Grade 7 EMS - Quarter 3

What can a business sell?

• Goods

• Services

• Goods and Services

Who is an entrepreneur?

• someone who works for a large company

• someone who starts/runs their own business

• someone who studies business in University

• someone who is the manager of a business

Profit is calculated by...

• Selling price minus the cost price

• Cost price minus the selling price

• Selling price plus the cost price

• Cost price plus the selling price

Cost is ...

• ...the money you have

• ...the profit

• ...your income

• ...how much you pay for something

Being in debt means you...

• ...open your own business

• ...owe someone money

• ...expand your business

• ...have a large income

Jane has to pay for many services and buy multiple goods every month. She has a lot of...

• ...profit

• ...loans

• ...money

• ...expenses

An entrepreneur must be...

• Disorganized

• Lazy

• Organized

• Insecure

TRUE/FALSE: An entrepreneur can own an online business...

• True

• False

Why do people become entrepreneurs?

• Too many job opportunities available at existing businesses

• Frustration at work (boredom) and low pay

• A sense of being valued by employer

• Wants to be an employee

Characteristics of a successful entrepreneur.

• Having a vision

• Being insecure

• Lack of commitment

• Risk takers