In which type of business ownership do two or more people share responsibilities, profits, and liabilities?
IBT Unit 3 Assessment

Quiz
•
Business
•
9th Grade
•
Easy
Kameron Abernathy
Used 2+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 4 pts
Sole proprietorship
Corporation
Partnership
Franchise
2.
MULTIPLE CHOICE QUESTION
30 sec • 4 pts
What does "entrepreneurship" refer to?
The act of managing a corporation
The process of starting and running a business
The act of being an executive of a Fortune 500 company
Working in a government position
3.
MULTIPLE CHOICE QUESTION
30 sec • 4 pts
Which of the following is a common trait of successful entrepreneurs?
Avoidance of risks
High level of creativity
Preference for routine
Lack of adaptability
4.
MULTIPLE CHOICE QUESTION
30 sec • 4 pts
What is the primary function of a business plan?
Works to confuse competitors into submission
Serves as a guide for business operations
Serves as a means to an end for legal purposes
Ensures quicker sales and profitability
5.
MULTIPLE CHOICE QUESTION
30 sec • 4 pts
Which of the following is necessary for the long-term success of a small business?
Lack of consumer outreach & engagement
Continuous market and technological adaptation
Maintaining the original operating strategy of the business
Refusing to adapt to new technologies, as they can destroy the business
6.
MULTIPLE CHOICE QUESTION
30 sec • 4 pts
How should an entrepreneur respond to unexpected challenges?
Ignore them and keep pushing on
Be flexible, adaptive, and creative
Blame others for their own failures
Stick rigidly to their original business plan
7.
MULTIPLE CHOICE QUESTION
30 sec • 4 pts
How does a well-structured business plan contribute to risk management?
It does not affect risk management.
It identifies potential risks and outlines mitigation (risk reduction) strategies.
It focuses primarily on marketing and growth opportunities for the business.
It reduces the need for monitoring competition.
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