Quiz 1

Which of the following is NOT a common way to measure business size?

• Capital employed

• Number of employees

• Business location

• Market share

Which of the following is a key characteristic of a successful entrepreneur?

• Prefers to avoid risks

• Lacks confidence in decision-making

• Has a strong vision and creativity

• Waits for opportunities instead of seeking them

What is the main purpose of a business plan?

• To guarantee business success

• To provide a clear strategy for starting and running a business

• To avoid competition in the market

• To reduce the number of employees required

Which of the following is a common way for governments to support new businesses?

• Providing financial grants and loans

• Increasing taxes for startups

• Banning competition in the market

• Controlling the number of businesses in each industry

Why might the number of employees not be a reliable way to measure business size?

• Some businesses use automation and require fewer workers

• All large businesses have more employees

• Small businesses never use technology

• Employees determine the business’s revenue

Why is risk-taking an important characteristic for an entrepreneur?

• All risks lead to success

• Entrepreneurs must always take unnecessary risks

• Some risks can lead to innovation and business growth

• Risk-taking is not required in business

How does a business plan help in securing finance?

• Banks and investors use it to assess business potential

• It guarantees automatic loan approval

• It reduces the cost of business operations

• It increases a company’s market share

Why do governments support new businesses?

• To create jobs and boost economic growth

• To eliminate competition

• To increase business failures

• To make all businesses government-owned

Which of the following industries is likely to require high capital employed?

• A bakery

• A car manufacturing company

• A small clothing shop

• A local tutoring business

Which of the following is NOT an important skill for an entrepreneur?

• Decision-making

• Leadership

• Avoiding responsibility

• Problem-solving