Which of the following is true of a business plan?Select one:a.It never needs updatingb.It much be written by an attorneyc.It must be updated regularlyd.It is a hard set of rules for the business to follow

31. A business plan is best described as a(n) ________. * A) narrative description of a new business B) contract C) budget D) agreement E) marketing initiative 32. A business plan is important as it forces the founding team to systematically think through every aspect of their new venture, and it ________. * A) is a budget B) is a public relations document that can be used to promote the firm C) is a contract that is signed by the founders of the firm D) is a financial analysis E) communicates the merits of a new venture to outsiders, such as investors and bankers 33. The two primary audiences for a business plan are ________ and ________. * A) a firm's employees; officials with the SEC B) a firm's customers; its competitors C) investors; other external stakeholders and public relations firms D) officials with the SEC; public relations firms E) a firm's employees and investors; other external stakeholders 34. Which of the following statements is incorrect regarding the executive summary of a business plan? * A) It is a short overview of the entire business plan. B) In many instances an investor will first ask for a copy of a firm's executive summary and will request a copy of the full business plan only if the executive summary is sufficiently convincing. C) It is arguably the most important section of the business plan. D) It should not exceed two single-spaced pages. E) The executive summary is the first thing that should be written in preparing a business plan. 35. The ________ section of a business plan breaks the industry into segments and zeroes in on the specific segment (or target market) to which the firm will try to appeal. * A) competitive analysis B) current status C) market analysis D) marketing plan E) operations plan 36. What section of the business plan deals with the day-to-day operations of a company? * A) Financial plan B) Marketing plan C) Operations plan D) Industry analysis E) Executive summary 37. Claude Naah is thinking about starting a computer company. After doing some research, he has decided that the computer industry can be divided into the following product categories – handheld computers, laptops, tablet computers, PCs, work stations, minicomputers, mainframes and super computers. He is now trying to decide which product category he is the most interested in competing in. The process that Claude is going through is called market * A) splitting B) subdividing C) segmentation D) dividing E) separating

hich one of the five statements below about Business Plans is wrong/incorrect:Question 4AnswerA.Informs the market plan and marketing strategyB.After development, a business plan should not altered to meet any changes in the context or situation of each opportunity/venture.C.Forces the entrepreneur to think clearly about all aspects of the proposed business.D.Business planning facilitates the analysis of the venture's potential and selection of an appropriate competitive strategy.E.Helps entrepreneurs to communicate their creative idea(s) to others.

Which of the following is true of business plans?Group of answer choicesInvesting time and effort into creating a business plan is not worthwhile for large, successful businessesAngel investors seldom request to view a business plan before pledging their aid.Formal business plans have no effect on the day-to-day success of small businessesOne of the prime reasons for creating a business plan is to secure investment funds for the firm.

In the process of project planning, which of the following statements is true? All project plans must be completed in a defined sequence.If any one part of the project plan changes, the remaining parts of the plan should not be altered.The desirable planning sequence depends on the project.Different parts of the project plan will have no impact on the performance of the others.

Which of the following is a true statement regarding the schedule management plan? A. It may or may not be written depending on the project management approach of the company executives B. It can be formal or informal, highly detailed or broad in nature depending on the project, and it is a key input to the Define Activities process C. It must be formal and highly detailed prior to project management plan approval D. It requires the input of all stakeholders involved in the project and those that will eventually approve the plan