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Question 11. What factor that can affect the structure of a…
Question 11.
What factor that can affect the structure of a business plan with the most accurate description.
Purpose of plan?
Target audience?
Desired outcomes?
Question 12.
Identify how each of the following factors can affect the structure of a business plan.
Purpose of plan(select) This can change the structure of a business plan by uncovering technical, economical, or financial shortfalls within the business.
This can change the structure of the business plan by evaluating and prioritising different operational targets for the business to achieve.
This can change the structure of the business plan by identifying additional marketing or service offerings that may be needed to reach the desired market.
Target audience(select) This can change the structure of a business plan by uncovering technical, economical, or financial shortfalls within the business.
This can change the structure of the business plan by evaluating and prioritising different operational targets for the business to achieve.
This can change the structure of the business plan by identifying additional marketing or service offerings that may be needed to reach the desired market.
Desired outcomes(select) This can change the structure of a business plan by uncovering technical, economical, or financial shortfalls within the business.
This can change the structure of the business plan by evaluating and prioritising different operational targets for the business to achieve.
This can change the structure of the business plan by identifying additional marketing or service offerings that may be needed to reach the desired market.
Question 13.
Which component is NOT considered a key component of a business plan?
(select) Sources and costs of finance Exit strategies Marketing strategies and methods Methods of operation required for the business Staffing requirements
Question 14.
Which component is considered to be a key component of a business plan?
(select) Contingency plan Tax evasion plan Fire sale processes Employment/operation history Hostile takeover procedure
Question 15.
Match each component of a business plan with the most accurate description.
a. This refers to the way the business will seek to establish and maintain operational funds and the costs associated with doing so. (select) Contingency plans Staffing requirements Sources and costs of finance Marketing strategies and methods Methods of operation required for the business
b. This refers to a business’s overall game plan for reaching prospective clients and turning them into users of their products/services.(select) Contingency plans Staffing requirements Sources and costs of finance Marketing strategies and methods Methods of operation required for the business
c. This refers to the activities that the business will engage in on a daily basis to provide services to clients and generate revenue.(select) Contingency plans Staffing requirements Sources and costs of finance Marketing strategies and methods Methods of operation required for the business
d. This refers to the number of workers employed to work in the business in order to provide the necessary services to clients.(select) Contingency plans Staffing requirements Sources and costs of finance Marketing strategies and methods Methods of operation required for the business
e. This refers to a course of action designed to help a business respond effectively to a significant future event or situation that may or may not occur.(select) Contingency plans Staffing requirements Sources and costs of finance Marketing strategies and methods Methods of operation required for the business
Question 16.
Place the following research methods that you may use to create your business plan into the correct columns.
Primary Research
Select four (4) answers
Conducting surveys
Studying census data
Handing out questionnaires
Reviewing business journals
Conducting internet searches
Reviewing similar business histories
Visiting and assessing potential competitors
Conducting market research, such as focus groups
Secondary Research
Select four (4) answers
Conducting surveys
Studying census data
Handing out questionnaires
Reviewing business journals
Conducting internet searches
Reviewing similar business histories
Visiting and assessing potential competitors
Conducting market research, such as focus groups
Question 17.
Place the following steps for the preparation of a business plan in the correct order.
Define the marketing and sales plan
Describe the financial projections and funding
Draft an executive summary
List the products and services
Outline the management and organization
Provide a market analysis
a – b – c – d – e – f
b – a – c – d – f – e
c – f – e – d – a – b
d – c – f – a – b – e
Question 18.
Complete the table below identifying the common risks to business and the management strategies that can be used to reduce the risk.
Risk 1(select) Financial Risk Economic Risk Reputation Risk Competitor Risk Operational Risk Compliance Risk Security and Fraud Risk
Risk 2(select) Financial Risk Economic Risk Reputation Risk Competitor Risk Operational Risk Compliance Risk Security and Fraud Risk
Risk 3(select) Financial Risk Economic Risk Reputation Risk Competitor Risk Operational Risk Compliance Risk Security and Fraud Risk
Risk 4(select) Financial Risk Economic Risk Reputation Risk Competitor Risk Operational Risk Compliance Risk Security and Fraud Risk
Risk 5(select) Financial Risk Economic Risk Reputation Risk Competitor Risk Operational Risk Compliance Risk Security and Fraud Risk
Risk 6(select) Financial Risk Economic Risk Reputation Risk Competitor Risk Operational Risk Compliance Risk Security and Fraud Risk
Risk 7(select) Financial Risk Economic Risk Reputation Risk Competitor Risk Operational Risk Compliance Risk Security and Fraud Risk
Question 19.
Identify the correct order for the steps involved in each of the following workplace procedures.
a) Assessing and prioritizing internal and external risks to business.
Analyse risks to assess their impacts
Evaluate risks to prioritise their management
Identify risks that could impact the business’s financial performance
Plan actions to minimize risk impact
Review the risk management plan and procedures
(select) c – a – b – d – e b – a – d – c – e e – a – d – c – b
b) Establishing resource requirements aligned to business goals and objectives.
Identify resources needed to implement strategies
Manage the implementation and use of the resources
Developbusiness strategies to achieve goals and objectives
Determine goals and objectives
Source the resources needed
(select) c – e – d – b – a d – c – a – e – b a – e – d – b – c
c) Calculating staffing requirements to produce or deliver products and/or services.
Conduct gap analysis
Createthe staffing plan
Determine current staffing levels
Determine the business goals and expected staff requirements
Forecast future staffing needs
(select) b – c – d – a – e e – a – b – d – c d – c – e – a – b
d) Developing a business contingency plan for unexpected events and situations.
reate contingency plans for each event
List down the key risks for the business
Prioritize the risks based on their impact
Share and maintain the plan
(select) b – c – a – d a – d – b – c c – d – a – b
e) Developing risk management strategies.
Analyse the risks
Identify the risks
Implement solutions
Monitor the risks
Prioritize the risks
(select) c – d – b – a – e e – d – c – a – b b – a – e – c – d
