Business Plan- Management Questions

1.

A business plan is required to take out a loan.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
A business plan is indeed required to take out a loan. When applying for a loan, financial institutions typically require a business plan to assess the viability and potential profitability of the business. The plan provides detailed information about the company's goals, strategies, financial projections, and market analysis, helping lenders evaluate the borrower's ability to repay the loan. It also demonstrates the borrower's commitment and seriousness towards their business, increasing the chances of loan approval. Therefore, having a well-prepared business plan is crucial when seeking funding through a loan.

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2.

Management starts with:
- A.
  
  Planning
- B.
  
  Staffing
- C.
  
  Firing
Correct Answer
A. Planning

Explanation
Management starts with planning because it involves setting goals, defining objectives, and determining the best course of action to achieve those goals. Planning helps in identifying the tasks, allocating resources, and creating a roadmap for the organization. It provides a clear direction to the management and helps in making informed decisions. Without proper planning, the management would lack direction and may not be able to effectively utilize resources or achieve desired outcomes. Staffing and firing are important aspects of management, but they come after planning as they involve implementing the plans and making necessary adjustments based on the organizational needs.

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3.

The amount of staff depends on the number of people it takes to fulfill a company's responsibilities.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The statement is true because the number of staff required by a company is directly related to the responsibilities it has. Every company has different tasks and duties that need to be fulfilled, and the workforce needs to be sufficient to handle these responsibilities effectively. If a company has more responsibilities, it will require more staff members to ensure that all tasks are completed efficiently. Therefore, the amount of staff needed is determined by the workload and responsibilities of the company.

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4.

If your company was requiring a lay-off of employees, how would you decide as manager who to fire?
5.

What does a Manager ask their superior for?
- A.
  
  How to write a business plan
- B.
  
  Advice
- C.
  
  If they are likable
Correct Answer
B. Advice

Explanation
A manager asks their superior for advice because they value their superior's experience, expertise, and guidance. Seeking advice from a superior allows the manager to make informed decisions, gain insights, and learn from their superior's knowledge and perspective. It also demonstrates the manager's willingness to learn and improve, and their recognition of the value of collaboration and mentorship within the organization.

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6.

Management is what section of the business plan?
- A.
  
  1
- B.
  
  2
- C.
  
  3
- D.
  
  4
Correct Answer
D. 4

Explanation
The correct answer is 4 because the management section of a business plan outlines the organizational structure, roles and responsibilities of key personnel, and the overall management strategy. It includes information about the owners, managers, and their qualifications, as well as any plans for hiring and training employees. This section is important because it demonstrates to potential investors or lenders that the business has a strong management team in place to effectively run the operations and achieve its goals.

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7.

The management plan section describes what:
- A.
  
  Goals
- B.
  
  Team and Staff
- C.
  
  Wages for payroll
Correct Answer
B. Team and Staff

Explanation
The management plan section describes the team and staff involved in the project or organization. It outlines the roles and responsibilities of each team member, their qualifications, and how they will be managed. This section also includes information about the organizational structure, reporting lines, and any additional resources needed to support the team and staff. It helps to ensure that the right people are in place to successfully execute the project or achieve the organization's goals.

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8.

MSN Real Estate is led by whom?
- A.
  
  The leader
- B.
  
  Nathans Hot Dogs
- C.
  
  Shawn Menashe and Nathan Koach
Correct Answer
C. Shawn Menashe and Nathan Koach

Explanation
MSN Real Estate is led by Shawn Menashe and Nathan Koach.

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Business Plan- Management Questions

A business plan is required to take out a loan.

Management starts with:

The amount of staff depends on the number of people it takes to fulfill a company's responsibilities.

If your company was requiring a lay-off of employees, how would you decide as manager who to fire?

What does a Manager ask their superior for?

Management is what section of the business plan?

The management plan section describes what:

MSN Real Estate is led by whom?