Topic 1: Introduction to Enterprise Terms

Enterprise is ...

• The showing of initiative, imagination, energy, and resourcefulness.

• A business organized and run by an entrepreneur.

• The person in an enterprise who makes decisions and takes and manages risks

Which of the following statement is the meaning of entreprenuer.

• Individuals who own the enterprise and able to take the initiative to make decisions and are willing to take calculated risks.

• The showing of initiative, imagination, energy, and resourcefulness.

• It is an organisation managed by one or more individuals.

Define the term "enterprising".

• A person who starts a new enterprise.

• It is an organisation that is own and managed by one or more people.

• The showing of initiative, imagination, energy, and resourcefulness.

What is one of the purposes of enterprise?

• To build more shops and a bigger mall.

• To satisfy customers' wants and needs.

• To create an advertisement.

One of the purposes of enterprise is to satisfy customers' need and want. What is the meaning of NEED?

• It is something essential or very important rather than just desirable.

• Desires for goods, services, feelings, and other things we would like to have but do not need

• Things we do not really need to survive.

Which of the following is examples of NEEDS for an enterprise?

• Water, land and food.

• Capital, land and labour.

• Capital, food and place.

What is meant by WANTS?

• It is something we must have to survive, such as food, water, and shelter

• It is something that we use daily in life to make us to stay alive

• It is something desire for goods, services, feelings, and other things we would like to have but do not need.

Which of the following is an example of wants for an enterprise?

• An entrepreneur needs to hire a few workers to smoothen the enterprise activity.

• An entrepreneur only needs 2 vans for delivery purposes. He bought 2 vans in red colour.

• An entrepreneur needs to apply for a loan of $45,000 from the bank to start up their business.

Which of the following is the definition of "Business enterprise"?

• It is an enterprise that runs its activity to earn profit and as the main objective.

• A type of enterprise that usually has profit as its main objective.

• An enterprise that runs the business activity and shares its earnings with the society.

What is the definition of social enterprise?

• An enterprise that has profit as its main objective.

• An enterprise that aims to maximise profits for its owners or stakeholders.

• An enterprise that has specific social objectives that serve its primary purpose