Year 8 Business Terminology

What is the definition of entrepreneurship?

• The activity of setting up a business or businesses, taking on financial risks in the hope of profit.

• The act of working for someone else's business and taking on financial risks in the hope of profit.

• The process of starting a non-profit organization and taking on financial risks in the hope of profit.

• The activity of investing in existing businesses and taking on financial risks in the hope of profit.

What is the study of how individuals, businesses, governments, and nations make choices on allocating scarce resources to satisfy their unlimited wants?

• finance

• economics

• sociology

• psychology

What does SWOT analysis stand for?

• Strengths, Weaknesses, Opportunities, and Threats assessment

• Strengths, Weaknesses, Opportunities, and Trends analysis

• Strengths, Weaknesses, Opportunities, and Tactics analysis

• Strengths, Weaknesses, Opportunities, and Threats analysis

What is the purpose of a cost benefit analysis?

• The purpose of a cost benefit analysis is to evaluate the potential benefits and costs of a project or decision.

• The purpose of a cost benefit analysis is to determine the financial viability of a project.

• The purpose of a cost benefit analysis is to assess the environmental impact of a project.

• The purpose of a cost benefit analysis is to calculate the return on investment for a project.

What is a survey?

• A survey is a type of food

• A survey is a type of clothing

• A survey is a form of exercise

• A survey is a method of gathering information or data from a group of people by asking them questions.

What are the characteristics of a successful entrepreneur?

• Lack of resilience, adaptability, and no passion

• Inflexibility, weak leadership skills, and lack of determination

• Laziness, lack of passion, and no creativity

• Determination, passion, creativity, resilience, adaptability, and strong leadership skills.

What are the four factors of production in economics?

• land, labor, capital, and entrepreneurship

• money, resources, technology, and innovation

• supply, demand, price, and market

• goods, services, production, and consumption

What are the strengths and weaknesses of a SWOT analysis?

• The strengths of a SWOT analysis include its simplicity and flexibility, while its weaknesses include subjectivity and oversimplification.

• The strengths of a SWOT analysis include its comprehensiveness and objectivity, while its weaknesses include lack of flexibility and oversaturation.

• The strengths of a SWOT analysis include its effectiveness and accuracy, while its weaknesses include lack of structure and time-consuming.

• The strengths of a SWOT analysis include its complexity and rigidity, while its weaknesses include objectivity and overcomplication.

What are the steps involved in conducting a cost benefit analysis?

• Identify and list all costs and benefits, calculate net present value, determine payback period, calculate return on investment, assess intangible costs and benefits, consider risk and uncertainty, make a decision.

• Identify and list all costs and benefits, calculate net present value, determine payback period, calculate return on investment, assess tangible costs and benefits, consider risk and uncertainty, make a decision.

• Identify and list all costs and benefits, calculate net present value, determine payback period, calculate return on investment, assess intangible costs and benefits, ignore risk and uncertainty, make a decision.

• Identify and list all costs and benefits, assign a monetary value, calculate net present value, determine payback period, calculate return on investment, assess intangible costs and benefits, consider risk and uncertainty, make a decision.

What are the different types of surveys?

• Questionnaire surveys, Interview surveys, Online surveys, Focus group surveys, Panel surveys, Mail surveys, Telephone surveys, In-person surveys, Mixed-mode surveys

• Multiple choice surveys

• Social media surveys

• Text message surveys