creating a business plan basics math quiz

• Project Managment

How to Use Math to Create a Winning Business Plan

Introduction.

Welcome to Business Plan Math Math Quiz! This quiz is designed to help you understand the basics of business planning and the math involved in the process. It will cover topics such as financial statements, budgeting, forecasting, and more. With this quiz, you will gain a better understanding of the math behind business planning and be able to make more informed decisions when it comes to your business. So let’s get started!

Creating a winning business plan requires a combination of both creative and analytical thinking. A successful business plan should include a clear vision of the company’s goals, a detailed strategy for achieving those goals, and a financial plan that outlines the resources needed to make the plan a reality. Math is an essential tool for developing a successful business plan, as it can help to quantify the potential success of the venture and provide a roadmap for achieving the desired results.

The first step in using math to create a winning business plan is to develop a clear understanding of the company’s goals. This includes defining the target market, the products or services to be offered, and the desired financial outcomes. Once these goals are established, it is important to use math to create a realistic timeline for achieving them. This timeline should include milestones and deadlines for each step of the plan, as well as a budget for each stage of the project.

The next step is to use math to develop a strategy for achieving the desired goals. This includes analyzing the competition, researching the target market, and creating a marketing plan. Math can also be used to calculate the potential return on investment (ROI) of the venture, as well as the cost of goods sold (COGS) and other expenses associated with the business.

Finally , math can be used to create a financial plan for the business. This includes creating a budget for the venture, estimating the cost of capital, and forecasting the expected cash flow. It is important to use realistic assumptions when creating the financial plan, as this will help to ensure that the business is able to meet its financial goals.

By using math to create a winning business plan , entrepreneurs can ensure that their venture is well-positioned for success. Math can provide a roadmap for achieving the desired goals, as well as a way to quantify the potential success of the venture. With a clear understanding of the company’s goals and a detailed strategy for achieving them, entrepreneurs can use math to create a winning business plan that will help them reach their desired outcomes.

The Benefits of Incorporating Math Quizzes into Business Planning

Math quizzes can be a valuable tool for businesses when it comes to planning and decision-making. Incorporating math quizzes into business planning can help to ensure that decisions are based on accurate data and that the best possible outcome is achieved. Here are some of the benefits of incorporating math quizzes into business planning:

1. Improved Decision-Making: Math quizzes can help to ensure that decisions are based on accurate data and that the best possible outcome is achieved. By incorporating math quizzes into business planning, businesses can ensure that decisions are based on sound mathematical principles and that the results are reliable.

2. Increased Efficiency: Math quizzes can help to streamline the decision-making process by providing a quick and easy way to assess the data. This can help to reduce the amount of time spent on decision-making and can help to ensure that decisions are made quickly and efficiently.

3. Improved Problem-Solving Skills: Math quizzes can help to improve problem-solving skills by providing a platform for employees to practice their math skills. This can help to ensure that employees are better equipped to solve complex problems and can help to improve overall productivity.

4. Improved Understanding of Business Concepts: Math quizzes can help to improve understanding of business concepts by providing a platform for employees to practice their math skills. This can help to ensure that employees are better equipped to understand and apply business concepts and can help to improve overall productivity.

Incorporating math quizzes into business planning can be a valuable tool for businesses. By incorporating math quizzes into business planning, businesses can ensure that decisions are based on accurate data and that the best possible outcome is achieved. This can help to improve decision-making, increase efficiency, improve problem-solving skills, and improve understanding of business concepts.

How to Use Math to Analyze Market Trends and Make Strategic Decisions

Making strategic decisions in the stock market requires a thorough understanding of the market and the ability to analyze trends. Using math to analyze market trends can help investors make informed decisions and maximize their returns.

The first step in using math to analyze market trends is to identify the key indicators that will be used to measure the performance of the market. These indicators can include the price of a stock, the volume of trading, the number of shares outstanding, and the market capitalization. Once these indicators have been identified, investors can use mathematical formulas to calculate the average price of a stock, the average volume of trading, and the market capitalization.

