CE: Business Planning for Auctioneers

Business plans are useful for auctioneers primarily because

A. They promise success.
B. Nobody succeeds without one.
C. They help you understand your business.
D. It makes you appear to be more professional and well prepared.

The most important part of the business plan is the

A. executive summary.
B. marketing plan.
C. bid calling plan.
D. employee training plan.

The executive summary should make clear

A. who needs what you offer.
B. how you meet the needs.
C. who the competitors are.
D. all of the answers should be clear.

The background section of a business plan should emphasize

A. your manner of bid calling
B. resources and especially the people.
C. what you will do if you fail.
D. the reasons you want to be your own boss.

Which of the following is the least cause of failure

A. poor motives
B. bad bid calling
C. starting with only a little bit of money.
D. failure to anticipate everything.

Executive summaries are seen first, but written last because

A. business plans are not important, anyway.
B. they need to be supported by the body of the plan.
C. most readers pay little attention to the summary.
D. bid calling is the most important, not the summary of the business

The “hit ‘em where they ain’t” strategy

A. has been discredited as a poor approach to entering markets with an established competitor.
B. works best when there is no competitor anywhere in the market.
C. requires that you have totally new technology.
D. is a good way to carve out a market niche while avoiding confrontation.

The best way to survive in any business is to

A. have the biggest advertising budget.
B. offer something that is rare, valuable, hard to copy and has no close substitutes.
C. work on your bid calling skills.
D. offer the lowest commission structure.

The marketing plan should

A. describe the advantages of your services and SCA’s.
B. explain the basis of pricing.
C. explain why your competitor is not the best choice
D. explain your bid calling skills

The best source of sustainable competitive advantage for auctioneers is most probably

A. having more money than the competitors.
B. having an excellent reputation for fair dealing.
C. having the best bid calling chant.
D. having the most up to date equipment, technology and processes.

Which of the following should be considered members of the business team?

A. Key employees at all levels.
B. Advisors who are available.
C. Professional service providers like accountants and bankers.
D. All of the answers should be included in the team.

Organizational leadership is generally best when the leader

A. almost always has an answer, not always the best answer.
B. acts to keep her or his faults from being noticeable.
C. acts like she or he is the servant of the others.
D. is the hardest working member of the team.

Risks are a part of any business

A. but if rewards are big enough, they can often be managed for a good outcome.
B. so only those who really love the thrill of risk taking should start their own businesses.
C. so there is no point in worrying about them in business planning.
D. but a really good business plan can eliminate almost all of them.

Which of the following is not one of the five important “C’s” for getting loans?

A. Character
B. Collateral
C. Chant
D. Capital

The most important issue in the financial plan for a business is

A. the income statement showing a profit every quarter.
B. showing that the business owner is sophisticated in accounting.
C. use of assumptions, instead of facts.
D. a solid plan for managing cash and avoiding shortfalls.

Which of the following is NOT a desirable feature of financial plans?

A. Projections of growing financial strength over time that are reasonable.
B. Very optimistic projections of profitability to show supreme confidence.
C. Discussions of the assumptions on which financial projections are based.
D. Simple statements that are representative of the outlook.

When evaluating business plans, NABC stands for

A. National Association of Bid Calling Consultants.
B. Nuts, Almonds, Brazil, and Cashews.
C. Need, Approach, Benefits and Competition.
D. New, Accounting, Bid Calling and Chant

Which of the following has been shown to be least important in business success?

A. Good market analysis and strategy.
B. Sensible financing, especially cash management.
C. Having a good team of people involved.
D. Strong desire to be your own boss.

Which of the following best describes the role of a business plan in business success?

A. You must have a written plan in order to succeed.
B. Business plans are good, but you cannot predict the future so their value is limited.
C. Business plans are good, but success is usually due to good luck.
D. Business plans are useful in avoiding the common causes of failure.

The reason for discussing risks and contingencies in a business plan is

A. to show that the business leader has thought about what the risks might be and how they can be at least somewhat managed.
B. assures that there are no surprises.
C. to reassure lenders that there is absolutely no risk that loans will not be repaid.
D. to comply with federal and state regulations about business plans.

CE: Business Planning for Auctioneers

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