• Valley Partners Grant Certificate Pre-Test

  • 1. True or False: As it pertains to the development of a business plan, the two main types of formats are Traditional format and Lean.*
  • 2. True or False: Business plans are primarily prepared for generating capital for a business.*
  • 3. True or False: It is recommended that you write the Executive Summary first before completing the other sections of the business plan.*
  • 4. What is the primary purpose of the Executive Summary?*
  • 5.  What section of the business plan outlines the company’s mission statement, goals, and legal structure?*
  • 6.    What should be included in the Product and Services section of the business plan?*
  • 7. True or False: Having advisors is important in making key business decisions.*
  • 8.   In a business plan, what does SWOT Analysis stand for:*
  • 9.     True or False: It is important to specify the funding amount needed for your business?*
  • 10.   Total size of your industry, trends in the industry, trends in the target market are included in what part of the business plan?*
  • 11.   True or False: Workers Compensation insurance is optional for businesses in most U.S. States.*
  • 12.   True or False: Business Interruption Insurance covers financial losses due to a disaster or event that forces a business to temporarily close its operations.*
  • 13.   True or False: Key Person insurance is a type of insurance designed to help a company recover from the financial loss caused by the death of an owner, business partner, or employee.*
  • 14.   What type of business insurance covers bodily injury and property damage caused by products business operations?*
  • 15.   Which of the following is not covered by a standard Business Owners Policy (BOP)?*
  • 16.   What is the purpose of a non-compete agreement in a business contract?*
  • 17.   True or False: A verbal contract is equally valid and enforceable as a written contract.*
  • 18.   When a contract is void it means:*
  • 19.   True or False: The Civil Rights Act of 1964 prohibits discrimination in employment on the basis of race, color, religion, sex, or national origin.*
  • 20.   Which of the following is a form of intellectual property that protects original works of authorship?*
  • 21.   True or False: A Marketing strategy should be stationary and remain unchanged over time.*
  • 22.   True or False: Content marketing is primarily focused on creating valuable and relevant content to attract and engage a target audience.*
  • 23.   True or False: Market research is not essential in developing an effective marketing strategy.*
  • 24.   What are the 4 Ps of marketing?*
  • 25.   What is the primary goal of market segmentation?*
  • 26.   Which of the following is not a stage in the product life cycle?*
  • 27.   True or False: A marketing plan typically includes goals, target audience, and strategies for reaching those goals.*
  • 28.   In a marketing plan, what does SWOT Analysis stand for?*
  • 29.   True or False: Customer testimonials and online reviews can be considered forms of social proof in marketing?*
  • 30.  In the marketing mix, “promotion” refers to:*
  • 31.   True or False: The form used to report self-employment income and calculate self-employment tax in the United States is called Schedule C.*
  • 32.   True or False: A tax refund is the money returned to a taxpayer when they have overpaid their taxes throughout the year.*
  • 33.  True or False: Income that is not subject to taxation and can be subtracted from gross income before calculating tax liability is called deduction.*
  • 34.  What is the deadline for filing federal income tax in the United States?*
  • 35.  What is the document that reports on individual income taxes withheld by employer?*
  • 36.  What does IRS stand for?*
  • 37.  True or False: Schedule C is used for reporting both Sole Proprietorship and Single Member LLC’s.*
  • 38.  What is the term for the money you earn before any taxes or deductions are taken out:*
  • 39.  True or False: Tax credit directly reduces the amount of tax owed, rather than reducing taxable income?*
  • 40.  What is the term for the form that reports income earned by an individual from a source other than employment, such as dividends and interest?*
  • 41.  True or False: The Income Statement shows a company’s financial position at a specific point in time.*
  • 42. True or False: The Balance Sheet lists assets, liabilities, and shareholders’ equity*
  • 43. True or False: Net Income is the difference between total revenue and total expenses.*
  • 44.  What financial statement provides information about a company’s revenues and expenses?*
  • 45.  Which of the following is NOT a component of the balance sheet?*
  • 46.  Which financial statement provides a snapshot of the company’s assets and liabilities?*
  • 47. True or False: Financial projections show estimates of future financial results that are based on historical data, an understanding of the business and a company’s operational strategy.*
  • 48.  Which of the following represents the accounting equation on the balance sheet:*
  • 49. True or False: Income Statement provides information about a company’s cash flows?*
  • 50.  When predicting future revenues, which factors should you consider for your business?*
  • 51. True or False: A cash flow statement shows the financial performance of a company over a specific period.*
  • 52. True or False: The cash flow statement consists of three (3) sections: operating activities, investing activities, and financing activities.*
  • 53. True or False: Depreciation is considered a cash outflow in the cashflow statement.*
  • 54. What is the primary purpose of a cash flow statement?
  • 55.  Which of the following is not a section of the cash flow statement?*
  • 56.  When a company receives cash from selling its own stock, in which section of the cash flow statement does it appear?*
  • 57. True or False: An increase in accounts receivable (money a company’s customers owe for goods or services) should be shown in the cash flow statement.*
  • 58.  Which of the following is an example of an operating cash flow:*
  • 59. True or False: A cash flow statement is a critical financial statement for investors, bankers, and financial analysts in assessing a company’s financial health?*
  • 60.  When a company has a positive cash flow from its operating activities, what does that indicate?*
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