Once the key indicators have been identified , investors can use mathematical formulas to calculate the rate of return on their investments. This rate of return is calculated by subtracting the cost of the investment from the current market value of the stock. This calculation will provide investors with an indication of how their investments are performing.

Investors can also use mathematical formulas to calculate the volatility of the market. Volatility is a measure of how much the market is fluctuating. By calculating the volatility of the market, investors can determine whether the market is trending up or down.

Finally , investors can use mathematical formulas to calculate the correlation between different stocks. Correlation is a measure of how closely two stocks are related. By calculating the correlation between different stocks, investors can determine which stocks are likely to move in the same direction.

By using math to analyze market trends , investors can make informed decisions and maximize their returns. By understanding the key indicators of the market, calculating the rate of return on their investments, calculating the volatility of the market, and calculating the correlation between different stocks, investors can make strategic decisions that will help them maximize their returns.

The Role of Math in Financial Planning and Budgeting

Math plays an essential role in financial planning and budgeting. It is the foundation of any successful financial plan and budget. Without a thorough understanding of mathematics, it is impossible to accurately assess the financial situation of an individual or business.

Math is used to calculate the present value of future cash flows , which is essential for making sound financial decisions. It is also used to calculate the rate of return on investments, which helps to determine the best investment options. Math is also used to calculate the cost of borrowing money, which helps to determine the best financing options.

Math is also used to calculate the cost of goods and services , which helps to determine the best pricing strategies. Math is also used to calculate the cost of taxes, which helps to determine the best tax strategies. Math is also used to calculate the cost of insurance, which helps to determine the best insurance policies.

Math is also used to calculate the cost of living , which helps to determine the best budgeting strategies. Math is also used to calculate the cost of retirement, which helps to determine the best retirement plans.

In conclusion , math is an essential tool for financial planning and budgeting. It is used to calculate the present value of future cash flows, the rate of return on investments, the cost of borrowing money, the cost of goods and services, the cost of taxes, the cost of insurance, the cost of living, and the cost of retirement. Without a thorough understanding of mathematics, it is impossible to accurately assess the financial situation of an individual or business.

How to Use Math to Calculate Risk and Maximize Profits

Calculating risk and maximizing profits are two of the most important tasks for any business. By using mathematical formulas and calculations, businesses can make informed decisions that will help them to reduce risk and maximize profits.

The first step in using math to calculate risk and maximize profits is to identify the variables that will affect the outcome. These variables can include the cost of goods, the cost of labor, the cost of materials, the cost of marketing, and the cost of overhead. Once these variables have been identified, businesses can use mathematical formulas to calculate the expected return on investment (ROI) for each variable.

The next step is to use mathematical formulas to calculate the probability of success for each variable. This can be done by using probability theory, which is a branch of mathematics that deals with the likelihood of certain outcomes. By calculating the probability of success for each variable, businesses can determine which variables are most likely to yield a positive return on investment.

Once the probability of success has been calculated, businesses can use mathematical formulas to calculate the expected return on investment for each variable. This can be done by multiplying the probability of success by the expected return on investment for each variable. By doing this, businesses can determine which variables are most likely to yield a positive return on investment.

Finally , businesses can use mathematical formulas to calculate the expected return on investment for each variable. This can be done by subtracting the cost of goods, labor, materials, marketing, and overhead from the expected return on investment for each variable. By doing this, businesses can determine which variables are most likely to yield a positive return on investment.

By using mathematical formulas and calculations , businesses can make informed decisions that will help them to reduce risk and maximize profits. By calculating the probability of success for each variable and subtracting the cost of goods, labor, materials, marketing, and overhead from the expected return on investment for each variable, businesses can determine which variables are most likely to yield a positive return on investment. By doing this, businesses can make informed decisions that will help them to reduce risk and maximize profits.

The Benefits of Using Math to Develop a Comprehensive Business Plan

Creating a comprehensive business plan is essential for any business to succeed. Utilizing math in the development of a business plan can provide a number of benefits. Math can be used to analyze data, create projections, and develop strategies.

Analyzing data is an important part of developing a business plan. Math can be used to identify trends in the market, analyze customer behavior, and measure the success of marketing campaigns. This data can be used to make informed decisions about the direction of the business.

