Types of Businesses

Types of Businesses

University

10 Qs

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Types of Businesses

Types of Businesses

Assessment

Quiz

Business

University

Practice Problem

Hard

Created by

Zumri Lahardeen

Used 1+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the importance of small businesses to the economy?

They create jobs and contribute to economic growth

They provide financial support to large corporations

They have no impact on the economy

They are not sustainable in the long run

Answer explanation

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2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is entrepreneurship?

The process of starting a small business

The act of investing in large corporations

The study of market research

The process of identifying sources of finance

Answer explanation

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3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are some sources of finance for new and existing businesses?

Personal savings, bank loans, and venture capital

Market research, advertising, and sales revenue

Government grants, market research, and sales revenue

Personal savings, market research, and bank loans

Answer explanation

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4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of a business?

An organisation that provides goods or services to customers

A partnership between two or more individuals

A sole trader operating in the market

A limited company with separate finances

Answer explanation

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5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the key difference between a product and a service?

Products are perishable, while services are not

Products are only offered by large corporations, while services are offered by small businesses

Products are intangible, while services are tangible

Products are tangible, while services are intangible

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a product?

Haircut provided by a salon

Smartphone manufactured by a technology company

Legal advice provided by a law firm

Plumbing repair service offered by a local plumber

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a limited company?

A business owned and operated by a single individual

A partnership between two or more individuals

A business structure where the company's finances are separate from the owner's personal finances 7

A social enterprise with charitable objectives

Answer explanation

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