ENTREPRENEURSHIP-POP QUIZ

The most common forms of business entities registered by Small and Medium Enterprises (SMEs) are:

i. Sole Proprietorship

ii. Partnership

iii. Private Limited Company

iv. Public Listed Company

v. Multinational Company

• I only

• I, II and III

• I,III and IV

• I, II, III and IV

• All of the above

Which of these statements is NOT one of the

disadvantages of Sole Proprietorship:

• Limited resources

• The liability is limited

• Future development is limited due to limited

  management capability

• The life span of the business is depend upon the age and for capability of the owner

• The owner solely responsible for all tasks

Which of the following statements is FALSE for

a sole proprietor business?

• It is owned by one person

• The business can own assets under its own name

• The life span of the business is not dependent upon the age of the owner

• The business is formed with minimum formalities

• It has unlimited liabilities

A partnership is governed by the …………

• Registration of Business Act 1956

• Cooperative Act 1948

• Companies Act 1956

• Partnership Act 1961

• Companies Act 1965

Which of the following ministries/agencies does not provide financial assistance for entrepreneur?

• Ministry of Science, Technology and Innovation (MOSTI)

• Malaysian Industrial Development and Authority (MIDA)

• Perbadanan Usahawan Nasional Berhad (PUNB)

• Multimedia Development Corporation (MDec)

• Perbadanan Nasional Berhad (PNS)

Which of the following statements about Private Limited Company is NOT TRUE?

• A private limited company can take legal action and face legal action under its own name

• The life span of a private limited company depends upon the death or resignation of its members

• The liabilities of the members in a private limited company are limited to the total shares contributed to the company’s capital

• A private limited company must have at least two members who are of Malaysian Nationality

• The company’s shares cannot be transacted through the share market

Which of the following is TRUE about a partnership business?

• A partnership can be a limited by share or limited by guarantee

• A partnership is incorporated under the Companies Act 1965

• It is not compulsory for a partnership business to have a written agreement among the partners

• The liabilities of the partners are limited to the total amount of capital contributed to the partnership

• A partnership business must use the words ‘and Partners’ at the end of its name

Which of the following is INCORRECT?

• An entrepreneur can seek help from SIRIM for product standardization

• FAMA provides marketing assistance to entrepreneurs in the agriculture sector

• Employees Provident Funds (EPF) is a saving scheme enforced by government to protect the interest of employees in Malaysia

• All employees regardless of salary scale must contribute to the Social Security Organization (SOCSO)

• National Productivity Corporation (NPC) provides training assistance in quality aspects

Which of the following statements is NOT TRUE about the concept of wealth possession is Islam?

• Wealth is entrusted to man

• There is no restriction in the ways and means to secure wealth

• God is the ultimate owner of wealth

• God created wealth for human beings

• God created wealth in abundance

Which of the following are challenges of a family business?

i. The founder often face dilemma in letting go ownership of his business to the next generation

ii. The successor needs to choose the appropriate entity to register the business

iii. The new family owner must investigate the business performance before taking over to ensure a good track record

iv. There could be conflict arises among the siblings during the takeover process

v. The older generation may face difficulties in choosing the right and competent successors among the family members

• I, II and III

• I, II and IV

• I, IV and V

• I, II, IV and V

• I, III, IV and V