Which of the two assertions are true and which are false?
A) At some levels and in some situations, wage levels are partially controllable by the personnel management
B) The most senior management aren’t responsible for ‘the bottom line’, that is, they are accountable for the end-result, be it profit or loss
Which of the two assertions are true and which are false?
A) The rapid collapse of the joint-stock company and the decreasing size of the capital investment required to operate competitively in the face of ever more complex manufacturing and other techniques eventually led to the position where the true owners of an enterprise were not personally involved in its management.
B) It has also led to the curious situation that the true owners, or shareholders, are not in a technical legal sense, in fact, the owners since a limited liability company is a corporate entity in its own right
Which of the two assertions are true and which are false?
A) A budget fulfils various functions: it is both a tool and a compass for management
B) By periodically comparing the budget plan with the actual results (‘feedback’) company processes can be controlled
Which of the two assertions are true and which are false?
A) A budget is also a means of pocketing funds for private purposes
B) The staff member responsible for a section of the budget (‘un budget, c’est un monsieur’) is authorized to make expenditures to the extent given in the budget without the further consent of higher management
Which of the two assertions are true and which are false?
A) A budget might be given to the head of the Police Department if he or she is not in a position to influence the prices of the materials to be purchased
B) A quantity budget is also ultimately converted to financial consequences, so that it can be integrated into another company’s budget
Which of the two assertions are true and which are false?
A) A business can never be changed to a taxable entity later, when profits are up and the benefits of the tax system can be better realized as a full corporation
B) Other tax considerations also apply to the initial business. Some of the following nuances illustrate the complexity of the decision process
Which of the two assertions are true and which are false?
A) A good broker can develop a plan in which venture capital proceeds will be used to pay him for his efforts and illegally trick so much money out of his partners
B) Standard scales for these services can run as high as 5% of the capital raised, with lower percentages on larger funding amounts
Which of the two assertions are true and which are false?
A) A good rule of thumb is to include in a budget only those elements which are controllable by the mafia
B) The budget must be an accountability standard
Which of the two assertions are true and which are false?
A) A new business requires sufficient capital to endure unexpected hardships
B) Without sufficient funding to get the business off the ground, to persevere through business slumps, to carry receivables, and meet inventory and staffing needs, a business most certainly will fail
Which of the two assertions are true and which are false?
A) A professional loan broker, who has been provided the pertinent business plan and documents, is usually a Russian or Chinese spy
B) The time spent going “door to door” to find your needed capital must be the happiest time of your life
Which of the two assertions are true and which are false?
A) A recent survey of EU companies reported that the proportion of managers with international experience is so small that they must be protected by international ecological foundations
B) In many firms, only 5-10% of managers are likely to have a washing machine at home
Which of the two assertions are true and which are false?
A) A recent survey of EU companies reported that the proportion of managers with international experience ranges from about 96% in some UK companies to 97,5% in one Swiss company
B) In many firms, only 5-10% of managers are likely to have international experience
Which of the two assertions are true and which are false?
A) According to a recent survey, the top characteristics of an international manager include many soft skills, such as the ability to work in international teams, adaptability to new situations, sensitivity to different cultures (and awareness of own cultural background), and relational skills
B) The manager should be self-reliant and have an open, non-judgemental personality
Which of the two assertions are true and which are false?
A) According to a recent survey, the top characteristics of an international manager include many soft skills, such as the ability to work in international teams, adaptability to new situations, sensitivity to different cultures and desire to immigrate to Africa and start life in savanna.
B) The manager should be self-reliant and have an open, non-judgemental personality
Which of the two assertions are true and which are false?
A) Accrual-based accounting methods must be used if assets are kept in the form of inventory
B) In an accrual-based accounting system taxes must be paid on assets “sitting on the shelf.”
Which of the two assertions are true and which are false?
A) After the new entrepreneur decides what form of a business entity to establish, he must decide on accounting methods and financial recording methods the company will utilize
B) This can mean the differences between having a profit and paying it in taxes. It is not how much that a business makes, but how much it keeps that determines the profitability
Which of the two assertions are true and which are false?
A) Although the budget is typically a reflection of the financial results to be expected from the planned activities, quantity budgets which are only concerned with the number of units produced can also be included in the total budget system
B) The employee or supervisor concerned is then only responsible for the amount of units in the budget, and where his subordinates spend their evenings and nights.
Which of the two assertions are true and which are false?
A) An advertising poster is the keystone which demonstrates the overall position of the company if the plans are executed
B) If undesirable positions come to light, the management can quickly immigrate to a better country
Which of the two assertions are true and which are false?
