Business Enterprise

What is the definition of a business enterprise?

• The formation of a new business or development of a new good or service to be introduced to the market.

• The process of buying and selling goods in a market.

• The management of a company's finances.

• The creation of a marketing strategy for a product.

Which of the following is a motive for setting up a business?

• To avoid paying taxes.

• To keep a family business running.

• To travel the world.

• To work fewer hours.

What is one of the financial motives of entrepreneurs?

• Self-satisfaction.

• Be own boss.

• Generate a profit.

• Create employment for others.

What does an entrepreneur do when organizing resources?

• Avoids taking risks.

• Plans and uses a range of resources.

• Focuses only on marketing.

• Delegates all tasks to others.

Which of the following is a non-financial motive for entrepreneurs?

• Generate a profit.

• Financial security for self and family.

• Self-satisfaction/challenge.

• Provide employment for self and others.

What is a key function of an entrepreneur?

• They avoid taking risks.

• They set up a business and manage it.

• They focus solely on product design.

• They work independently without a team.

What is one of the rewards of being an entrepreneur?

• Loss of security.

• Flexible working hours.

• High unemployment.

• Low sales.

What is a risk of being an entrepreneur?

• Good customer feedback.

• Loss of security.

• High profits.

• Low competition.

What does the term "innovation" refer to in the context of entrepreneurship?

• Copying existing products.

• Idea for a new good or service.

• Reducing production costs.

• Increasing employee salaries.

What is a social/community motive for entrepreneurs?

• Generate a profit.

• Surplus revenue is used to support a specific cause.

• Be own boss.

• Financial security for self and family.