Which of the Following Statements Is True

question 30

Multiple Choice

Which of the following statements is true  

• A) The business plan describes both internal and external elements.
• B) The preliminary business plan should be prepared by a lawyer.
• C) Most business plan resources on the Internet are too complex and expensive to be of use to the new venture.
• D) Once made, a business plan should not be changed.

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Definitions:

Marginal Cost

The expense incurred from the manufacture of an extra single product or service.

Total Revenue

The total amount of money received by a company for goods sold or services provided during a certain period of time.

Profit Maximization

The approach a corporation takes to figure out the price and production level that brings in the most profit.

Profit Sharing

A company policy wherein employees receive a share of the profits of the business, which serves as a motivation and reward for their performance.