seeing Audiences and Your Business Clearly 16. (p. 221) When your product or service is truly new to everyone, it is considered a pioneering business. TRUE
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This note was uploaded on 11/21/2009 for the course MNGT 422X taught by Professor Godsey during the Spring '09 term at UNL.

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Chap008 - Chapter 08 - Business Plans: Seeing Audiences and...

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