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WorksheetsBusiness Activity
Total questions: 15
Worksheet time: 9mins
Which of the following characteristics does a succesful entrepreneur have? Tick all answers that apply...
Creative / innovative
Willing to take calculated risks
Determined & resilient
Risk averse
Confident & good at communication
What might an entrepreneur risk when starting up a business? Tick all that apply...
They might have invested their own personal savings
Relationships with family & friends might suffer due to long hours
Giving up a job / steady income
Getting rich if the business does well
Why is it useful to create a business plan when starting a new business? Tick all that apply...
It guarantees the business will succeed
It can help obtain finance from a bank / investors
It helps to identify the resources needed to operate
Undertanding the needs of customers helps the business to make better marketing decisions, thus reduces the risk of failure
Which of the following is a benefit of being a Sole Trader?
The owner has limited liability
Finance can be raised by selling shares to friends and family
The owner has complete control over business decisions
Workload can be shared between the owners
Which of the following is a benefit of being a Partnership?
The partners have limited liability
Finance can be raised by selling shares to friends and family
One person has complete control over business decisions
Each partner can contribute finance and skills to the business
Which of the following is a benefit of setting a business up as a Private Limited Company (Ltd)?
The owners have limited liability
It's the quickest and cheapest type of business to set up
The finances of the business can be kept private
Dividends must be paid to the shareholders
Which of the following is a benefit of setting a business up as a Public Limited Company (plc)?
The owners have unlimited liability
Large sums of finance can be raised by selling shares on the stock exchange
The business can be taken over if someone buys 51% or more of the shares
Members of the public can buy products and services from the business
What does the term unlimited liability mean?
The owners of the business are personally responsible for the debts of the business, and might have to use their own money to pay off debts
The owners are legally seperate from the business
The owners are not personally responsible for paying off the debts of the business with their own money / assets
The owners of the business are entitled to keep all of the profits
Which of the following objectives is a small, new business most likely to have when entering a competitive market?
To make £1 million profit in the first month of trading
To expand to 3 other countries
To survive the first year of trading
To be the market leader within the first 6 months
Which of the following is an internal stakeholder of a business?
The government
A supplier
A customer
An employee
Why is the government a stakeholder of most businesses?
The government owns all businesses
The government receives dividends from all businesses
The government receives taxes from businesses
The government wants businesses to fail so that unemployment rises
Which of the following are examples of internal (organic) growth? Tick all that apply...
Taking over another business
Developing a wider product range
Attracting more customers through advertising
Opening up new stores in new locations
Which of the following is an example of horizontal growth?
A car factory taking over another car factory
A car factory taking over a supplier of parts
A car factory taking over a car dealership
A car factory taking over a coffee shop
Which of the following is an example of backward vertical growth?
A car factory taking over another car factory
A car factory taking over a supplier of parts
A car factory taking over a car dealership
A car factory taking over a coffee shop
Which organisation has the power to block mergers and takeovers in the UK, due to a lack of choice for consumers?
The Financial Conduct Authority (FCA)
The Competition and Markets Authority (CMA)
The Advertising Standards Authority (ASA)
The Food Standards Agency (FSA)
