Answer True (T) or False (F)
1. A woodlot management plan and a financial plan will guide you in the successful management of your woodlot.
a) True b) False
2. Two types of records woodlot owners should keep are general records and financial records.
a) True b) False 5. A simple system of financial record keeping will keep track of revenues and expenses.
6. If you have acquired your woodlot as a hobby rather than as a business, it is recommended that you not prepare a business plan.
7. Financial goals should be broad and flexible in order to allow for events that cannot be forecasted.
8. Developing a business plan begins with.
a) strategic planning b) market assessment c) developing operational plans d) all of the above 9. One year and five year operating plans are usually developed from.
a) woodlot management plan b) a woodlot management plan, strategies, goals and market analysis c) financial goals d) all of the above 10. After you develop a five year budget, you will be able to determine.
a) if your financial plans conflict with resource management goals b) profitability of activities c) a feeling for cash flow, although a cash flow forecast may be better d) all of the above