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WorksheetsGrade 7 EMS - Quarter 3
Total questions: 32
Worksheet time: 17mins
What can a business sell?
Goods
Services
Goods and Services
Who is an entrepreneur?
someone who works for a large company
someone who starts/runs their own business
someone who studies business in University
someone who is the manager of a business
Profit is calculated by...
Selling price minus the cost price
Cost price minus the selling price
Selling price plus the cost price
Cost price plus the selling price
Cost is ...
...the money you have
...the profit
...your income
...how much you pay for something
Being in debt means you...
...open your own business
...owe someone money
...expand your business
...have a large income
Jane has to pay for many services and buy multiple goods every month. She has a lot of...
...profit
...loans
...money
...expenses
An entrepreneur must be...
Disorganized
Lazy
Organized
Insecure
TRUE/FALSE: An entrepreneur can own an online business...
True
False
Why do people become entrepreneurs?
Too many job opportunities available at existing businesses
Frustration at work (boredom) and low pay
A sense of being valued by employer
Wants to be an employee
Characteristics of a successful entrepreneur.
Having a vision
Being insecure
Lack of commitment
Risk takers
Name the brand
Costa Coffee
Wild Bean Cafe
Starbucks
Cafe Nero
Name the brand
Polo
Kenwood
Kat
Under Armour
Name the brand
Adidas
Nike
Puma
Reebok
Name the brand
Pear
Orange
Banana
Apple
Name the brand
Pringles
Simba
Lay’s
NikNaks
Business ideas can come from
Books and Magazines
Business Experience
Hobbies and Interest
All of the above
None of the above
Identify which of the following are rewards for an entrepreneur.
Having a successful business
Making a profit
Seeing the business grow
Creating jobs for people
Identify which of the following are risks for an entrepreneur.
Selling too much products
Having a product that people believe in
Making a loss
The business failing
Unit cost refers to....
The cost of production
The cost to make one item
The fixed costs
The variable costs
Total cost is calculated by....
Fixed costs minus variable costs
Variable costs minus fixed costs
Fixed costs plus variable costs
Unit costs plus selling price
Which business has the slogan "I'm lovin' it"?
Burger King
McDonalds
Subway
KFC
Which business has the slogan "Impossible is Nothing"?
Adidas
Nike
Puma
Reebok
Which business has the logo "Think Different"?
Apple
Nokia
Microsoft
LG
Which business has the slogan "Maybe she's born with it?"
L'Oreal
MAC
Rimmel
Maybelline
Which business has the slogan "Sheer Driving Pleasure"?
Audi
BMW
Jaguar
Range Rover
Start up costs are...
the amount of money spent setting up a business
money spent on a regular basis to keep a business running
fixed Costs + variable Costs
costs which change with output
What is a variable cost?
A cost which does not change
A cost which changes the more or less the business produces
A cost which they must pay even if they produce nothing
A cost the business pays when they start
If a business's costs exceeds it sales revenue, it will experience a ........?
Loan
Profit
Debt
Loss
This is NOT part of the primary sector of the economy.
Retail
Forestry
Mining
Fishing
What is meant by the term production?
Changing raw materials into goods and service
What happens on a movie set
A small shop selling groceries
Producing products by recycling
Which of the following are classified as services?
Dentist
Taxi Driver
Hairdresser
Plumber
Which of the following are goods?
Shoes
Couch
Apple
Doctor
