Business Knowledge Quiz

What is the primary role of a business?

• To produce goods and services

• To create employment opportunities

• To innovate and take risks

• All of the above

Which of the following is NOT a type of business classification based on size?

• Small

• Medium

• Global

• Large

Which legal structure involves a business owned by two or more people with shared decision-making and unlimited liability?

• Sole Trader

• Partnership

• Private Company

• Public Company

Which industry involves businesses that provide services such as education, health care, and entertainment?

• Primary

• Secondary

• Tertiary

• Quinary

What is the primary goal of a public company?

• To remain local

• To provide essential services

• To generate profit for shareholders

• To stay privately owned

Which external influence involves government policies and political stability?

• Economic

• Social

• Political

• Technological

Which internal influence is related to the quality and range of products offered by a business?

• Location

• Resources

• Products

• Management

At which stage of the business life cycle is a business most likely to face market saturation?

• Establishment

• Growth

• Maturity

• Post-Maturity

What is a common strategy for a business in the post-maturity stage to rejuvenate its market presence?

• Cutting costs

• Innovating and diversifying products

• Expanding into new geographical areas

• Reducing workforce

Which factor is NOT typically considered when choosing the legal structure of a business?

• Size

• Ownership

• Market competition

• Access to finance