Scenario: Connie's Corner Caf$$

Connie decides to open "Connie's Corner Caf$"$ and finds the ideal location for her venture. However, it appears that Connie will have to approach investors or bankers for financial backing. When she talks to her local bank manager, Mr$.$ Johnson, he immediately asks for Connie's business plan. Connie is in trouble because she does not know what a business plan looks like.

Which of the following is true regarding the components of a business plan?

An elevator pitch is a simple tagline that expresses the fundamental idea or goal of a firm.

A mission statement is a slogan that captures the key idea of a business, its service, product, or customer.

An executive summary gives more detail about the business than the vision or mission statements or elevator pitch.

A vision statement is a paragraph that describes the firm's goals and competitive advantages.