Appendix A: Fast-Start Business Plan | Business/Accounting Test Bank

Test Bank TRUE/FALSE 1. A fast-start plan is recommended for people investing money they are willing to lose. ANS: T PTS: 1 REF: p. 434 2. Starting part-time lessens your risk. ANS: T PTS: 1 REF: p. 435 3. In a fast-start plan, it is not important to define your competition. ANS: F PTS: 1 REF: p. 435 4. With a fast-start plan, you define your target customer as you operate. ANS: F PTS: 1 REF: p. 436 5. Pricing is the key to taking customers away from competitors. ANS: F PTS: 1 REF: p. 438 6. It is not possible to estimate start-up costs in a fast-start plan. ANS: F PTS: 1 REF: p. 438 7. Estimating sales goals for three months will help estimate fixed expenses. ANS: T PTS: 1 REF: p. 439 8. You should develop a “things to do” list with your fast-start plan. ANS: T PTS: 1 REF: p. 440 MULTIPLE CHOICE 1. Which of the following is not a question to help structure your fast-start plan? a. What businesses supply your competitors? b. What business are you really in? c. What is your pricing