1. A business's _____ defines the present business scope and broadly describes an organization's present capabilities, focus, and activities. a. Budget b. Policy c. operational plan d. mission statement 2. Financial planning involves: a. estimating income and expenses. b. choosing a product to sell. c. selecting the type of business to enter. d. deciding the kind of franchise to buy. 3. Matt plans to open a convenience store. The startup cost is approximately $10,000. Since Matt has only $2,500 with him, he decides to invite two of his friends—Brett and Brian—to join him in this venture. In this scenario, who should be in charge of writing the business plan? a. Only Brett and Brian, since they are contributing 75 percent of the initial investment b. Matt, Brett, and Brian, since it is always a team effort c. Whoever has paid the biggest share of the startup cost d. Matt alone, since it was primarily his business plan 4. Strategic planning consists of two parts: a firm's mission and objectives and its strategies. a. True b. False 5. SWOT analysis is a useful tool to aid the process of strategic planning and can be organized into the form of a matrix. a. True b. False 6. Objectives are the goals that give shorter-term direction to a business and serve as benchmarks for measuring performance. a. True b. False 7. A competitive edge is a particular characteristic that makes a firm more attractive to customers than are its rivals. a. True b. False 8. A business plan serves as a tool for attracting people and money. a. True b. False 9. One important purpose of a business plan is to indicate the expected financial results from operations. a. True b. False 10. The process of setting objectives and devising courses of action to achieve those objectives is termed _____. a. Controlling b. Planning c. Organizing d. Leading
1. A business's _____ defines the present business scope and broadly describes an organization's present capabilities, focus, and activities. a. Budget b. Policy c. operational plan d. mission statement 2. Financial planning involves: a. estimating income and expenses. b. choosing a product to sell. c. selecting the type of business to enter. d. deciding the kind of franchise to buy. 3. Matt plans to open a convenience store. The startup cost is approximately $10,000. Since Matt has only $2,500 with him, he decides to invite two of his friends—Brett and Brian—to join him in this venture. In this scenario, who should be in charge of writing the business plan? a. Only Brett and Brian, since they are contributing 75 percent of the initial investment b. Matt, Brett, and Brian, since it is always a team effort c. Whoever has paid the biggest share of the startup cost d. Matt alone, since it was primarily his business plan 4. Strategic planning consists of two parts: a firm's mission and objectives and its strategies. a. True b. False 5. SWOT analysis is a useful tool to aid the process of strategic planning and can be organized into the form of a matrix. a. True b. False 6. Objectives are the goals that give shorter-term direction to a business and serve as benchmarks for measuring performance. a. True b. False 7. A competitive edge is a particular characteristic that makes a firm more attractive to customers than are its rivals. a. True b. False 8. A business plan serves as a tool for attracting people and money. a. True b. False 9. One important purpose of a business plan is to indicate the expected financial results from operations. a. True b. False 10. The process of setting objectives and devising courses of action to achieve those objectives is termed _____. a. Controlling b. Planning c. Organizing d. Leading
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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1. A business's _____ defines the present business scope and broadly describes an organization's present capabilities, focus, and activities.
a. Budget
b. Policy
c. operational plan
d. mission statement
2. Financial planning involves:
a. estimating income and expenses.
b. choosing a product to sell.
c. selecting the type of business to enter.
d. deciding the kind of franchise to buy.
3. Matt plans to open a convenience store. The startup cost is approximately $10,000. Since Matt has only $2,500 with him, he decides to invite two of his friends—Brett and Brian—to join him in this venture. In this scenario, who should be in charge of writing the business plan?
a. Only Brett and Brian, since they are contributing 75 percent of the initial investment
b. Matt, Brett, and Brian, since it is always a team effort
c. Whoever has paid the biggest share of the startup cost
d. Matt alone, since it was primarily his business plan
4. Strategic planning consists of two parts: a firm's mission and objectives and its strategies.
a. True
b. False
5. SWOT analysis is a useful tool to aid the process of strategic planning and can be organized into the form of a matrix.
a. True
b. False
6. Objectives are the goals that give shorter-term direction to a business and serve as benchmarks for measuring performance.
a. True
b. False
7. A competitive edge is a particular characteristic that makes a firm more attractive to customers than are its rivals.
a. True
b. False
8. A business plan serves as a tool for attracting people and money.
a. True
b. False
9. One important purpose of a business plan is to indicate the expected financial results from operations.
a. True
b. False
10. The process of setting objectives and devising courses of action to achieve those objectives is termed _____.
a. Controlling
b. Planning
c. Organizing
d. Leading
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