| A | B |
|---|
| Name one purpose of a business plan | 1. Explains busines idea nad how to produce and sell it 2. Explain objectives and how you will reach them 3. Explains background & experiences of management |
| Name two reasons why the business plan is important | 1. Makes you think about all aspects of your business 2. Helps you secure financing for your business 3. Helps your communicate your ideas 4. Serve as a tool for managing your business |
| Name four of the seven elements of a business plan | 1. History & Backgroung of your idea 2. Goals & Objectives 3. Product or service offered 4. Form of ownership 5. Management & Staffing 6. Marketing 7. Current & projective financial statement |
| Name 2 places where you can get research for a business plan | 1. Printed sources 2. Online sources 3. People sources 4. Hire an expert |
| Name the 7 parts of a business plan | 1. Cover Letter 2. Title Page 3. Table of Contents 4. Statement of purpose 5. Executive summary 6. Main body of Plan 7. Appendix |
| A written document that describs all the steps necessary in opening and operating a successful business | Business Plan |
| A financial statement based on projected revenues and expenses | Pro forma financial statement |
| Organizations that promote certain types of businesses | Trade Association |
| A letter that explains or provides more information about a document or a set of documents | Cover Letter |
