What is the definition of a small business?
Entrepreneurship and Small Business Quiz

Quiz
•
Business
•
University
•
Hard
Asli Ipekli
Used 5+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A business with fewer than 100 employees
A business with fewer than 1000 employees
A business with fewer than 50 employees
A business with fewer than 500 employees
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of a new venture/firm?
A business that has been operational for more than 12 months
A business that has been operational for more than 24 months
A business that has been operational for less than 6 months
A business that has been operational for less than 12 months
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the process of identifying market opportunities and acquiring the necessary resources to capitalize on them called?
Market research
Business development
Product innovation
Entrepreneurship
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of small businesses in the Canadian economy?
They account for 50% of all businesses in Canada
They account for 75% of all businesses in Canada
They account for 98% of all businesses in Canada
They account for 25% of all businesses in Canada
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the three options for starting a small business?
From scratch, starting a partnership, buying a franchise
From scratch, starting a corporation, buying a franchise
From scratch, buying a new business, buying a franchise
From scratch, buying an existing business, buying a franchise
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the advantage of a sole proprietorship?
Limited liability
Full control
Ease of selling shares
Perpetual existence
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the disadvantage of a partnership?
Growth potential
Unlimited liability for general partners
Limited liability
Limited appeal for some entrepreneurs
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