Projections are also an important part of a business plan. Math can be used to create financial projections, such as sales forecasts, budget projections, and cash flow projections. This information can be used to create a realistic plan for the future of the business.

Strategies are also an important part of a business plan. Math can be used to develop strategies for pricing, marketing, and product development. This information can be used to create a plan for the future of the business.

Using math to develop a comprehensive business plan can provide a number of benefits. It can be used to analyze data, create projections, and develop strategies. This information can be used to create a realistic plan for the future of the business. Utilizing math in the development of a business plan can help ensure the success of the business.

• Business Plan Math – Math Quiz questions & answers for quizzes …
• Virtual Business Retailing – Financing & Business Planning – Math …
• Business Math Quiz 1B (with answers)

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What is the term used for a 3-5 year forecast of your income and expenses?

Financial model

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What is an example of a monthly, recurring expense?

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What is the type of pricing determined largely by what other companies in your industry are charging?

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What is the rate at which the business grows or increases revenue from sales?

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Examples of direct costs are:

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Pricing your product based how a customer perceives the product is called:

Sales revenue is calculated by:

Number of sales multiplied by average customer sale dollar amount

Sales price multiplied by cost of goods sold

Number of sales multiplied by cost of goods sold

True or False: Net profit is greater than gross profit.

Starting a company in which you only spend money that is absolutely necessary at each point in time is called a:

Lean startup

Sole proprietor

Growth startup

What is the description of each axis on a breakeven chart?

Profit and volume

Sales and expenses

Direct costs and indirect costs

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Strategy Studies

Business plan math: the numbers you need to grow.

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My 26 Sep 2013 blog  outlined my views on the importance of “doing the math” on any kind of deal, and especially in sizing up a plan or proposal for a new business venture, product addition, or expansion.  I’m now accustomed to looking at four sets of numbers in a business plan: [1] the $ that go “IN” (investment) [2] the profit and cash that come “OUT” [3] the timetable for each of these, and [4] the decisions that drive the numbers.   These are not mutually exclusive as each is influenced by the others.  For today, here are my views on $ IN.

My experience is that most business plans are done with fingers crossed.  The costly stuff (investment and time) are underestimated, and the fun stuff (profit and cash flow) are overestimated.  Here’s what we typically see:

• Investment: 1/3 to 1/2 of what is realistically needed
• Results: 2X the profit and cash flow in about 1/2 the time required

This is not a bad place to be in to start with.  It is human nature – and the strength of the entrepreneurial spirit – to see the rose among the thorns.  That is what the pros (advisors, VCs, professional investors, etc.) are there for: to apply their experience and know-how to more accurately see what the real picture is likely to resemble.

In my experience, there are two reasons business plans are over-optimistic: inadequate facts and benevolent assumptions

• how the favorable facts make the going easy
• how the potential impact of the unfavorable facts can be mitigated held at bay
• Benevolent assumptions are akin to our own body image.  With few exceptions, we tend to see ourselves closer to college weight than our real weight.  Dress sizes for women, and waist sizes on men’s pants have in fact not shrunk over the past 20 years.  We like to see the glass half full.  I often see that in the face of not finding hard evidence – or, worse, finding unpleasant evidence and sweeping it under a carpet – opt for framing an assumption that is often 4 to 6 inches slimmer than the waist it must fit.

The good news is that there are two principles which, when conscientiously applied, result in business plans that are much closer to reality and, as a result, more attractive to potential investors.

• Margin of safety :   Simply put, none of us can predict future events with much certainty – especially not complex business events.  One of  Warren Buffet’s firmly held investment principles is the margin of safety  – he is not infallible and must allow for error, so he builds in a cushion.  Drawing assumptions that are conservative – rather that reflect best imaginable conditions – are a sure way to avoid over-optimism.
• Devil’s advocacy:   A few episodes of  Shark Tank  will give anyone a sense of how unpleasant it can be to have pros tear apart a business plan for heaving a weak foundation.  Short of appearing on the show, there is an alternative.  Identify someone you know, whose opinion you respect, and whom you consider tough.  Ask them to review your plan and do two things: [1] find solid yet unfavorable facts, and [2] tear apart your assumptions.  The more difficult time they have doing this, the more likely your plan is on a solid footing.  You may need 2 to 3 iterations (yes, these can be painful) to get there.

