You are developing a quarterly strategic financial forecast for your firm. In Q3 you expect a sales penetration of 1% into the target market of 1 million customers with an average purchase price of $50/customer. What is your expected sales for Q3 ? If you expect to grow sales by 5% each quarter, what is your expected sales for Q4 ? Select the correct pair of answers to fill in the blanks.

Group of answer choices

$500,000; $525,000

$50; $55

$500,000; $1 million

$1 million, $1.5 million

$5 million; $5.5 million

When developing a strategic financial forecast for your venture, you should start with what?

Group of answer choices

the income statement

The philosophy and strategic milestones of your venture

the sales forecast

the balance sheet

the cash flow statement