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WorksheetsEarly Unit 1
Total questions: 10
Worksheet time: 6mins
A Sole Trader is
A business where only one person works
A business that is owned and operated by one person
A business where the sole job goes to the owner
A business that only sells one product
Reasons for starting a Partnership would be
To split the profits
To have a legal document that creates rules for your business
To share workload, investment & responsibility
To spend more time working as a team
Select all that would be a reason for starting a business
To be your own boss
To fill a gap in the market
To escape a boring job
To work as hard as possible
To have a more risky lifestlye
Which best describes Opportunity Cost?
The chance of making a decision
Picking the best option out of two choices
Giving up on an opportunity
The loss of the next best option when a choice is made
In the Primary Sector, businesses...
Extract raw materials
Make goods from raw materials
Serve customers face to face
Only have one primary objective
Which of these is a Service?
A car
A haircut
A pair of shoes
A mobile phone
Tick all that would be describe as a Good
A train journey
A smart phone App
A carpet
A jumper
A call centre
Which of these business forms can sell their shares on the stock market?
An Ltd
A Sole Trader
A Partnership
A plc
Objectives should always be
Specific, Measurable, Agreed, Realistic and Time bound
Smart, Motivating, Achievable, Relevant and True
Sound, Manageable, Accurate, Rounded and Tenacious
Structured, Meaningful, Advisable, Redundant and Timid
A not for profit business will often have ??? objectives that support a need in the community
(a)
