Starting a Business Quiz

22This quiz is designed to test your knowledge of the contents of the Starting a Business Course, part of the Management Skills series of courses. These quizzes are designed to improve your Management and Business skills.
There are ten questions where you can check either True or False.

You can navigate backwards and forwards to review your responses by using the appropriate buttons.

The pass mark is 70 out of a potential 100 points, 10 for each question.

Once you are satisfied with your answers, complete your name, address and email address and click on “submit“ to submit your answers.

You will shortly receive an email advising you of your score, whether you have passed the quiz, and how your answers have been scored.

The Starting A Business Quiz


When investors are considering a loan application, they will be looking for businesses that need investment urgently and maximise risk


Market research is about anticipating and minimising risk, Identifying potential clients, Market potential and Market size


In choosing a company structure, consider that;-
A Corporation's debt is not considered that of its owners, so personal assets are not at risk, and a corporation can retain some of its profits without the owner paying tax on them


Common business structures are;-
Sole Trader, Unlimited Company and Partnership


A Common feature of employee owned business is lower levels of innovation.


As a sole trader or proprietor
You have complete control over your business and make all the decisions. The business income and expenses are included on your personal income tax return. Any business losses you suffer may offset the income you have earned from other sources.


When agreeing to be a director, bear in mind that;-
Directors are personally subject to statutory duties as directors of a company. They are personally liability, both civilly and criminally, for their actions or omissions, and can be disqualified from acting as a director of a company.


If you can see clearly that a business may run out of cash, good preventative action could be telling suppliers you can’t pay their bills


Good market research and a thorough business plan tells investors that you have thoroughly studied your market sector, and your competitors. You understand your potential customer-base and you are prepared for the possible financial hurdles ahead.


Your business plan should clearly state: What your business will do, your approach to pricing, the products or services you will provide and how customers will access your products or services.

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