Two things are certain about the time to achieve profitability (of a venture, product introduction, market expansion) and positive cash flow.  The longer it takes to achieve them (in my experience it ends up being longer than 95% of Rev 1 plans predict) the harder it is to attract capital in the beginning, and keep investor confidence along the way.    Anyone who has been in the position of having to explain to investors why a few more pages of the calendar must be flipped over before the light turns “green” knows what I mean.  It is painful, and can be debilitating.

In my experience, two principles tend to hold true  – not guaranteed, but generally typical – to avoid such pain:

• Under-promise and over-deliver:  That is a big reason for the advice regarding $ IN, i.e. build a margin of safety and have a tightwad scrutinize your facts, numbers and assumptions.  I cannot recall an investor being upset with being ahead of plan (unless the plan was so conservative as to miss opportunity’s low-hanging fruit – a story for another day).
• Connect the dots between $ IN and $ OUT:  The latter is a function of the former.  When a business plan is converted to a spreadsheet it is easy to lose sight of the forest for the trees.  A faithful, explainable and reconcilable relationship between input and output – and the time lag between them – is critical to ensuring that a plan has legs.  My advice: if your devil’s advocate from the first go-around did his/her job and held you to account for your facts and assumptions, give that same person your spreadsheet and ask them to do the same thing.  Don’t, however, provide them with a list of the underlying decisions that drove the numbers and the schedule.  If they are dong their job, their doubts and questions will speak to the underlying decisions.

This is pretty simple.  If you have taken care to follow the advice given regarding Investment $ IN and profit and positive cash flow $ OUT, you will have had no choice but to forecast the results against a dimension of time.  Such is the beauty of spreadsheets.

In doing so, the question becomes: what are the appropriate intervals of time – and long term horizon – to use?

My answer: that depends on the length of the selling cycle.  Unless you are selling aircraft or nuclear reactors, quarterly intervals are pretty much useless.  Annual intervals are useless.   They hide too much.  Typically, the shorter the time interval, the easier it is to scrutinize the inputs, outputs and decisions of a plan … and the more challenging it becomes to defend them.  But that is the whole point – soft testing with the jury of expert opinion rather than with precious capital.

• 60 – 180 days, use months
• less than 60 days, use weeks
• When in doubt or as a test of the soundness of your plan – use weeks.  Converting monthly intervals to weekly intervals is much more than adding 4X the number of columns.  Assessing your plan on weekly expenditures and returns will force a high level of scrutiny of the relationship between input and output.

It is not the numbers that drive a business plan.  It’s the decisions – production, marketing, sales, financing and operating decisions – that drive a plan.  A spreadsheet most certainly does not drive a  business plan – it merely models the interplay of the decisions.  Gauging the impact of changes to decision inputs (i.e. “what if we did more of this, or less of that?”) is easily done via spreadsheets.  It is easy to fall in love with a neatly organized and extensive spreadsheet – especially if revenue and margin exceed expenses, and leave a healthy profit.  The adage holds true, however: garbage in; garbage out.

A couple of years back I reviewed a 60-page business plan written by four MBA students from a prestigious business school to satisfy the requirements for completing their degree.  They prepared it for a small offshore software firm that, after 8 years in business, had yet to achieve $1 million revenue in its home market, and was seeking to enter the US.  And what a glorious plan it was!  In return for injecting $7.5 million in capital, within 5 years the firm would be cash positive within 24 months, achieve $55 million in revenue, and earn profits of 22% on revenue.

The plan was very detailed, with all the usual goodies in place – pricing, quota ramp for sales people, and all the typical spreadsheet entries one would expect.  Yet, there was one major problem with it.  It was very difficult – and in cases impossible – to connect the dots between the assumptions and facts the students had respectively made and collected, and the outputs that resulted from the decisions modeled in the spreadsheets.  This airplane was largely flying on faith, not fuel.