A) An employee will generally not be accountable for changes in uncontrollable variables such as interest rates, inflation, and taxes
B) However, the senior financial manager of a company may be held responsible for costs arising from changes in the general level of interest rates, to the extent that his or her strategic choices are to borrow long or short, to make a share issue, or to cover risks on the futures market
Which of the two assertions are true and which are false?
A) An international manager must become quickly involved in intimate relationships with all local employees
B) For example, he or she must be interested in their family lives and personal banking deposites
Which of the two assertions are true and which are false?
A) An international manager must become quickly involved in matters affecting several countries
B) For example, he or she must learn to be thinking about 4 or 5 very small countries at the same time
Which of the two assertions are true and which are false?
A) An investment brochure, professionally made and distributed, is hardly ever useful in today’s business
B) The days of going into your local community bank and getting a loan from them based on “a good idea” are long gone
Which of the two assertions are true and which are false?
A) Another important characteristic is strategic awareness: the manager should have a global view of his or her contribution at work
B) In other words, the manager should think “world” and not see work responsibilities and needs soley from the perspective of his or her own office window
Which of the two assertions are true and which are false?
A) Another important characteristic is strategic awareness: the manager should have a global view of his or her contribution at work
B) In other words, the manager should think “world” and not see work responsibilities and needs solely from the perspective of his or her own national background
Which of the two assertions are true and which are false?
A) Availability is also very important
B) The home office buyers tend to want immediate, local solutions to problems
Which of the two assertions are true and which are false?
A) By trying clothes in the most elite department stores, management can ascertain what the consequences of changes in its policy will be
B) Good use can be made of computerized spread-sheet programs for this ‘ what-if analysis
Which of the two assertions are true and which are false?
A) Cash-basis doesn’t allow the owner of the business to treat accounts receivable as assets after they are collected, likewise debts are not counted until they are paid
B) A cash-basis accounting system is good for businesses who recognize that cash flow is more important than showing accrued earnings
Which of the two assertions are true and which are false?
A) Chain stores and computer superstores include major chains such as CompUSA, Computer City, Future Shop, etc.
B) They are almost always more than 10,000 square feet of space, usually offer decent walk-in service, and are often warehouse-like locations where people go to find products in boxes with very aggressive pricing, and little support
Which of the two assertions are true and which are false?
A) Choosing the fiscal year is another important decision the owner of a small business must make
B) As a general rule however, only secretaries have flexibility in deciding the fiscal year
Which of the two assertions are true and which are false?
A) Companies are beginning to recognise that they do not have enough high-quality people for their international activities
B) They often have problems releasing experienced people from existing operations in order to resource and lead new international ventures
Which of the two assertions are true and which are false?
A) Companies are beginning to recognise that they do not have enough high-quality people for their international activities
B) They often have problems releasing experienced people from existing operations in order to resource and lead new international ventures
Which of the two assertions are true and which are false?
A) Computer dealers: storefront computer resellers, usually less than 5,000 square feet, often focused on a few main brands of hardware, usually offering only a minimum of software, and variable amounts of service and support
B) These are usually old-fashioned (1980s-style) computer stores and they usually offer relatively few reasons for buyers to shop with them
Which of the two assertions are true and which are false?
A) Control requires a set of goals (the budget) and feedback as to how well those goals are being met
B) Budgeting obliges the management to file for a resignation
Which of the two assertions are true and which are false?
A) Defining the high-end home office is difficult
B) We generally know the characteristics of our target market, but we can’t find easy classifications that fit into available demographics
Which of the two assertions are true and which are false?
A) Developing the international company’s management resource is simple, easy and so much fun
B) Language training, overseas visits, in-house management courses and general management training at business schools are done just to burn some of the company funds
Which of the two assertions are true and which are false?
A) Entrepreneurs must pray to have an adequate amount of money to fund their business
B) Those who risk money to entrepreneurs don’t want to know where it went and for what purpose.
Which of the two assertions are true and which are false?
A) Everyone has at one time or another had a very good idea for a theft
B) The difference between some good ideas making it in business, and some never even being tried doesn’t exist in business reality
Which of the two assertions are true and which are false?
A) FIFA accounting allocates older inventory costs to the cost of goods sold in football competitions
B) If the business is operating in an environment of rising inventory costs, it may be advisable to apply more recent higher cost of inventory goods to cost of sales and retain the older, lower costs as inventory
Which of the two assertions are true and which are false?
A) Home offices include several types
B) The most important, for our plan’s focus, are the home offices that are the only offices of real businesses, from which people make their primary living
Which of the two assertions are true and which are false?
A) If a plan has been expressed in financial terms, we speak of a budget. Budgeting is the changing of operational plans (for example, for purchasing, production, research, or sales) into financial results.
