WorksheetsStarting a Business - Quiz
Total questions: 10
Worksheet time: 29mins
Money that is used to start your business is called:
Financing
Capital
Funds
Revenue
Which of the following should be done before a business venture is set up?
(i) Conduct market research to assess the level of demand for the product.
(ii) Visit all the competitors who sell similar products or services.
(iii) Assess how much capital will be needed to finance the business.
(iv) Create a business plan to understand how you intend to put your ideas into action.
i, ii, iii
i, ii, iv
i, iii, iv
ii, iii, iv
The personal possessions that can generally be used as collateral when applying for a loan at a commercial bank are:
(i) apparel
(ii) motor vehicle
(iii) furniture
(iv) property
i and iii
ii and iv
ii and iii
i and iv
Identify 1 other types of possession that can be used as collateral when applying for a loan
(a)
Why do you need a business plan?
To explain your idea
the ability to get financing.
it's a road map that sets objectives and goals for the business.
To help reduce the risk of business failure.
All of the above.
A person who is associated with starting a business is know as
Merchant
Entrepreneur
Salesman
Businessman
The main reason people become entrepreneurs is to have the opportunity to be creative.
True
False
Before you decide to start a particular business, you need to do market research to see if there is a demand for your product or service.
True
False
Based on the passage and the class notes as it relates to reasons people start a business, what are some of the reasons that motivated Mrs. Smith to establish her own business?
What is an advantage of starting your own business?
Reorder the steps taken in establishing a business:
Conceptualization
Research
Identification of Resources
Creation of a business plan
Acquisition of funds
