Entrepreneurship and Small Business Quiz

Entrepreneurship and Small Business Quiz

University

15 Qs

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Entrepreneurship and Small Business Quiz

Entrepreneurship and Small Business Quiz

Assessment

Quiz

Business

University

Practice Problem

Hard

Created by

Asli Ipekli

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of a small business?

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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