Creating a Business Plan

Course link: https://www.linkedin.com/learning/creating-a-business-plan

Creating a business plan Quiz Answers

Question 1 of 12
When defining the problem your company solves, you should look at it through the perspective of _.
your customers
your ad agency
your suppliers
your employees

your customers

Question 2 of 12
What is a profit pool?
the return your investors make when you sell your company
the profit dollars available in a given market
a measure of how much profit you make
how much of your profits are taxable

the profit dollars available in a given market

Question 3 of 12
What does the “T” in SWOT stand for?
teams
training
threats
taxes

threats

Question 4 of 12
The threat of substitutes is the risk you face when _.
your customers can use a different product to solve their problem
your employees are absent and you use lower skilled workers
your suppliers swap out cheaper components in your product
you use the wrong numbers in your financial projections

your customers can use a different product to solve their problem

These are creating a business plan answers

Question 5 of 12
The product development roadmap describes _.
how your competitor’s product has evolved over time
how your research and development process works
how you’ll build your product over time
the routes you’ll use to distribute your product

how you’ll build your product over time

Question 6 of 12
When you describe your points of differentiation versus competitors, those differences must be _.
aspirational
your weaknesses versus competitors
spelled out in writing
substantial and meaningful

substantial and meaningful

Question 7 of 12
What does the sales section of your business plan explain?
the profit margin you earn on each sale
how much revenue you’ll earn each year
your FOB delivery terms for each sale
how you’ll sell your product to your customer

your FOB delivery terms for each sale

Question 8 of 12
A brand is a _.
marketing campaign
promise
sales plan
logo

promise

These are creating a business plan answers

Question 9 of 12
What must your production plan explain?
what kind of staffing you need to make your product
whether you’ll insource or outsource production
all of these answers
how your production matches your strategy

whether you’ll insource or outsource production

Question 10 of 12
What is the most expensive form of compensation?
equity
bonus
cash
perks

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equity

Question 11 of 12
What is one way to exit your business?
short sale
bank refinancing
acquisition
mass layoffs

acquisition

Question 12 of 12
Your financial forecast should be _.
built based on unit drivers
optimistic and exciting
built top down
extremely precise

built based on unit drivers

Creating a business plan answers Final Exam

Question 1 of 12
What is a moon chart?

only required if you’re in the aerospace industry
a measure of your financial performance
a way to compare your business to your competitors
a map of the moon

c) a way to compare your business to your competitors

Question 2 of 12
When choosing suppliers, you should select the one that is _.

the highest reliability
the best fit with your business model
the lowest cost
the highest quality

b) the best fit with your business model

Question 3 of 12
Your financial forecast should be _.

extremely precise
built top down
optimistic and exciting
built based on unit drivers

d) built based on unit drivers

Question 4 of 12
Which of the following is not a type of revenue model?

recurring
positive amortization
one time fee
cost plus margin

b) positive amortization

These are creating a business plan answers

Question 5 of 12
Which of the following affects how you support your product?

how demanding your customers are
how often your product breaks down
how many product returns you receive
all of these answers

d) all of these answers

Question 6 of 12
What must your production plan explain?

all of these answers
what kind of staffing you need to make your product
whether you’ll insource or outsource production
how your production matches your strategy

a) all of these answers

Question 7 of 12
What is the most important thing your product delivery plan should focus on?

choosing between government and private shipping companies
speed of delivery
low cost shipping options
how you get your product into your customers’ hands

d) how you get your product into your customers’ hands

Question 8 of 12
What’s a warning sign that your financial plan isn’t accurate?

a hockey stick forecast
market research inaccuracy
capital requirement ratios
high-level unit drivers

a) a hockey stick forecast

These are creating a business plan answers

Question 9 of 12
What does your value proposition describe?

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how your employees are paid
how your product benefits your customer
how much your company is worth
the beliefs and values of your company

b) how your product benefits your customer

Question 10 of 12
What are two things you must know about your capital on hand?

your burn rate and runway
your FDIC protection and overdraft limit
your interest rate and yield
your equity value and book value

a) your burn rate and runway

Question 11 of 12
What does the sales section of your business plan explain?

the profit margin you earn on each sale
how you’ll sell your product to your customer
your FOB delivery terms for each sale
how much revenue you’ll earn each year

b) how you’ll sell your product to your customer

Question 12 of 12
Why should you have expert advice when it comes to HR and legal issues?

so that you can impress investors
it’s less expensive than doing it yourself
to prevent major regulatory and legal issues from harming your business
because you don’t have time to do it on your own

c) to prevent major regulatory and legal issues from harming your business

These are Creating a business plan answers

Creating a business plan answers Final Exam (New added)

Question 1 of 19
What is a warning sign that your financial plan isn’t accurate?

  • market research inaccuracy
  • capital requirement ratios
  • high-level unit drivers
  • a hockey stick forecast

Question 2 of 19
What is the most important thing your product delivery plan should focus on?

  • low cost shipping options
  • how you get your product into your customers’ hands
  • speed of delivery
  • choosing between government and private shipping companies

Question 3 of 19
Contingency plans should be created once you’re sure one of your financial risks is a certainty.

  • FALSE
  • TRUE

Question 4 of 19
Patents are the absolute best way to protect your market.

  • FALSE
  • TRUE

Question 5 of 19
What does your value proposition describe?

  • how your product benefits your customer
  • how your employees are paid
  • how much your company is worth
  • the beliefs and values of your company

Question 6 of 19
What are two things you must know about your capital on hand?

  • your interest rate and yield
  • your burn rate and runway
  • your FDIC protection and overdraft limit
  • your equity value and book value
See also  Leading with Innovation Quiz

Question 7 of 19
Why should you have expert advice when it comes to HR and legal issues?

  • to prevent major regulatory and legal issues from harming your business
  • because you don’t have time to do it on your own
  • because it’s less expensive than doing it yourself
  • so that you can impress investors

Question 8 of 19
Your go-to market strategy explains how you’ll get your product to your customers.

  • FALSE
  • TRUE

Question 9 of 19
Financial assumptions don’t really matter as long as they’re generally reasonable.

  • TRUE
  • FALSE

Question 10 of 19
Which option affects how you support your product?

  • how many product returns you receive
  • how demanding your customers are
  • all of these answers
  • how often your product breaks down

Question 11 of 19
Pricing decisions impact revenues but not profits.

  • FALSE
  • TRUE

Question 12 of 19
Members of your advisory board should always have deep expertise in your industry.

  • FALSE
  • TRUE

Question 13 of 19
Understanding market trends has no impact on risks your business faces.

  • TRUE
  • FALSE

Question 14 of 19
What is a moon chart?

  • a measure of your financial performance
  • a chart that is only required if you’re in the aerospace industry
  • a way to compare your business to your competitors
  • a map of the moon

Question 15 of 19
What is not a type of revenue model?

  • positive amortization
  • recurring
  • one time fee
  • cost plus margin

Question 16 of 19
When choosing suppliers, you should select the one that is _.

  • the highest reliability
  • the lowest cost
  • the best fit with your business model
  • the highest quality

Question 17 of 19
What should the leadership section of your business plan cover?

  • the organization’s leadership philosophy
  • a description of which leaders you admire
  • the structure and roles of the leadership team
  • your overall business strategy

Question 18 of 19
You can expect new employees to be fully effective within a few days of joining your company.

  • TRUE
  • FALSE

Question 19 of 19
The way you define your product must explain benefits to your customer.

  • FALSE
  • TRUE

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