Entrepreneurship Day 4 Quiz

Welcome to your Entrepreneurship Day 4 Quiz

20 Questions, 15 MCQ's and 5 Fill-in's.

December 10, 2024

1. What is a business opportunity?

a) A concept that could be used to make money

b) An identified situation that can be changed into a real and profitable activity or business

c) A proposition that guarantees monetary return

d) An idea that requires no further development

2. Which of the following is NOT an indicator of a good business opportunity?

a) Availability of real demand/market

b) High return on investment

c) Compliance with applicable laws and regulations

d) Availability of required resources

3. What is the importance of coming up with business ideas/opportunities?

a) To comply with legal requirements

b) To satisfy personal interests

c) To stay ahead of competition and respond to market needs

d) To generate revenue without any effort

4. What is the purpose of a feasibility study in evaluating a business opportunity?

a) To assess the profitability and feasibility of the business opportunity

b) To determine the legal requirements for starting a business

c) To generate revenue for the entrepreneur

d) To obtain financial assistance from the government

5. Which step in starting a business involves creating a detailed plan outlining the business concept, target market, and marketing strategies?

a) Mobilizing necessary resources

b) Completing legal formalities

c) Preparing a business plan

d) Launching the enterprise

6. Why is it important to protect your business idea?

a) To prevent competitors from copying your idea

b) To secure exclusive rights to your intellectual property

c) To attract investors and partners

d) All of the above

7. Which type of business opportunity involves selling goods directly to consumers?

a) Franchise

b) Wholesale

c) Retail

d) Independent

8. What form of business organization is owned and managed by one person with unlimited liability?

a) Partnership

b) Corporation

c) Cooperative

d) Sole Proprietorship

9. What is a characteristic of a general partnership?

a) Limited liability for all partners

b) Only one partner involved in decision-making

c) Unlimited number of partners allowed

d) All partners have unlimited liability

10. Which type of partner is liable only to the extent of their capital contribution and does not participate in the day-to-day operations of the business?

a) Active partner

b) Dormant partner

c) Nominal partner

d) General partner

11. What is a distinguishing feature of a joint stock company?

a) Limited liability for all members

b) Unlimited number of members

c) Joint ownership of assets

d) Transferability of shares

12. Which type of company allows for the sale of shares to family members and friends but restricts the transfer of shares without shareholder consent?

a) Public Limited Liability Companies

b) Government Companies

c) Private Limited Liability Companies

d) Companies Limited by Guarantee

13. Which type of business records include documentation of a business's transactions, income, expenses, and equity?

a) Legal documents

b) Insurance documents

c) Bank statements

d) Accounting records

14. What are indicators of a viable business idea/opportunity?

a) High expenses

b) Low demand

c) Rate of Return on Investment (ROI)

d) Lack of resources

15. What is the first step in starting a business?

a) Choosing a location

b) Forecasting sales

c) Identify the business opportunity

d) Hiring employees

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