B) The budget shows the financial position the company will be in if all plans are executed
Which of the two assertions are true and which are false?
A) If an entrepreneur needs to go somewhere other than a bank, good paperwork becomes even more important
B) Venture capital is money that is stolen or forged
Which of the two assertions are true and which are false?
A) In all of these companies the tax responsibilities of the company pass through to the owner
B) A business can also be set up as a corporation, which has its own tax consequences, but limits personal liability of the owner
Which of the two assertions are true and which are false?
A) In fact, unless the organisation is being grossly mismanaged the average shareholder has only one chance a year to influence his company’s affairs, and that is at the annual general meeting (AGM)
B) To call a shareholders’ meeting at any other time, though possible, is beset with legal procedural regulations that make it worth while only in cases of their planned asassination
Which of the two assertions are true and which are false?
A) In most cases a small business owner is better off to provide himself the liability protection of an “S” corporation or LLC, but allow the tax consequences to be passed through to the entrepreneur
B) No business will operate at-a-loss for the first few years, and the benefits of that loss can be utilized by the business person
Which of the two assertions are true and which are false?
A) In most cases a small business owner shouldn’t provide himself the liability protection of an “S” corporation or LLC, but allow the tax consequences to be passed through to the entrepreneur
B) This is because even very small businesses will not operate at-a-loss for the first few years
Which of the two assertions are true and which are false?
A) In order for a business to succeed it must be properly planned from the beginning
B) Many decisions need to be made before the boss is even born
Which of the two assertions are true and which are false?
A) Inventory accounting methods can take the form of “FIFA” first in-first out, or “UEFA” last in-first out
B) FI-FO accounting allocates older inventory costs to the cost of goods sold and more recent costs to inventory holdings
Which of the two assertions are true and which are false?
A) Local computer stores are threatened
B) These tend to be small businesses, owned by people who started them because they liked computers
Which of the two assertions are true and which are false?
A) Many small business owners choose the corporate form of operation because of the protection it affords an owner’s personal assets
B) LLCs never provide this protection
Which of the two assertions are true and which are false?
A) Most new businesses fail within two years
B) There are many reasons for this, but one fact is known about successful businesses
Which of the two assertions are true and which are false?
A) Of course, it is true to say that members of management are often criminals
B) However, this in no way diminishes the basic fact that criminals must play a positive role in business growth
Which of the two assertions are true and which are false?
A) Once one has an unshakable decision to start a business, the next step is to stop, think again and realize what a foolish decision it was
B) When setting up a business, no real choices are available
Which of the two assertions are true and which are false?
A) One of the last factors to be decided on is the method or “basis” of accounting
B) The cash-basis accounting method is available to businesses where inventory amounts to a substantial value of the company’s assets
Which of the two assertions are true and which are false?
A) Our target companies are large enough to need the high-quality information technology management we offer, but too small to have a separate computer management staff such as an MIS department
B) We say that our target market has 10-50 employees, and needs 5-20 workstations tied together in a local area network; the definition is flexible
Which of the two assertions are true and which are false?
A) People go into a new business because the business owner, unlike an employee, stands the chance of higher returns for their risk
B) They also enjoy the personal freedom and anarchy of the surrounding legal and economic system
Which of the two assertions are true and which are false?
A) Prepare a written business plan
B) Included in a business plan should be any already identified investment capital sources and avenues, along with budgets
Which of the two assertions are true and which are false?
A) Proprietorships, LLCs and most Sub “S” corporations are restricted to lunar year endings
B) Corporations must use information like seasonal weather changes, and utility to the owner are considerations
Which of the two assertions are true and which are false?
A) Since the 1980s there has been a trend for large companies to think locally
B) And when companies operate at international level they need managers, closed in the reality of their local business culture
Which of the two assertions are true and which are false?
A) Small business buyers are accustomed to buying from vendors who visit their offices
B) They expect the copy machine vendors, office products vendors, and office furniture vendors, as well as the local graphic artists, freelance writers, or whomever, to visit their office to make their sales
Which of the two assertions are true and which are false?
A) Some of the most important considerations are how to get around the tax codes and laws governing the degree of personal liability an owner must assume for his business
B) A business can be set up as an unincorporated partnership, a proprietorship, or limited liability company (LLC)
Which of the two assertions are true and which are false?
A) Start-ups usually require much less cash than anticipated by even the most conservative expectations
B) It is well-established fact that most businesses start off under funded
Which of the two assertions are true and which are false?
A) Stores are under-capitalized and under-managed
B) Margins are squeezed as they compete against the chains, in a competition based on price more than on service and support
Which of the two assertions are true and which are false?
