Business Studies Assessment Revision

What is an entrepreneur?

• Someone who owns a small business

• Someone who takes on the risk of starting and running a business enterprise

• Someone who owns multiple businesses

• An individual who owns a multi million pound business

Tags

entrepreneurship

What are the characteristics of being an entrepreneur?

Businesses exist to ______ the needs of customers.

Which of the following is a disadvantage of being an entrepreneur?

• Independence

• Self-satisfaction

• Financial losses

• Financial rewards

What is a business plan?

What is the purpose of business planning?

• To make profit

• To reduce risk of debt

• To allocate resources where needed

• To help a business succeed

How often should a business plan be updated?

• At least once a year.

• Never at all, there is no need to do so.

• Ever quarter to allow allocation of resources.

• 3- 5 times a year

Which of the following is not in the contents of a business plan?

• Market research

• Competitors

• Target market

• Supplier information

Markets are where a business _________ its goods and services.

A business plan would normally be written:

• every month

• a month after the business starts

• after a business has become established and competitors are known

• before a business starts