Worksheets1.1 The role of business enterprise and entrepreneurship
Total questions: 27
Worksheet time: 17mins
Name
Class
Date
1.
What is an entrepreneur?
a)
A person who spots an opportunity to provide goods or services to customers in order to make a profit
b)
The process/activities by which new businesses are formed in order to offer products and services in a market.
2.
What is meant by enterprise?
a)
A person who spots an opportunity to provide goods or services to customers in order to make a profit
b)
The process/activities by which new businesses are formed in order to offer products and services in a market.
3.
When entrepreneurs spot an opportunity to trade and make a difference to society?
a)
Business enterprise
b)
Trade enterprise
c)
Organic enterprise
d)
Social enterprise
4.
What must a company do to ensure any new idea is successful?
a)
Check it satisfies a customer need = market research
b)
Carry out a successful launch of the product/service
5.
What are the 6 stages, in order, to developing a business idea?
a)
Launch, testing, developing, business plan, market research, brainstorming
b)
Brainstorming, launch, test, develop, business plan, market research
c)
Brainstorming, market research, business plan, developing the product/service, testing and launch
d)
Brainstorming, market research, developing, business plan, testing and launch
6.
What are the characteristics of an entrepreneur?
a)
Creative, risk taker, determined, confident, adaptable
b)
Not creative, risk averse, unreliable, joker
c)
Happy, loving, joker, hard working
d)
Predictable, sad, demotivated, risk averse
7.
Define the term 'risk'
a)
A person who spots an opportunity to provide goods or services to customers in order to make a profit
b)
The process/activities by which new businesses are formed in order to offer products and services in a market
c)
This is the possibility that the business will have a lower than expected profit or a loss
d)
Check it satisfies a customer need = market research
8.
Define what is meant by the term 'reward'.
a)
This is the possibility that the business will have a lower than expected profit or a loss
b)
This is the benefit of having a business which may be keeping the profit, working for yourself or being able to take holidays when you want
9.
What is meant by social enterprise?
a)
Aims to achieve the highest profits for shareholders
b)
A social enterprise is owned by one person
c)
A social enterprise has ethical considerations at his heart, for the benefit of society.
d)
A social enterprise is two or more people working together.
10.
The reward for enterprise is?
a)
Profit
b)
Hard work
c)
Risk
d)
Self-discipline
11.
Which of the following is not a risk of running your own business?
a)
Recession /economic / political problems and instability
b)
Poor reputation which can lead to loss of sales, loss of revenue and loss of profitability
c)
Commercial risks, failure of suppliers to supply and customers to pay
d)
Better work/life balance
12.
Which of the following is not a reward of running your own business?
a)
Keep all the profit.
b)
Change in tastes and trends which can be a problem if busineses don't adapt to meet these needs.
c)
Be your own boss, work when you want.
d)
Job protection - can't be fired.
13.
What is meant by a financial risk?
a)
Businesses rely on equipment 24/7. If this breaks down this leads to lower production and repair costs.
b)
Setting up a business can mean you lose your own or the banks money
c)
It is critical that suppliers supply equipment to businesses. Customers need to pay for goods/services.
d)
Blockbusters failed to address the threat of Netflix as they had no digital content available online.
14.
What is meant by an operational risk?
a)
Businesses rely on equipment 24/7. If this breaks down this leads to lower production and repair costs.
b)
Setting up a business can mean you lose your own or the banks money
c)
It is critical that suppliers supply equipment to businesses. Customers need to pay for goods/services.
d)
Blockbusters failed to address the threat of Netflix as they had no digital content available online.
15.
What is meant by a commercial risk?
a)
Businesses rely on equipment 24/7. If this breaks down this leads to lower production and repair costs.
b)
Setting up a business can mean you lose your own or the banks money
c)
It is critical that suppliers supply equipment to businesses. Customers need to pay for goods/services.
d)
Blockbusters failed to address the threat of Netflix as they had no digital content available online.
16.
A risk of any business is that someone else might steal your _________ _________.
a)
Personal details
b)
Financial details
c)
Emails
d)
Intellectual property
17.
Blockbusters failed to address the threat of Netflix as they had no digital content available online. Why did this happen?
a)
Failure to plan/Lack of strategy.
b)
Failed to satisfy the needs of customers
c)
Both answers are correct
18.
The weather and other natural disasters are a risk to a business - true or false?
a)
True
b)
False
19.
In times of ______, political instability and economic difficulty consumers tend to save not spend.
a)
Recession
b)
Market
c)
Summer
d)
Forecast
20.
A ______ _______ is a risk of business as it can lead to less customers, which means less income and profit.
a)
Poor reputation
b)
Good reputation
c)
Commercial risk
d)
Change in house prices
21.
Despite the vast majority of small firms (93%) taking steps to protect their business from digital threats, two thirds (66%) have been a victim of _____ ______ in the last two years.
a)
Cyber crime
b)
Criminal crime
22.
A reward for setting up your own business is.....
a)
You work for someone else and get a salary and holiday entitlement.
b)
Be your own boss, make your own decision and change the business as you want.
23.
Keeping all the profit is a reward for setting up your own business. How is this calculated?
a)
Total Revenue - Total Costs
b)
Total Revenue - Wages
c)
Gross Profit/Sales
d)
Sales - Profit
24.
Flexibility is a reward for entrepreneurs because....
a)
You take holidays during term-time.
b)
You have to work 9-5pm every day.
c)
You make your own decisions, shape your own future.
d)
You can work from home, work the hours that suit your lifestyle. Take holidays when you want
25.
Spending more time at home or carrying out hobbies, gives you a ......
a)
Better work/life balance
b)
Social enterprise
26.
Entrepreneurs get a ............. from building up their own business which can increase happiness and personal fulfillment.
a)
Lot of profit
b)
Great sense of satisfaction
27.
A reward for running your own business is....
a)
Suppliers might not deliver the goods to when you need them.
b)
Machinery might break down.
c)
You could lose money.
d)
You can't get fired.
100 %
