QUIZ REVIEWER

Question 1

It is owned by a single individual who is singly responsible for running the business and is accountable for all debts and obligations related to the business.

Answer 1

SOLE PROPRIETORSHIP

Question 2

When investors see that a market is profitable, they want to join the bandwagon and get a share of the profits.

Answer 2

POSSIBILITY OF NEW ENTRANTS

Question 3

This is generally the simplest way to set up a business.

Answer 3

SOLE PROPRIETORSHIP

Question 4

It is owned by a single individual who is singly responsible for running the business and is accountable for all debts and obligations related to the business.

Answer 4

SOLE PROPRIETORSHIP

Question 5

eniovs exclusive control and decision-making as well as getting all the profits earned.

Answer 5

SOLE PROPRIETORSHIP

Question 6

is an agreement in which two or more persons combine their resources in a business to make a profit.

Answer 6

PARTNERSHIP

Question 7

WHAT ARE THE 6 TYPES OF BUSINESS ORGANIZATION

Answer 7

• SOLE PROPRIETORSHIP
• PARTNERSHIP
• GENERAL PARTNERSHIP
• LIMITED PARTNERSHIP
• CORPORATION
• COOPERATIVE

Question 8

• All owners share the management of the business, and each is personally responsible for and must assume the consequences of the actions of other partners.

Answer 8

GENERAL PARTNERSHIP

Question 9

have unlimited liability;
loan payments will extend to their personal property.

Answer 9

GENERAL PARTNERSHIP

Question 10

Some members are general partners who control and manage the business and may be entitled to a greater profit share.

Answer 10

LIMITED PARTNERSHIP

Question 11

is a legal entity separate from its owners, the shareholders. No shareholder is personally liable for the corporation’s debts, obligations, or acts.

Answer 11

CORPORATION

Question 12

have an equal say in decision-making with one vote per member regardless of the number of shares held; there is an open and voluntary membership, and surplus earning is returned to the them parronccording

Answer 12

COOPERATIVE

Question 13

It is an entity organized by people with similar needs to provide themselves with good or services or to use available resources to improve their income jointly

Answer 13

COOPERATIVE

Question 14

WHAT ARE THE 4 TYPES OF BUSINESS

Answer 14

MICRO BUSINESS
SMALL BUSINESS
MEDIUM BUSINESS
LARGE BUSINESS

Question 15

Another source of power is how unique the product or service is.

Answer 15

SUPPLIER POWER

Question 16

If competitors are numerous and offer similar products and services, the market will be less attractive.

Answer 16

NUMBERS OF COMPETITORS

Question 17

it is easy to substitute products in a market, buyers are expected to switch to alternatives in case of price increases.

Answer 17

POSSIBILITY OF SUBSTITUTION

Question 18

The suppliers will enjoy less power to drive prices up, and the market will be less attractive.

Answer 18

POSSIBILITY OF SUBSTITUTION

Question 19

When investors see that a market is profitable, they want to join the bandwagon and get a share of the profits.

Answer 19

POSSIBILITY OF NEW ENTRANTS

Question 20

refers to the internal factors, which are the resources and experiences

Answer 20

Strength and Weaknesses

Question 21

refers to the external factors

Answer 21

Opportunities and Threats

Question 22

He developed the five forces of competitive position analysis in 1979

Answer 22

Michael Porter