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Worksheetsprior knowledge quiz
Total questions: 23
Worksheet time: 12mins
An (a) is a person who provides the initiative and accepts the risk involved in starting a business.
There are four types of business ownership. Which type of business is owned and operated by one person?
Corporation
Partnership
Proprietorship
Limited Liability Corporation (LLC)
There are four types of business ownership. Which type of business has the liability protection of a corporation and it exists as a separate entity much like a corporation. Members cannot be held personally liable for debts unless they have signed a personal guarantee.
Limited Liability Corporation (LLC)
Proprietorship
Partnership
Corporation
There are four types of business ownership. Which type of business is owned by stockholders/investors but operated by officers?
Limited Liability Corporation (LLC)
Proprietorship
Partnership
Corporation
What is the selling of a product or service for a profit as means of producing livelihood?
(a)
In Georgia, it is recommended that small-business owners apply for a business license that corresponds with any type of business. It takes 2 days and $210 to obtain a business license in Georgia.
True
False
What is the primary goal of a business plan?
To outline the company's mission and vision
To provide a detailed financial forecast
To attract potential investors
To serve as a roadmap for business operations
What is one potential source of funding for a new business?
Employee bonuses
Venture capital
Office supplies
Customer discounts
What is a common method for evaluating a startup's potential success?
Analyzing the company's logo design
Counting the number of employees
Reviewing the business's financial statements
Assessing the market demand for the product
What is a common challenge faced by new entrepreneurs?
Excessive market demand
Limited access to capital
Overabundance of resources
Too many employees
What does the term 'Franchise' refer to?
A person or company that buys the rights to use a brand
The original business that sells the right to use its name and idea
Goods and services that are produced within a country’s borders and sold in another company
The amount by which the value of a country's exports exceeds the cost of its imports
What is 'NAFTA'?
The process of managing the flow of goods and services
The movement of money into and out of a business
A trade agreement among the United States, Canada & Mexico
The amount by which the value of a country's exports exceeds the cost of its imports
What is innovation?
Copying an existing product
Selling outdated technology
The process of creating new products, services, or ideas that provide value
Importing goods from another country
A start-up is:
A large corporation with many years of experience
A newly established business in its early stages
A franchise owned by a global brand
A non-profit organization
What is a target market?
The entire global population
A group of consumers at which a product or service is aimed
Any customer who visits your store
Your friends and family
A value proposition is:
The total amount a product costs to produce
A statement of the benefits a company's product provides to customers
The location of your business
A list of company expenses
Revenue refers to:
The total amount of money generated by a business from sales
The profit left after all expenses are deducted
The cost of marketing and advertising
Employee salaries
What is capital in business terms?
The financial resources used to fund operations and growth
The number of products a company has in stock
The location of the company’s headquarters
The wages paid to employees
Liability in business means:
The ability to attract investors
Legal financial debts or obligations a company owes
The amount of profit earned annually
The company’s marketing strategy
What is a partnership?
A business owned by a single individual
A corporation with multiple shareholders
A business owned by two or more people who share profits, losses, and liabilities
A government-run organization
Which business is owned and operated for the benefit of its members?
Sole Proprietorship
Limited Liability Company (LLC)
Cooperative
Corporation
Nonprofit organizations are:
Focused on generating high profits for owners
Businesses that operate for charitable, educational, or social purposes, not for profit
Government-owned companies
Private investment firms
A business pitch is:
A detailed business plan for the next 10 years
A presentation where an entrepreneur outlines their business idea to secure funding or support
A legal document for registering a business
The day-to-day operations manual of a company