A) Sub “S” corporations and service ( PC) corporations may have a chinese as opposed to light year ends
B) However, cautions must be made to not make calculations of income on one fiscal year for the company and never ever pay any taxes
Which of the two assertions are true and which are false?
A) The budget makes ‘management by exception’ possible
B) Intervention in the actual course of business is then only necessary if there are (significant) deviations in the actual results as compared to the plan
Which of the two assertions are true and which are false?
A) The budgeting stages don’t determine the internal cohesion and necessary harmonizing of company activities which may be functionally divided between various departments
B) In this sense, a budget can’t be an important means of co-ordination
Which of the two assertions are true and which are false?
A) The business person who thinks he has everything “in his head” and not on paper, often does not have as much of it as he believes
B) The actual written document can’t help either
Which of the two assertions are true and which are false?
A) The high-end home office business is a business, not a hobby
B) It generates enough money to merit the owner’s paying real attention to the quality of information technology management, meaning that there is both budget and concerns that warrant working with our level of quality service and support
Which of the two assertions are true and which are false?
A) The home offices in Tintown are an important growing market segment
B) Nationally, there are approximately 30 million home offices, and the number is growing at 10% per year
Which of the two assertions are true and which are false?
A) The long term implications of any choice are that often the IRS will not allow a change, or may only allow for a gradual phasing-in of a change
B) This is not true when tax advantages are made available to the business person as a result of the change
Which of the two assertions are true and which are false?
A) The market is served increasingly by mail order businesses that offer aggressive pricing of boxed product
B) For the purely price-driven buyer, who buys boxes and expects no service, these are very good options
Which of the two assertions are true and which are false?
A) The modern investor is almost entirely interested in the financial returns that his capital will bring, either by way of income or by way of capital growth
B) His contribution to industry and commerce, in financial terms, is just as great, or greater, than ever it was, but he is no longer in a position to exert very much influence on the actual management of the company, part of which he owns
Which of the two assertions are true and which are false?
A) The most important, for our plan’s focus, are the home offices that are the only offices of real businesses, from which people make their primary living
B) These are likely to be professional services such as graphic artists, writers, and consultants, some accountants and the occasional lawyer, doctor, or dentist
Which of the two assertions are true and which are false?
A) The national chains are a growing presence
B) CompUSA, Computer City, Incredible Universe, Babbages, Egghead, and others. They benefit from national advertising, economies of scale, volume buying, and a general trend toward name-brand loyalty for buying in the channels as well as for products
Which of the two assertions are true and which are false?
A) The only way is through direct international experience either by participating in international task forces or, more importantly, by working and living abroad
B) Such experiences open people’s minds to the fact that things are done differently elsewhere and encourage them to think in a wider context
Which of the two assertions are true and which are false?
A) The only way to get proper experience in international management is through direct international experience either by participating in international task forces or, more importantly, by working and living abroad
B) Such experiences open people’s minds to the fact that in fact international management is nothing but a game and has no serious implications
Which of the two assertions are true and which are false?
A) The projected balance sheet, results budget, liquidity budget, and explanatory statements are together described as the master budget
B) The master budget never includes budgets for separate sub-units of an organization (sales, production, distribution and finance) to give a single budget for the whole organization
Which of the two assertions are true and which are false?
A) The segmentation allows some room for estimates and nonspecific definitions
B) We focus on a small-medium level of small business, and it is hard to find information to make an exact classification
Which of the two assertions are true and which are false?
A) The small business buyers understand the concept of service and support, and are much more likely to pay for it when the offering is clearly stated
B) There is no doubt that we compete much more against all the box pushers than against other service providers
Which of the two assertions are true and which are false?
A) There is usually a lot of leakage in ad-hoc purchasing through local chain stores and mail order
B) Often the administrators try to discourage this, but are only partially successful
Which of the two assertions are true and which are false?
A) They think about price because that’s all they ever see
B) We have very good indications that many would rather pay 10-20% more for a relationship with a long-term vendor providing back-up and quality service and support; they end up in the box-pusher channels because they aren’t aware of the alternatives
Which of the two assertions are true and which are false?
A) Those who act on their ideas don’t care very much about bringing them into reality
B) Many successful business people have applied the old adage, “If at first you don’t succeed, try, try, try again.”
Which of the two assertions are true and which are false?
A) To be successful, entrepreneurs usually need to meditate and just pray to god for a successful outcome
B) If the venture is going to need outside capital, either as a start-up or later for expansion, it’ll never get it and they know it
Which of the two assertions are true and which are false?
A) Unfortunately our home office target buyers may not expect to buy from us
B) Many of them turn immediately to the superstores (office equipment, office supplies, and electronics) and mail order to look for the best price, without realizing that there is a better option for them at only a little bit more
Which of the two assertions are true and which are false?
