Year 9 Assessment prep

What does the term 'enterprise' refer to in business?

• A small retail shop

• The process of starting and running a new business

• A type of government organization

• A marketing strategy

What is the best definition of an entrepreneur?

• A person who owns a large corporation

• Someone who starts and runs their own business, taking on financial risks

• A business manager in a large company

• An employee responsible for marketing a product

Which of the following is a common motivator for becoming an entrepreneur?

• Desire for job security

• A passion for solving problems

• Reducing working hours

• Avoiding responsibility

What are the four Ps of the marketing mix?

• Product, Price, Promotion, Place

• Price, Product, People, Promotion

• People, Product, Planning, Price

• Promotion, Place, Profit, Product

What is the best definition of 'marketing'?

• The process of selling goods to customers

• The promotion and selling of products or services, including market research and advertising

• The distribution of products to retailers

• The pricing of goods and services

Why might a business choose to outsource work?

• To increase its internal workforce

• To reduce costs and improve efficiency

• To decrease quality control

• To avoid paying taxes

Which three of the following items are typically included in a job description?

• Responsibilities of the role

• Required qualifications

• Salary and benefits

• Working hours

Which three of the following would be found in a person specification?

• Required skills and qualifications

• Job title

• Experience needed

• Personal qualities

Which of the following is an example of an economic influence on a business?

• Consumer tastes and preferences

• Government legislation

• Interest rates

• Advances in technology

List one way a business can source finance:

• Crowdfunding

• Product research

• Customer surveys

• Market segmentation