Do You Have Basic Business Knowledge?

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| By Alan Jones
A
Alan Jones
Community Contributor
Quizzes Created: 2 | Total Attempts: 575
| Attempts: 215
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  • 1/7 Questions

    Running my own business will be easier than having a job.

    • True
    • False
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About This Quiz

Just a small quiz to test for basic business knowledge and make you think!

Fundamentals Quizzes & Trivia

Quiz Preview

  • 2. 

    If I start a business it must be 'LTD" for me to operate.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    False....you can operate in a number of ways other than as a registered Ltd company... seek advice as to your best options from a business advisor or accountant.

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  • 3. 

    Small Businesses provide better benefits to employees as well as salary and stability.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Large Businesses offer better pay, stability and benefits to their employees.

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  • 4. 

    What are the minimum qualification you need to start a business?

    • A Degree

    • 5 GCSEs

    • Apprenticeship

    • None

    Correct Answer
    A. None
    Explanation
    While it may help to have qualifications there are plenty of people who have succeeded in business without any formal qualifications!

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  • 5. 

    Which of the following are true?

    • Turnover is more important than profit

    • As long as I have a lot of orders I can't go wrong

    • Cashflow is important

    • I don't need an accountant to begin with

    Correct Answer
    A. Cashflow is important
    Explanation
    Profit is what you're measured on... Orders mean nothing if you can't satisfy them because you haven't the cash to buy or make the goods to sell... Cashflow is KING! without positive cashflow you can quickly end up in major trouble...An accountant from the start can help prevent you make very basic mistakes and save you money..

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  • 6. 

    If I start a business I'll have to register for and deal with VAT.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    You can trade up to the VAT threshold without registering... although you may want to register before then to be able to claim back the VAT on your purchases. See your accountant or business advisor.

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  • 7. 

    Which of the following will you need to start a business?

    • Premises

    • Bank Account

    • Business Plan

    • BMW Car

    Correct Answer(s)
    A. Bank Account
    A. Business Plan
    Explanation
    You can work from home and ride a bike... but unless you have a business plan and a bank account it will be VERY difficult to get started!

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Quiz Review Timeline (Updated): Nov 16, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Nov 16, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Oct 12, 2011
    Quiz Created by
    Alan Jones
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