WorksheetsEntrepreneurship and Small Business Quiz
Total questions: 15
Worksheet time: 8mins
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
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
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
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
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
What is the advantage of a sole proprietorship?
Limited liability
Full control
Ease of selling shares
Perpetual existence
What is the disadvantage of a partnership?
Growth potential
Unlimited liability for general partners
Limited liability
Limited appeal for some entrepreneurs
What is the advantage of a corporation?
Ease of borrowing
Perpetual existence
Limited liability
Full control
What is the disadvantage of a co-operative?
Limited liability
Longevity
Difficulty attracting investment based on usage
Tax benefits
What are the four steps in the entrepreneurial process?
Identifying opportunities, accessing resources, building the right team, assessing the fit between elements
Market research, product development, financial planning, management
Hiring employees, setting up a website, advertising, sales
Networking, attending events, social media marketing, customer service
What is the advantage of a co-operative?
Difficulty attracting investment based on usage
Longevity
Limited liability
Tax benefits
What is the role of entrepreneurship in the Canadian economy?
They account for 25% of all businesses in Canada
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
What are the three options for expanding 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
What is the disadvantage of a corporation?
Difficulty in decision making due to multiple stakeholders
Perpetual existence
Limited liability
Full control
What are the three options for diversifying a small business?
Adding new products, entering new markets, merging with another business
Adding new products, starting a corporation, buying a franchise
From scratch, buying a new business, buying a franchise
From scratch, buying an existing business, buying a franchise