It took no more than a few weeks of market testing to determine that the plan was neither realistic nor feasible.   However, the company’s investors had all purchased first class tickets on that airplane, and they did not want to hear that vacation plans might have to be curtailed.  Such is the problem when is sold on the bottom row that appears in a spreadsheet.

What would have made for a better plan?  What would have enabled the underpinnings of the plan to be better scrutinized?  Three things:

• A clear and separate articulation of the major decisions (those that drive revenue, cost, expense and productivity) and the underlying basis (research, facts and assumptions) for making those decisions.
• A quantitative modeling of each decision, i.e. the relationship between input (typically a cost item), output (typically revenue or productivity) and timeframe (the rate at which the output responds to a change in input)
• A clear listing of interdependencies, e.g. the impact of specific marketing activities on sales productivity.

In my experience, there are rarely more than a handful of “key” decisions – those that really make a difference.  It is easier – and safer – to visualize them collectively on a single page than to start pulling together lengthy spreadsheets.  A simple table does the trick.

• List each key decision in the left-hand column
• “Why” – list the evidence supporting the decision
• “How” – specify how the decision will be implemented and put in motion
• “How much” – quantitatively describe the expected impact – or range – on outputs and results
• “When” – similarly list the corresponding timeframe(s) to see those effects
• “Dependencies” – list any other decisions or assumption which, if altered, will appreciably affect anything appearing in the previous four columns

Just attempting to complete the table is a task in itself as anything “shaky” usually becomes apparent.  It’s a pretty good test.  If you can get things to work and make sense at this level, you’ll not only be able to build a spreadsheet, but you – and others – will know exactly what has gone into the mix.

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Michael Douglas has held senior positions in sales, marketing and general management since 1980, and spent 20 years at Sun Microsystems, most recently as VP, Global Marketing. His experience includes start-ups, mid-market and enterprises. He's currently VP Enterprise Go-to-Market for NVIDIA.

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Business Math Test

For jobseekers.

Practice your skills and earn a certificate of achievement when you score in the top 25%.

For Companies

Test candidates with real-world problems and interview the best ones.

About the test

The Business Math test assesses the use of mathematics to record and manage business operations through a series of numerical calculation and multiple-choice questions.

The assessment includes solving work-sample tasks, such as:

• Creating new budgets, tracking expenses, and comparing budgets against actual figures.
• Evaluating the impact of different types of interest rates for both borrowing and investing.
• Calculating procurement costs and determining sales prices.

Good operations managers, department managers, and executives all need a solid understanding of business math to make responsible monetary decisions and successfully manage business operations.

Sample public questions

You have $50,000 for a down payment on the purchase of a new office building, but your accountant recommends you put this money into a term deposit until you are ready to purchase next year. Your bank is offering 12-month fixed term deposits with an annual interest rate of 3.0%, paid at maturity.

How much will you have for your down payment if you cash in your term deposit at maturity?

As a manager, it is your responsibility to review the quarterly expense reports submitted by members of your team. Each member of the team is allowed to expense $20,000 annually for work-related travel expenses.

It is now the halfway point in the year, and you need to review the travel expenses claimed so far:

If each employee's costs continue at their current rate, which employees, if any, will go over budget with their travel expenses in the second half of the year?

At your local office supply store, you see a group of chairs that all look almost exactly like your broken desk chair:

• The BenzerCo chair is offered at 25% off its list price of $200.
• The Lilijet chair sells for $220 but has a promotional rebate of $60.
• The Torpa chair is on clearance, so it comes with a 40% discount off its regular price of $245.

For jobseekers: get certified

Earn a free certificate by achieving top 25% on the Business Math test with public questions.

Sample silver certificate

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For companies: premium questions

Buy TestDome to access premium questions that can't be practiced. Get money back if you find any premium question answered online.

9 more premium Business Math questions

Quarterly Results , Faded Receipt , Concertgoers , Quarterly Sales , Conservative Approach , Trendy Sofa , Savings Account , Hiring Florian , Whizbang Blender .

