creating a business plan basics math quiz answers

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Business Plan Math - Reading Quiz

11th - 12th grade.

10 questions

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What is the term used for a 3-5 year forecast of your income and expenses?

Financial model

Profits and losses

Spreadsheet

What is an example of a monthly, recurring expense?

Lease down payment

What is the type of pricing determined largely by what other companies in your industry are charging?

Competitors' pricing

Value-based pricing

Simple pricing

Cost-plus pricing

What is the rate at which the business grows or increases revenue from sales?

Profit margin

Monthly profit

Growth percentage

Examples of direct costs are:

Utilities and rent

Labor and material costs

Pricing your product based how a customer perceives the product is called:

Sales revenue is calculated by:

Number of sales multiplied by average customer sale dollar amount

Sales price multiplied by cost of goods sold

Number of sales multiplied by cost of goods sold

True or False: Net profit is greater than gross profit.

Starting a company in which you only spend money that is absolutely necessary at each point in time is called a:

Lean startup

Sole proprietor

Growth startup

What is the description of each axis on a breakeven chart?

Profit and volume

Sales and expenses

Direct costs and indirect costs

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Creating a Business Plan - Basics Math Quiz QUESTION 6 of 10: Your plan projects revenue of $5,000, $8,000, and $10,000 in years 1 through 3. Expenses are projected to be $9,000 for each of years 1 through 3. If your only funding need is the gap between revenue and expenses, which is the best estimate of your maximum cumulative funding need? a) $O b) $1,000 c) $4,000 d) $50,000 Submit @2024 Knowledge Matters, Inc

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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

Download questions & answers for free

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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The Ultimate Business Math Test Quiz #5

Test your financial literacy in calculating basic business calculations

You buy an article for R114.00 including VAT at 14%.What did it cost you exclusive of VAT ?

I don't know

Rate this question:

Your revenue grew from R5m per annum to R5.2m.What was your revenue growth ?

You sell your product for r20.00 which cost you r15,40what is your markup  , your salaries budget was r500,000.00you landed up spending r520,000.00what was the actual versus budget variance  .

A R20,000 Unfavourable overrun against budget

A R20,000 Favourable overrun against budget

A R20,000 Favourable saving against budget

What is 20% of R100.00 ?

You sold your product for r80.00 which normally sold for r98.20what was your discount .

R18.00 discount at 19.85%

R17.53 discount at 16.88%

R18.20 discount at 18.53%

Your Business's Assets are R500,000 Your Business's Liabilities are R200,000What is the net worth of your business ?

Last year you paid r120.00 for a product and this year it cost you r131.20what is the rate of inflation , your current assets are r250,000 compared to r180,00 in current liabilities.what is your the ratio of current assets to current liabilities , you generated r500,000 in revenue.your cost of sales was r300,000.what is your gross profit margin .

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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

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• Apr 14, 2023 Quiz Edited by ProProfs Editorial Team
• Oct 30, 2015 Quiz Created by Arno

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