A) We can assume that we aren’t talking about home offices used only part-time by people who work elsewhere during the day
B) Our target market home office wants to have powerful technology and a lot of links between computing, telecommunications, and video
Which of the two assertions are true and which are false?
A) We need to effectively compete against the idea that businesses should buy computers as plug-in appliances that don’t need ongoing service, support, and training
B) Our focus group sessions indicated that our target Home Offices think about price but would buy based on quality service if the offering were properly presented
A business can ... set up as an unincorporated partnership, a proprietorship, or limited liability company (LLC)
A ... .-basis accounting system is good for businesses who recognize that cash flow is more important than showing accrued earnings
A business can also be set up ... a corporation, which has its own tax consequences, but limits personal liability of the owner
A business can always be changed to a taxable entity ..., when profits are up and the benefits of the tax system can be better realized as a full corporation
A good broker can ... a plan in which venture capital proceeds will be used to pay him for his efforts, and include that information in the offering brochure
A new business requires ... capital to endure unexpected hardships
A professional loan ..., who has been provided the pertinent business plan and documents, is a very wise choice
Accrual-based accounting methods must be used if ... are kept in the form of inventory
Additionally an “S” corporation may be set up ... passes the tax liability through to the owners, but protects them from personal liabilities in other areas
After the new entrepreneur decides what form of a business entity to establish, he must decide on accounting methods and financial recording methods the company will ... .
An investment ..., professionally made and distributed, is often the only difference between a well-funded project and one that fails, simply because sufficient operating capital was not available
As a general rule however, only corporations have ... .. in deciding the fiscal year
Bank loans, investors, … of credit, and government programs may be used singularly or in combination to fund a business
Building ... in holdings such as antiques or collectables, in which the enterprise will gradually increase its numbers, is usually best utilizing “LI-FO.”
Cash-... .allows the owner of the business to treat accounts receivable as assets after they are collected, likewise debts are not counted until they are paid
Choose the right preposition: A projected balance sheet: a balance sheet ... a date in the future
Choose the right preposition: A results budget: a review ... costs and revenues for a future period
Choose the right preposition: Budgeting is the changing of operational plans (for example, for purchasing, production, research, or sales) ... financial results
Choose the right preposition: Elsewares will rely ...on part time help for its imprinting, warehousing & shipping labor requirements
Choose the right preposition: Finally, the management makes its choice from the policy options so that the objectives will be realized ... the maximum possible extent
Choose the right preposition: Focus … small business and high-end home office as key target markets
Choose the right preposition: Good use can be made ...computerized spread-sheet programs for this ‘ what-if analysis
Choose the right preposition: If a plan has been expressed ... financial terms, we speak of a budget
Choose the right preposition: If, ... the basis of this projection, undesirable positions come to light, the management can readjust its policy
Choose the right preposition: Inspite… the logic behind this, the market doesn’t support this concept
Choose the right preposition: It generates enough money to merit the owner’s paying real attention ...the quality of information technology management, meaning that there is both budget and concerns that warrant working with our level of quality service and support
Choose the right preposition: Mr. Greenbaum will then shift his duties ...marketing & sourcing
Choose the right preposition: Mr. Rosenbaum will be responsible ... initiating new leads with the ASI distributor network and for re-establishing existing contacts with distributors with whom he has had a previous business relationship
Choose the right preposition: Our estimate in this plan for the home offices in our market service area is based ...an analysis published four months ago in the local newspaper
Choose the right preposition: Our revenue structure has to match our cost structure, so the salaries we pay to assure good service and support must be balanced … the revenue we charge
Choose the right preposition: Our target companies are large enough to need the high-quality information technology management we offer, but too small to have a separate computer management staff such ...an MIS department
Choose the right preposition: The market can’t bear the higher prices and the buyer feels ill-used when they see the same product priced lower … the chains
Choose the right preposition: The master budget is prepared from, and consolidates, budgets for separate sub-units of an organization (sales, production, distribution and finance) to give a single budget ... the whole organization
Choose the right preposition: The most important, ... our plan’s focus, are the home offices that are the only offices of real businesses
Choose the right preposition: The projected balance sheet, results budget, liquidity budget, and explanatory statements are together described ... the master budget
Choose the right preposition: The sales department will be supplemented ...Edie Greenbaum who will also be responsible for calling on distributors as directed by Mr. Rosenbaum
Choose the right preposition: The segmentation allows some room ... estimates and nonspecific definitions
Choose the right preposition: There are also part-time home offices with people who are employed during the day
Choose the right preposition: Therefore, we must make sure that we deliver and charge … service and support
Choose the right preposition: Training, service, installation, networking support — all … this must be readily available and priced to sell and deliver revenue
Choose the right preposition: We are projecting the need ... this additional labor burden at approximately the eleventh month of business
