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According to the Department of Trade and Industry (DTI), a whopping 99% of businesses in the country are MSMEs. That just shows how important your business is. It's a puzzle piece that makes the economy's foundation sturdy.

It also shows that for your business to compete better and grow stronger in this booming economy, you must have basic business knowledge.

Here’s your chance to test your basic business skills and entrepreneurship knowledge. Take this quiz to help you brush up on the basics of business and maybe even learn something new!

1. In business, stakeholders are:
3. What do you call the difference between the amount a business earns and the amount it spends on operations, salaries, and other expenses?

4. It’s promoted as a new tool businesses can use to increase brand interaction and create more customized features for clients:

6. What are the two types of competitive advantage a business can employ?

7. How do you calculate for Return on Investment (ROI)?

8. In order to gain a competitive edge, what should a business focus on?

9. What do you get when you divide profit by revenue?

10. It's the amount of time it takes to recover a business' initial investment.

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