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Small Business Management Toolbox Undertake business planning Contents of a business plan – Self test This self test covers the following topics. The financial section The marketing section The operations section The staffing section For each question, choose the response you believe is correct. The correct answer is provided at the end of each question. Question 1 Which of the following lists the two main approaches to developing a cashflow forecast? A Identify sources of finance and guess how much will flow into your business. B Review old forecasts and base the next forecast period entirely on the previous one. C Make a guess about the most likely cashflow forecast and compare this with the best guess of someone else working in the same industry. D Start with market research and a prediction about sales and profits expected from marketing strategies and use dollar targets to calculate whether the market can be tapped for this amount. The correct answer is D - Start with market research and a prediction about sales and profits expected from marketing strategies and use dollar targets to calculate whether the market can be tapped for this amount. These approaches will tell you about market potential as well as the dollar amounts required to survive. Question 2 Which of the following is the most liquid business asset? A Machinery. B Building. C Stock. D Cash. The correct answer is D - Cash. Cash is the most liquid business asset. How quickly certain assets can be converted to cash is one measure of business viability. 1 Question 3 Which of the following tend to be the main sources of finance used in small businesses in Australia? A Family, friends and personal savings of the owner. B Banks and credit unions. C Venture capitalists. D Sale of other assets. The correct answer is A - Family, friends and personal savings of the owner. Research suggests that these are in fact the most common sources of small business finance. Question 4 Which of the following measurements compares the total liabilities with the total assets of a business? A Net profit margin. B Debt ratio. C Current ratio. D Total asset turnover. The correct answer is B - Debt ratio. The debt ratio is the total liabilities divided by the total assets. Question 5 The marketing communication mix comprises: A phone, fax and internet B words, signs, colours and sounds C speaking and writing D advertising, face to face selling, sales promotions, public relations and publicity. The correct answer is D - advertising, face to face selling, sales promotions, public relations and publicity. These make up the marketing communications mix. 2 Question 6 A cost-based competitive advantage is: A a realistic strategy only if there is a true and sustainable cost advantage B the recommended strategy for businesses with a high quality product C a good strategy for all businesses to follow D an ideal that can never be achieved. The correct answer is A - a realistic strategy only if there is a true and sustainable cost-advantage. Lowering prices without a true cost advantage is a recipe for disaster. Question 7 The key to ensuring effective and efficient operations is: A following through with efficiency before turning to effectiveness B making sure costs are as low as possible C continual monitoring of key performance indicators D making sure quality is as high as possible. The correct answer is C - continual monitoring of key performance indicators. It’s a balancing act to be continuously monitored. Question 8 Which of the following are health and safety issues requiring detailed procedures and plans? A Fire, emergency, physical, chemical and biological hazards, noise and heavy lifting. B Operational effectiveness and efficiency. C Identifying loopholes in occupational health and safety laws. D Keeping costs down as a primary goal in safety equipment purchases. The correct answer is A - Fire, emergency, physical, chemical and biological hazards, noise and heavy lifting. Procedures and plans should be put in place to deal with these health and safety issues. 3 Question 9 The basic legal business structures are: A internal and external B federal state and common law C mission, goals and objectives D sole trader, partnership, company and trusts. The correct answer is D - sole trader, partnership, company and trusts. These are the basic legal structures. Question 10 In a world where people can change jobs and move on so quickly, businesses have to: A disregard the strict rules about industrial relations, equal employment opportunities and anti-discrimination B value and reward people properly if they want to retain them C avoid succession planning D use rotating casual staff to avoid having to pay large superannuation premiums. The correct answer is B - value and reward people properly if they want to retain them. If good staff don’t feel valued they will feel less inclined to stay with your business. Question 11 Valuing soft assets refers to: A pricing services B protecting perishable stock C formally recognising and rewarding good staff and good ideas as part of your business plan D recording the amount of cash on hand each month. The correct answer is C – formally recognising and rewarding good staff and good ideas as part of your business plan. Valuing people is different from valuing material goods. Australian National Training Authority (ANTA) 2003. All rights reserved 4