For a Business Plan, If the Business Is Yet to Be

question 8

True/False

For a business plan, if the business is yet to be started, income statements are based on estimate for what the revenues and expenses will be once the business starts

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Definitions:

Higher Order Needs

In Maslow's hierarchy, these refer to psychological and self-fulfillment requirements such as esteem and self-actualization.

Self-Actualisation

The realization or fulfillment of one's talents and potentialities, considered as a drive or need present in everyone.

Psychological Contracts

An unwritten agreement between employees and employers regarding mutual expectations.

Performance-Outcome Contingencies

The relationship between the performance of specific actions and the resulting outcomes, emphasizing the role of rewards or consequences.