Business 20/11/24

Which of the following would add value to a product?

• Reducing its price

• Enhancing its design or packaging

• Using cheaper raw materials

• Lowering production quality

A primary cause of business failure in the first year is:

• High levels of competition

• Excessive government support

• Overemphasis on marketing

• An effective business plan

What is a defining feature of a national business compared to a local one?

• It operates internationally

• It operates within the entire country

• It uses only local suppliers

• It does not require significant capital

Which of the following roles is most commonly associated with entrepreneurs?

• Risk-taking and innovation

• Routine task management

• Receiving government funding

• Working under supervision

A factor of production that includes machinery and buildings is:

• Labour

• Capital

• Enterprise

• Land

Which of the following is an example of an intrapreneurial activity?

• Starting a new company

• Launching a new product within an existing company

• Investing in external ventures

• Employing external consultants

Opportunity cost arises because:

• Resources are unlimited

• Resources are scarce

• There is a lack of decision-making

• Demand exceeds supply

Which of these is a key quality of a successful entrepreneur?

• Fear of failure

• Resilience and adaptability

• Dependence on others

• Aversion to risk

How does intrapreneurship benefit an organization?

• By increasing staff turnover

• By encouraging innovation internally

• By reducing managerial responsibilities

• By eliminating the need for marketing

Which factor would MOST LIKELY hinder entrepreneurship?

• High levels of government support

• Access to financing

• Lack of confidence and fear of failure

• A supportive business environment