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Topic: Starting a business 2: Business Plans

An exercise to help you learn & practice words and expressions relating to all aspects of starting a business. Whether you're looking to start a small business or set up a franchise, this exercise will help you practice all the important vocabulary.

Choose the best response to complete each of the sentences below.

1. There are ___________________ ( = a lot) of books that can teach you how to write an effective business plan.
  scores
  number
  many

2. It helps to demonstrate a high level of ___________________ in your knowledge of all matters relating to your business.
  sophistry
  sophistication
  intoxication

3. The "executive summary" is the name of the section which ___________________ ( = outlines) the main body of the business plan.
  summarizes
  executes
  sums

4. If you carried out a market study to gather information relevant to your business, make sure you include the ___________________ of this study in your business plan.
  finding
  findings
  found information

5. A more formal way of saying "To obtain outside funding" is "To ___________________."
  get cash
  request outside help
  acquire external capital

6. You must ___________________ to the organization ( = let the organization know) why they should invest in your enterprise.
  convince
  contest
  convey

7. Which one of these words is NOT a synonym for "business"?
  capital
  enterprise
  venture

8. The language used in a business plan should be clear and ___________________. ( = easy to understand)
  strong
  straightforward
  cumbersome

9. We should ___________________ a business planning consultant before drawing up a plan.
  touch
  get in line with
  get in touch with

10. This description is not ___________________.
  detailed enough
  enough details
  enough detailed

(Your answers will be displayed in a new window)

VOCABULARY REVIEW: Business plans

Need to review common terms relating to (and used in) business plans? We've got you covered!

Unique selling point (USP)
Definition:
A unique selling point is the feature or benefit that makes a product or service different from competitors.
Example:
Fast delivery is the company's unique selling point.

Revenue model
Definition:
A revenue model explains how the business will earn money, such as through sales, subscriptions, or advertising.
Example:
Their revenue model is based on monthly subscriptions.

Operating costs
Definition:
Operating costs are the regular expenses needed to run a business, including rent, salaries, and utilities.
Example:
High operating costs can reduce profits.

Break-even point
Definition:
The break-even point is the stage at which a business earns enough money to cover all its costs, without making a profit or a loss.
Example:
The company expects to reach the break-even point within one year.

Financial forecast
Definition:
A financial forecast is an estimate of future income and expenses, based on research and assumptions, to show whether the business can be profitable.
Example:
The financial forecast predicts steady growth over the next three years.

MATERIALS TO HELP YOU LEARN (AND TEACH!):
BUSINESS ENGLISH GLOSSARY
BUSINESS ENGLISH WORKSHEET COLLECTION

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