Texas Real Estate Brokerage Sales Apprentice Education (SAE) Practice Exam

A business plan will typically include which of the following?

1. The employee handbook and training programs

2. A description of the business along with the mission and vision statements

3. Only financial projections and market analysis

4. A summary of market trends and customer feedback

The correct answer is: A description of the business along with the mission and vision statements

A business plan is a comprehensive document that outlines the strategy and direction of a business. It serves as a roadmap for the company’s future growth and development. The inclusion of a description of the business along with the mission and vision statements is crucial because these elements clarify what the business seeks to accomplish and its core values. The mission statement outlines the purpose of the business, while the vision statement defines its long-term objectives and aspirations. These foundational aspects help to ensure that everyone involved in the business is aligned and working towards the same goals. While the other options contain important elements that can be part of a broader business plan, they don't capture the essential components as effectively as the description and mission/vision statements do. Employee handbooks and training programs are usually not part of the initial business plan but may be included in operational plans. Financial projections and market analysis are important, yet they are subsections rather than foundational elements. A summary of market trends and customer feedback can guide business strategies, but without a strong mission and vision, the business lacks direction. Therefore, the inclusion of the business description alongside its mission and vision is central to articulating the essence and purpose of the business.