Which of the Following Is True Regarding the Components of a Business

question 66

Multiple Choice

Which of the following is true regarding the components of a business plan?

• A) An executive summary gives more detail about the business than the vision or mission statements or elevator pitch.
• B) A vision statement is a paragraph that describes the firm's goals and competitive advantages.
• C) A mission statement is a slogan that captures the key idea of a business,its service,product,or customer.
• D) An elevator pitch is a simple tagline that expresses the fundamental idea or goal of a firm.

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Definitions:

Business Entity Assumption

An accounting principle that treats a business as separate from its owners or other businesses.

Business Entities

Business entities are legal structures through which business is conducted, such as sole proprietorships, partnerships, corporations, and limited liability companies.

Owners

Individuals or entities that hold legal rights and ownership of a company or property.

Measurement

The process of determining the size, length, or amount of something, typically using standard units.