Skills and topics tested

• Business Math
• Linear Equations
• Purchasing and Inventory
• Revenue and Costs
• Variable Costs
• Projections
• Compound Interest
• Loans and Credit
• Savings and Investments
• Simple Interest
• Progressive Rates
• Percentages

For job roles

• Cost Accountant
• Operations Manager

Sample candidate report

What others say

Simple, straight-forward technical testing

TestDome is simple, provides a reasonable (though not extensive) battery of tests to choose from, and doesn't take the candidate an inordinate amount of time. It also simulates working pressure with the time limits.

Jan Opperman, Grindrod Bank

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Business Math Lessons, Problems and Exercises

Teach and learn the basic concepts and usage of basic business math, consumer math, and practical applied math.  These lesson plans, lessons, interactive material, and worksheets will introduce your students to these math topics.

Here we highlight our material that fits into a traditional business math curriculum.  It begins with more simple money math including decimals, place value, addition, subtraction, and percentages. It continues with earning money, income and wages, taxes, checking accounts, bank savings accounts, investments, and more consumer math skills.

Main Business Math Categories

Basic math review. Practice money math problems and exercises in addition, subtraction, multiplication, division, percents and percentages, fractions, decimals, estimation, and rounding. Also practice with coins.

EARNING MONEY - INCOME AND WAGES

Teach and learn about earning and making money. Learn about different ways that people make money. Practice reading and understanding earnings statements, time card sheets, income, health insurance, deductions and other lessons related to earning and making money.

PAYING TAXES

These worksheets and lessons may be used to help teach your students tax basics. Learn what are taxes, why do we pay taxes, and what taxes are used for, while reinforcing basic math and reading comprehension. Includes basics such as sales taxes, and paying income taxes.

CHECKING ACCOUNTS

Learn how to write a check, make checking account deposits and withdrawals, manage and balance your checkbook, and checkbook reconciliation.

SAVINGS ACCOUNTS

A basic understanding of banking and interest rates is a fundamental money skill. Learn about bank savings accounts, banks, and interest rates.

SPENDING MONEY - CONSUMER MATH

Worksheets and lessons on spending money and consumer math.  Includes discounts, needs and wants, receipts, tipping, estimation, comparison shopping, invoices, and more.

All about investing money and money management. Learn basic investing and financial concepts. Including stocks, the stock market, interest, income statements. Buying stocks, calculating shares purchased, percentage change in share price, how to read a stock table. Security pricing.

Use these worksheets to teach basic budget concepts. Use these printable budget worksheets and budgeting lessons to teach real life basic budget concepts. Budget lesson plans and worksheets for teaching household budgeting.

Additional Business Math Lessons

Money Exchange

Students learn about money exchange from US to foreign.

Money Exchange from Foreign to US

Students learn about money exchange from foreign to US.

Exchange Rates

The rate at which one currency is converted into another currency is the foreign exchange rate. Use this lesson as an introduction to converting currencies.

Profit and Loss Statement

Teach and learn about a P&L or profit and loss statement, a basic worksheet of a businesses' profitability.

Using Algebra to Make Business Decisions

Students use basic algebra to help make business decisions.

Back to more Lesson Categories

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The Business Plan Quiz: Test!

Business is not as easy as it seems when you just imagine it. The test in front of you is "The Business Plan Quiz." This quiz will see your understanding of the concept of the business plan. This will also provide extra information to you that will help you in the future. Get ready to take this fun and informative quiz that is here. Best of luck with this!

Which section is completed last?

Finance detail

Marketing budget

About your business

Executive summary

Rate this question:

According to research, without a business plan, firms are more likely to close down.

You should describe your products and services and discuss the market that you are ..., if you wish to interest investors, you need to emphasize the company's profit ......... ., the preparation of a business plan is optional for some small businesses., why complete a business plan.

To get finance

To impress your mum

To set out clear goals for your start-up.

To make sure you know what you are doing.

The business goals and competitive advantages can be described by...

Mission statement

Core values

None of these

......... the strong and weak points of any firms in competition with yours and look for marketplace opportunities.

Investigate

SMART means:

Success, Measurable, Achievable, Realistic, Timed

Specific, Measurable, Achievable, Realistic, Timed

Smart, made-up, actual, real, true

You should examine customer... and the benefits of your products and services.

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