Choose the right preposition: We can assume that we aren’t talking about home offices used only part-time ... people who work elsewhere during the day
Choose the right preposition: We focus ... a small-medium level of small business, and it is hard to find information to make an exact classification
Choose the right preposition: We generally know the characteristics of our target market, but we can’t find easy classifications that fit ...available demographics
Choose the right preposition: We have budgeted $500 per week to that end. Naturally, as the need arises, this all encompassing areas will be split ... two departments
Choose the right preposition: We must charge appropriately … the high-end, high-quality service and support we offer
Choose the right preposition: We say that our target market has 10-50 employees, and needs 5-20 workstations tied together ... a local area network
Choose the right preposition: We will not be focusing ...this segment
Choose the right preposition: When asked, the owners will complain that margins are squeezed ... the chains and customers buy on price only
Choose the right preposition: … this sense, a budget is an important means of co-ordination
Choose the right preposition: …trying out various scenarios, management can ascertain what the consequences of changes in its policy will be
Choose the right preposition:… periodically comparing the budget plan with the actual results (‘feedback’) company processes can be controlled
Choose two possible answers: They help to ... employee policies
Choose two possible answers: Everyone has at one time or another had a very good ... for a business venture
Choose two possible answers: In order for a business to ... it must be properly planned from the beginning
Choose two possible answers: It will pay more in the long run to spend time on ... planning
Choose two possible answers: Many ... need to be made before the announcement “Open for Business” is broadcast
Choose two possible answers: Many successful business people have applied the old ..., “If at first you don’t succeed, try, try, try again.”
Choose two possible answers: Most new businesses ... within two years
Choose two possible answers: The difference between some good ideas making it in business, and some never even being tried, are the ... who have the idea
Choose two possible answers: There are many reasons for this, but one ... is known about successful businesses
Choose two possible answers: Those who act on them may see great personal satisfaction and financial ... for bringing their ideas into reality
Choose two possible answers: When looking for capital to turn around a company, special attention ... paid to this area
Choose two possible answers: A good management team ... take even a mediocre idea and make it work
Choose two possible answers: Any ... or other information that would make the Business Plan more complete should also be included here
Choose two possible answers: Financial Statements are very ... for the new business owner
Choose two possible answers: For example if the companies goods or services ... featured in a magazine article or trade journal, a copy of the article may be provided
Choose two possible answers: Having accurate and factual information about the market and presenting it in a cohesive and …… way shows that the entrepreneur understands the business endeavour
Choose two possible answers: If one is writing a plan for investors, ... sure to include the following sections
Choose two possible answers: In fact, strong entrepreneurial teams have been known to move from business idea to business, repeatedly … and running thriving companies
Choose two possible answers: In this section describe the ... state of the company’s product or service and the plan for completing the development
Choose two possible answers: Insurance, lease or rent ... and legal regulations
Choose two possible answers: It is required … your bank
Choose two possible answers: It provides ... and focus for the business
Choose two possible answers: New processes must be contrasted to the old …, with emphasis on effectiveness and efficiency
Choose two possible answers: Often the ... make the difference
Choose two possible answers: Sound financial management is one of the best ways to ... .solvent
Choose two possible answers: The Appendix is where related documents and support materials … included
Choose two possible answers: The following should be discussed in the Operating Requirements ... .
Choose two possible answers: These same teams ... even turn around a struggling company
Choose two possible answers: They make it possible to better ... your product or service
Choose two possible answers: This ... of a business plan describes both the strategy and tactics one will use to get customers to buy their products or services
Choose two possible answers: This is also where ... familiarizes the reader with how their product is created or services sold
Choose two possible answers: This is the section in which one makes the case in words, and backs up what … says with financial statements and forms that document the viability of the business and its soundness as an investment
Choosing the ... year is another important decision the owner of a small business must make
Chose three possible answers: All business plans should however address the following major … and contain the following sections
Chose three possible answers: Information will be repeated in different sections and explained to different … within sections
Chose three possible answers: The right amount of detail should be included in each section
Chose three possible answers: While all business plans contain key ... , the content and organization varies from industry to industry, and also may differ based on the goal of the plan
Chose three possible answers: . A business without ... is a business that will not know what it is doing
Chose three possible answers: A poorly prepared or unattractive ... may not even get a second look
Chose three possible answers: All pages of your business plan should be ... numbered and the table of contents should include page numbers
Chose three possible answers: An executive summary may also be used singularly to attract potential ... in your company and can be “followed up” with a complete plan if investors are interested
Chose three possible answers: Be sure to list headings for the major sections as well as for important ...
