1. The managerial value of planning includes:
a resulting road map for running the business.
the planning process brings the management team together.
planning that provides credibility to employees.
Both "the planning process brings the management team together" & "a resulting road map for running the business".
All of these choices are correct.
2. Which of the following can help ensure that everyone understands what they have to do in the coming year?
Comparing actuals with budgets
The business planning process
Making accurate financial plans
Making different people accountable for same tasks
3. Which of the following correctly states the business plan types that contain the lowest and greatest proportions of financial detail?
Lowest - strategic planning; greatest - budgeting
Lowest - forecasting; greatest - operational planning
Lowest - operational planning; greatest - budgeting
Lowest - forecasting; greatest - budgeting
Lowest - strategic planning; greatest - forecasting
4. Forecasts tend to be:
short-term.
filled with supporting documentation.
focused on making either profit or cash flow projections.
Both "short-term" & "focused on making either profit or cash flow projections".
All of these choices are correct.
5. Which of the following is FALSE regarding the business plans of small business?
Similar to annual plans of large business
Provides thorough rationale for concrete actions
Includes elements of strategic planning
Covers the broadest and most basic strategic issues