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Business Legal Forms Quiz

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Questions and Answers

What is the main purpose of setting up a business?

To create job opportunities

To provide goods and services to the community

To generate income and make a profit (correct)

To contribute to economic growth

Why might a business need to raise finance?

To pay salaries and wages

To provide free services to customers

To purchase premises, equipment, and stock (correct)

To cover marketing and advertising expenses

What is likely to happen once a business has made a profit?

A proportion of the profit is given to the owners (correct)

The profit is donated to charity

All profit is reinvested in the business

The profit is distributed among competitors

What are some reasons a business might need to raise finance?

<p>To expand, acquire other businesses, and invest in new premises and equipment</p> Signup and view all the answers

What is the primary way a business generates income?

<p>By selling products and/or services</p> Signup and view all the answers