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Starting a Business: Factors, Procedures & Issues

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following is a type of legal entity that a new business might take the form of?

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1. 'DBA' stands for _____.

2. Which of the following factors does not apply to the legal structure that's best for a business?

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About this Quiz & Worksheet

Many people dream about starting their own business, but before you go down that road there are some things you need to know. The questions in this quiz/worksheet combo will help you assess your knowledge of the factors and issues you will encounter in the process of creating a new business.

Quiz & Worksheet Goals

Questions on this quiz/worksheet combo concern:

  • Different legal structures of a small business
  • Acronyms related to structure
  • Statistics involving viability
  • Strategies regarding honing in on a business idea

Skills Practiced

Answer the practice questions to polish your skills, such as:

  • Defining key concepts - ensure you can accurately define important words related to the legal structure of small businesses
  • Making connections - use your understanding of the issues small businesses can face to assess the validity of a business idea
  • Interpreting information - verify that you can read information regarding the position of small businesses in the US economy
  • Distinguishing differences - compare and contrast legal structures of a small business

Additional Learning

There are many issues and factors business startups need to consider. Review the lesson, Starting a Business: Factors, Procedures & Issues, to find out more. Study the lesson carefully and you will:

  • Know benefits and challenges of starting your own business
  • Recognize the steps required in business startups
  • Understand how to formally document business mission, funding, and organization
  • Define the role of the Small Business Administration (SBA) in founding new businesses
  • Define TIN and know how it is used
  • Know how to avoid some issues that might cause a business to fail
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