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Enterprise - JC1 - MT

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

What is an entrepreneur

a)

Someone who starts a new business

b)

someone who designs buildings

c)

Someone who manufactures things

d)

Someone who has new ideas

2.
The advantage of a person becoming an entrepreneur is:
a)
more money'll always be earned than working for an employer
b)
there is more independence than when working for an employer 
c)
Less risk of business failure 
d)
no oppotunity cost involved in becoming anentepeneur
3.
An important characteristic of a successful entrepreneur is that:
a)
they are always rich
b)
they are risk takers
c)
they are usually shy
d)
they want to avoid hard work
4.
A business plan for a new business will include all of the following except
a)
financial forecasts
b)
market research data
c)
details of the business owners
d)
previous years' accounts
5.
What benefit does drawing up a business plan bring for a new entrepreneur?
a)
it shows exactly how much money the firm will make
b)
it makes sure the bank will lend all the capital needed
c)
it means that the business start up has no risk of failure
d)
it helps in organising the resources needed for the new firm
6.
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.
7.
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
8.
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
9.
The reward for enterprise is?
a)
Profit
b)
Hard work
c)
Risk
d)
Self-discipline
10.
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
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.
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.
13.
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
14.

Land includes...

a)

The "gifts of nature" or natural resources not created by human effort.

b)

the tools, equipment, and factories used in production of goods and services

c)

people with all their efforts and abilities

d)

individuals who start a new business or bring a product to market.

15.

Capital refers to...

a)

The "gifts of nature" or natural resources not created by human effort.

b)

people with all their efforts and abilities

c)

the tools, equipment, and factories used in production of goods and services

d)

individuals who start a new business or bring a product to market.

16.

Labor refers to...

a)

people with all their efforts and abilities

b)

individuals who start a new business or bring a product to market.

c)

the tools, equipment, and factories used in production of goods and services.

d)

The "gifts of nature" or natural resources not created by human effort.

17.

Entrepreneurs are...

a)

people with all their efforts and abilities

b)

individuals who start a new business or bring a product to market.

c)

The "gifts of nature" or natural resources not created by human effort.

d)

the tools, equipment, and factories used in production of goods and services

18.
Cashiers at McDonalds are examples of ….
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
19.

Bill Gates is an example of...

a)

Land (seriously though, come on)

b)

Labor

c)

An Entrepreneurs

d)

Capital

20.
The Chromebooks you are using are examples of
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital

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