The Firm & Its Environment

The Firm & Its Environment

11th Grade

15 Qs

quiz-placeholder

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The Firm & Its Environment

The Firm & Its Environment

Assessment

Quiz

Financial Education

11th Grade

Easy

Created by

Ronnel Salgado

Used 1+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

A smaller number of firms increase rivalry because fewer firms must compete for the same customers and resources.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following is an advantage of a sole proprietorship?

Pride ownership

Ease of starting a business

Being your own boss

All of the given options

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

A sole proprietorship is the simplest form of business organization.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following is not a commonly used term to describe an element of the business environment?

Macro-environment

Micro-environment

Extrinsic environment

Internal environment

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following is an opportunity for an organization?

Poor marketing skills

Good distribution skills

Limited management skills

Rapid market growth

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following is a threat for an organization?

Economic downturn

Out-of-date products / technology

Higher costs

Rapid market growth

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

With regard to a sole proprietorship, the owner of the business is the business; in other words, there is no separate legal entity.

True

False

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