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IBT Unit 3 Assessment

Authored by Kameron Abernathy

Business

9th Grade

Used 3+ times

IBT Unit 3 Assessment
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

In which type of business ownership do two or more people share responsibilities, profits, and liabilities?

Sole proprietorship

Corporation

Partnership

Franchise

2.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

What does "entrepreneurship" refer to?

The act of managing a corporation

The process of starting and running a business

The act of being an executive of a Fortune 500 company

Working in a government position

3.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

Which of the following is a common trait of successful entrepreneurs?

Avoidance of risks

High level of creativity

Preference for routine

Lack of adaptability

4.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

What is the primary function of a business plan?

Works to confuse competitors into submission

Serves as a guide for business operations

Serves as a means to an end for legal purposes

Ensures quicker sales and profitability

5.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

Which of the following is necessary for the long-term success of a small business?

Lack of consumer outreach & engagement

Continuous market and technological adaptation

Maintaining the original operating strategy of the business

Refusing to adapt to new technologies, as they can destroy the business

6.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

How should an entrepreneur respond to unexpected challenges?

Ignore them and keep pushing on

Be flexible, adaptive, and creative

Blame others for their own failures

Stick rigidly to their original business plan

7.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

How does a well-structured business plan contribute to risk management?

It does not affect risk management.

It identifies potential risks and outlines mitigation (risk reduction) strategies.

It focuses primarily on marketing and growth opportunities for the business.

It reduces the need for monitoring competition.

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