BTEC Enterprise Component 3 Quiz

What is the primary purpose of a business plan in an enterprise?

• To secure funding from investors

• To outline the business's goals and strategies

• To hire employees

• To determine the business's location

Which of the following is a characteristic of an entrepreneur?

• Risk aversion

• Inflexibility

• Innovation

• Dependence on others

In a SWOT analysis, what does the 'W' stand for?

• Wealth

• Weaknesses

• Wins

• Workforce

Which of the following is a financial objective of a business?

• Increasing employee satisfaction

• Reducing carbon footprint

• Maximising profit

• Enhancing brand image

What is the formula for calculating profit?

• Revenue - Expenses

• Assets - Liabilities

• Revenue + Expenses

• Assets + Liabilities

Which of the following is an example of a fixed cost for a business?

• Raw materials

• Wages

• Rent

• Utilities

What is the term for the amount of money a business earns from its normal business activities?

• Revenue

• Profit

• Loss

• Equity

Which of the following is a benefit of market research for a business?

• Reducing production costs

• Understanding customer needs

• Increasing employee turnover

• Decreasing product quality

What is the primary role of a business's marketing department?

• To manage the company's finances

• To recruit new employees

• To promote the business's products or services

• To oversee production processes

Which of the following is a method of external growth for a business?

• Increasing production efficiency

• Merging with another company

• Developing new products

• Enhancing customer service