2/4/23, 8:38 PM Apex Learning - Courses

Quiz: Starting a New Business

Total Questions: 10

Question 1
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What is a sole proprietor?

# Choice Feedback

A. A person who runs a business in which he or she is the only employee Correct!

B. A person who starts any new business

C. Two people who start up a business together

D. A business structure that protects the owner from lawsuits

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The correct answer is: A person who runs a business in which he or she is the only employee.

Question 2
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What are some of the advantages of incorporating?

# Choice Feedback

A. Incorporation is the least expensive business structure.

B. Business owners are protected from liability and lawsuits. Correct!

C. Incorporation makes a business more likely to succeed.

D. All businesses are required by law to incorporate.

closeIncorrect Feedback
The correct answer is: Business owners are protected from liability and lawsuits.

Question 3
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After creating a business plan, what is the next step for starting a business?

# Choice Feedback

A. Implementing a business structure

B. Deciding what business to start

C. Getting funding for the business Correct!

D. Opening up shop for business

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The correct answer is: Getting funding for the business.

Question 4

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2/4/23, 8:38 PM Apex Learning - Courses
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Which of the following best defines the term business plan?

# Choice Feedback

A. A letter from the business owner introducing him or herself

B. A document that describes the business in the best light possible

C. A spreadsheet that proves the business will make a lot of money

D. A document describing the business, its goals, and how the goals will be met Correct!

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The correct answer is: A document describing the business, its goals, and how the goals will be met.

Question 5
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What is a business's target market?

# Choice Feedback

A. The clients or customers to whom the business is selling its product or service Correct!

B. The location where the business will be most successful

C. The business's competitors

D. The amount of money the business hopes to make in the first year

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The correct answer is: The clients or customers to whom the business is selling its product or service.

Question 6
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Why do most businesses fail in their first year?

# Choice Feedback

A. Lack of interest

B. Lack of planning Correct!

C. Lack of trained employees

D. Poor choice of location

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The correct answer is: Lack of planning.

Question 7

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2/4/23, 8:38 PM Apex Learning - Courses
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Which source of funding would be most appropriate if you were starting a business from your home and you only needed to buy a computer and pay for Internet service to get started?

# Choice Feedback

A. Applying for a bank loan

B. Selling property

C. Using a credit card Correct!

D. Seeking venture capital

closeIncorrect Feedback
The correct answer is: Using a credit card.

Question 8
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Mary wants to open her own tattoo parlor. She will hire several tattoo artists. She knows that tattoo parlors can sometimes be sued when people are unhappy with their tattoos. What kind of
business structure would provide Mary with an appropriate level of legal support?

# Choice Feedback

A. Limited liability company

B. Sole proprietorship

C. Partnership

D. Corporation Correct!

closeIncorrect Feedback
The correct answer is: Corporation.

Question 9
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Which of the following is a disadvantage of owning your business?

# Choice Feedback

A. You will be blamed if things go wrong. Correct!

B. You make the decisions about how the business is run.

C. You get to spend any profit you make.

D. You will get credit for your hard work.

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The correct answer is: You will be blamed if things go wrong.

Question 10

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2/4/23, 8:38 PM Apex Learning - Courses
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Which of the following is a section found in most business plans?

# Choice Feedback

A. Bank account information

B. Target market Correct!

C. Crowdfunding

D. Legal requirements

closeIncorrect Feedback
The correct answer is: Target market.

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