Small Business Quiz

What is an entrepreneur willing to explore?

• Only safe and known opportunities

• New opportunities and unknown risks

• Opportunities with guaranteed success

• Only opportunities with no competition

Which of the following is NOT a characteristic of digital goods?

• No need for physical storage

• Requires additional employees

• Instant delivery

• Difficult to demonstrate value

What is a transaction called when a customer purchases an item from a business?

• Business-to-business transaction (B2B)

• Business-to-consumer transaction (B2C)

• Consumer-to-consumer transaction (C2C)

• Consumer-to-business transaction (C2B)

In a B2C transaction, who is the buyer?

• Another business

• A consumer

• A supplier

• A manufacturer

Which transaction type commonly takes place when one business supplies materials to another business?

• B2C

• C2B

• B2B

• C2C

In a partnership, how many parties are involved in managing the business?

• One

• Two or more

• None

• Only two

Who is responsible for the debts in a sole proprietorship?

• The government

• The owner

• The partners

• No one

Which business structure is easy to create due to lack of government regulation?

• Corporation

• Partnership

• Sole proprietorship

• Non-profit entity

Which of the following is NOT a type of business ownership?

• Sole proprietorship

• Partnership

• Corporation

• Monopoly

What is a key disadvantage of a sole proprietorship?

• Complex tax filing.

• Limited access to capital.

• Shared decision-making.

• High start-up costs.