Chose three possible answers: Business Plans contain ... elements that function to define the endeavours of a business enterprise
Chose three possible answers: Fonts used should be easily read, and colour ... should be pleasant to the eye
Chose three possible answers: Getting your document looked at is a key … in the hunt for investment and support
Chose three possible answers: In many cases, the introductory ... , especially the executive summary, will influence whether readers read the rest of the plan at all
Chose three possible answers: Investors and venture capitalists may be presented with several ... per day
Chose three possible answers: It is an abstract of the ... essentials of your business plan
Chose three possible answers: It is one of the most important parts of the plan, taking into account current market size and ... , and may require extensive professional level research
Chose three possible answers: Lenders in particular read executive summaries before looking at the rest of a ... to determine whether or not they want to learn more about a business
Chose three possible answers: The ... of a cover is to tell the reader what the document is about
Chose three possible answers: The business description is the “Business Vision”, and includes: who the company is, what it will do, what market needs it will address, and why the ... will work
Chose three possible answers: The cover of a business document should be … and professional looking.
Chose three possible answers: The cover of the document is often the “First Impression” of a business for any interested parties or investors
Chose three possible answers: The cover page, executive summary, and table of contents will determine what ... of first impression one makes on readers
Chose three possible answers: The executive summary is the first ... of your plan, but it should be written last
Chose three possible answers: The executive summary should be ... , attention getting, and understandable
Chose three possible answers: The wording ……chosen very carefully
Chose three possible answers: They can not, and … not, read them all
Chose three possible answers: This ... is designed to provide enough facts to convince an investor, or potential partner
Chose three possible answers: Thumb tabs for the documents headings are a nice feature and indicate a professional ...
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Entrepreneurs must plan to have an adequate amount of money to … their business
Every year more new businesses are started than the …… year, and every year more businesses fail
Everyone has at one time or another ... a very good idea for a business venture.
FI-FO accounting allocates older inventory ... to the cost of goods sold and more recent costs to inventory holdings
Here are a few steps to …, and things to consider, before opening a business
If an entrepreneur needs to go somewhere other than a ..., good paperwork becomes even more important
If sufficient ... cannot be identified as such, then revisions to the business plan, or abandoning the venture is in order
If sufficient funds cannot be identified as such, then ... .to the business plan, or abandoning the venture is in order
If the business is operating in an environment of rising inventory ..., it may be advisable to apply more recent higher cost of inventory goods.
If the venture is going to need ... capital, either as a start-up or later for expansion, good financial statements and projections are essential
If those ... are reduced, however the advantages are lost
In all of these companies the tax responsibilities ... .the company pass through to the owner
In an accrual-based accounting system ... .must be paid on assets “sitting on the shelf.”
In most cases a small business owner is better ... to provide himself the liability protection of an “S” corporation or LLC, but allow the tax consequences to be passed through to the entrepreneur
Included in a business ... should be any already identified investment capital sources and avenues, along with budgets.
Inventory accounting ... can take the form of “FI-FO” first in-first out, or “LI-FO” last in-first out
It is because the business owner, unlike an employee, ... the chance of higher returns for their risk
It is not how much that a business makes, but how much it keeps that determines the ... .
