Year 11 Unit 1 Revision Quiz 1

Business exist to:

• provide quality goods only to rich, young people

• sell goods to older people

• meet the needs of customers

• research what customers need

An entrepreneur needs which of the following characteristics?

• very well dressed at all times

• know a person in business

• very good at accounts

• confident

Which of the following is not a reward for risk taking when starting a business?

• being able to invest money

• being able to make profits for yourself

• being independent

• being able to see your own ideas work

Being enterprising means you are likely to be:

• always looking for an opportunity to supply customers' needs

• keen on keeping up-to-date with television productions

• highly intelligent and love working on your own

• good at sport and love team projects

The reward for enterprise is:

• hard work

• profit

• risk

• self discipline

Which one of the following is not a reason to start your own business?

• to be your own boss

• to increase financial risk

• to pursue personal interests

• to satisfy customer needs

Which of the following is most likely to describe the characteristics of a successful entrepreneur?

• determined and creative

• disorganised and inflexible

• inflexible and determined

• risk averse and disorganised

A business plan would normally be written:

• every month

• a month after a business starts

• after a business has become established and competitors are known

• allow the competitors to see whether you need finance to start the business

A business plan will:

• make sure the competitors know you are in business

• identify the competitors of the business

• put the competitors out of business

• allow competitors to see whether you need finance to start the business

The purpose of identifying resources in a business plan is to:

• make sure the required resources have been identified and where those resources will come from, so that possible investors will feel safer putting their money into the business

• make sure that there is a list of some of the resources required for the business

• make sure that each person involved in the business knows what the word ‘resources’ means

• make sure that the resources required cost less than the business first thought