A Business Plan Is a Management Tool That Contains a List

question 14

True/False

A business plan is a management tool that contains a list of the competition,along with the competitors' product strengths and prices.

---

Definitions:

Cost Drivers

Factors that cause a change in the cost of an activity, such as machine hours, labor hours, or material size.

Vocational School

An educational institution that provides training and skills for specific trades or careers, focusing on practical job-related skills.

Revenue Variances

The difference between actual revenue and budgeted or forecasted revenue, indicating if a business is performing above, on, or below expectations.

Spending Variances

Differences between actual spending and budgeted amounts in a company's budget, indicating over or underspending.