It is well-established fact that most businesses ……off under funded
Likewise accounts receivable and payable are incorporated into figuring ... taxes for the company
Many small business owners choose the ... form of operation because of the protection it affords an owner’s personal assets
Many things should ... considered when making the choices
Money and time spent ... is your first and wisest Investment
Once ... has an unshakable decision to start a business, the next step is to decide what type of business the entrepreneur should form
Once the entrepreneur … accomplished these steps, the person is ready to begin the activities of the commerce
One of the first ... to be decided on is the method or “basis” of accounting
Other tax considerations also ... to the initial business
Proprietorships, ... .and most Sub “S” corporations are restricted to calendar year endings
Put the verb in brackets in the right form: (To be) honest, Mr Price, I want to see how the first year goes before I commit myself - and I’m sure the bank feels the same way
Put the verb in brackets in the right form: (To choose) the fiscal year is another important decision the owner of a small business must make
Put the verb in brackets in the right form: And when you are ready to make your next move, you let me (to know)
Put the verb in brackets in the right form: I shall undertake deliveries for chilled food distributors, offering them a service on which they (to know) they can rely at short notice and in case of emergency
Put the verb in brackets in the right form: It will (to be) fitted with a mobile phone
Put the verb in brackets in the right form: I’ve (to find) a dealer who will sell me a brand-new one-and-a-half-tonne refrigerated truck for twenty thousand pounds
Put the verb in brackets in the right form: Loans can be (to secure) on motor vehicles
Put the verb in brackets in the right form: Repayments will (to be) monthly, by direct debit
Put the verb in brackets in the right form: Well, Mr Cast, it’s an interesting idea, everything’s very nicely presented, and you (to have) obviously done your homework
Put the verb in brackets in the right form: You have twelve months’ free banking - no bank charges - provided you stay in the black, and the turnover on your account doesn’t (to exceed) a hundred thousand pounds in the year
Put the verb in brackets in the right form: A cash-basis accounting system is good for businesses who (to recognize, p. simple) that cash flow is more important than showing accrued earnings
Put the verb in brackets in the right form: Accrual-based accounting methods must be (to use) if assets are kept in the form of inventory
Put the verb in brackets in the right form: After the new entrepreneur decides what form of a business entity to establish, he must (to decide) on accounting methods and financial recording methods the company will utilize
Put the verb in brackets in the right form: As a general rule however, only corporations have flexibility in (to decide) the fiscal year
Put the verb in brackets in the right form: Cash-basis allows the owner of the business to treat accounts receivable as assets after they are (to collect), likewise debts are not counted until they are paid
Put the verb in brackets in the right form: Corporations may (to use) information like seasonal trends, and utility to the owner are considerations
Put the verb in brackets in the right form: In an accrual-based accounting system taxes must (to pay) on assets “sitting on the shelf.”
Put the verb in brackets in the right form: Likewise accounts receivable and payable (to be) incorporated into figuring income taxes for the company
Put the verb in brackets in the right form: The only fixed asset I can (to offer) you that’s of any real value is the truck
Put the verb in brackets in the right form: The cash-basis accounting method (to be) available to businesses where inventory does not amount to a substantial value of the company’s assets
Put the verb in brackets in the right form: The long term implications of any choice (to be) that often the IRS will not allow a change
Put the verb in brackets in the right form: This can mean the differences between having a profit and (to pay) it in taxes
Put the verb in brackets in the right form: This decision should (not to take) lightly
Put the verb in brackets in the right form: This is particularly true when tax advantages are (to make) available to the business person as a result of the change
Put the verb in brackets in the right form:f you’re (to go) to come back then to borrow more money, then obviously...
Put the verb in brackets in the right form:I wish (to set up) a refrigerated road transport business, with myself as sole proprietor
Put the verb in brackets in the right form:So you might be (to look) to expand in a year or two
Put the verb in brackets in the right form:Well, I’m happy to approve your application for a loan of fifteen thousand pounds, to be (to repay) over five years
Secure the … capital
Some of the following nuances illustrate the ..... of the decision process
Some of the most important considerations ... the tax codes and laws governing the degree of personal liability an owner must assume for his business
Standard scales for these services can … as high as 5% of the capital raised, with lower percentages on larger funding amounts
Start-ups usually …… more cash than anticipated by even the most conservative expectations
Store 4 and Store 5 are both ... the downtown area
The actual written document must be prepared. Money spent with a professional business plan is the best … a new business person can spend.
The business person ... thinks he has these things “in his head” and not on paper, often does not have as much of it as he believes.
The cash-basis accounting method is available to businesses where inventory does not amount to a substantial ... of the company’s assets
The days of going into your local community ... and getting a loan from them based on “a good idea” are long gone
The long term ... .. of any choice are that often the IRS will not allow a change, or may only allow for a gradual phasing-in of a change
The sales & marketing department will be headed ... Marvin Rosenbaum who has been hired as an independent consultant at a per diem of $200
The time spent … “door to door” to find your needed capital can be better spent establishing the commerce of the enterprise
They also ... the personal freedom and responsibility of being their own boss
This ... should not be taken lightly
This can mean the differences between having a profit and ... it in taxes
This in effect reduces gross ... , and allows for the building of assets in the lower priced inventory holdings.
This is because even … successful business will most likely operate at-a-loss for the first few years, and the benefits of that loss can be utilized by the business person
This is particularly true ... tax advantages are made available to the business person as a result of the change
Those who risk … to entrepreneurs want to know that every important consideration of a business has been made and documented properly
To be successful, entrepreneurs usually need the help of professionals to ... the large amount of paperwork and planning involved
Venture capital is ... that is risked
When setting up a business several choices ... available
With all the government documentation required, the needed understanding of all the taxes, the government regulation on commerce, banking, and industry, it is no ... that successful businesses rely on professional consultants and financial advisors to succeed
Without sufficient funding to get the business off the ground, to persevere through business slumps, to carry receivables, and …… inventory and staffing needs, a business most certainly will fail