Podcast
Questions and Answers
What is a key advantage of being a sole proprietor?
What is a key advantage of being a sole proprietor?
- Ease of registration process
- Having complete authority over the company (correct)
- Limited personal liability for business debts
- Access to a wide range of resources
Which factor of production refers to the human effort used to produce goods or services?
Which factor of production refers to the human effort used to produce goods or services?
- Capital
- Labor (correct)
- Land
- Entrepreneurship
Which legal structure varies from country to country?
Which legal structure varies from country to country?
- Corporation
- Partnership
- Sole proprietorship
- Legal structure of a business (correct)
What is a disadvantage associated with sole proprietorships?
What is a disadvantage associated with sole proprietorships?
In business classifications, what refers to whether a business operates from physical premises, is purely online, or a mixture of both?
In business classifications, what refers to whether a business operates from physical premises, is purely online, or a mixture of both?
Which input of business activity refers to non-natural resources used in the production process?
Which input of business activity refers to non-natural resources used in the production process?
Which of the following is the primary objective of most businesses?
Which of the following is the primary objective of most businesses?
Which of the following is NOT a common objective of businesses?
Which of the following is NOT a common objective of businesses?
What is the difference between physical and non-physical products offered by businesses?
What is the difference between physical and non-physical products offered by businesses?
What is the primary reason for businesses to pursue growth?
What is the primary reason for businesses to pursue growth?
Which of the following is NOT a resource that businesses combine to create goods and services?
Which of the following is NOT a resource that businesses combine to create goods and services?
What is the primary purpose of businesses, according to the text?
What is the primary purpose of businesses, according to the text?
What is the main purpose of the tertiary sector?
What is the main purpose of the tertiary sector?
Which sector deals with the extraction and harvesting of natural resources?
Which sector deals with the extraction and harvesting of natural resources?
Which sector focuses on knowledge or intellectual pursuits?
Which sector focuses on knowledge or intellectual pursuits?
Which of the following is NOT included in the tertiary sector?
Which of the following is NOT included in the tertiary sector?
What is the primary role of businesses in combining resources?
What is the primary role of businesses in combining resources?
What is the main advantage of a partnership business structure?
What is the main advantage of a partnership business structure?
Which sector is responsible for the production of finished goods from raw materials?
Which sector is responsible for the production of finished goods from raw materials?
What is the main disadvantage of a partnership business structure?
What is the main disadvantage of a partnership business structure?
What is a key characteristic of a corporation?
What is a key characteristic of a corporation?
What is the minimum number of incorporators required to form a corporation?
What is the minimum number of incorporators required to form a corporation?
Which of the following is NOT a characteristic of a partnership business structure?
Which of the following is NOT a characteristic of a partnership business structure?
What is the primary purpose of identifying a business opportunity and target market in the startup process?
What is the primary purpose of identifying a business opportunity and target market in the startup process?
Which of the following is a problem faced by a new business due to its lack of established presence?
Which of the following is a problem faced by a new business due to its lack of established presence?
Which of the following is NOT listed as a reason for starting up a business or an enterprise?
Which of the following is NOT listed as a reason for starting up a business or an enterprise?
Which of the following steps in the startup process is primarily concerned with analyzing the viability of the business idea?
Which of the following steps in the startup process is primarily concerned with analyzing the viability of the business idea?
What is the primary purpose of producing a business plan in the startup process?
What is the primary purpose of producing a business plan in the startup process?
Which of the following factors is NOT listed as a reason for the high failure rate of new businesses?
Which of the following factors is NOT listed as a reason for the high failure rate of new businesses?
