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WorksheetsEntrepreneurship 2
Total questions: 45
Worksheet time: 25mins
What can a business sell?
goods
services
goods and services
Who is an entrepreneur?
someone who works for a large company
someone who studies business in University
someone who starts their own business
What is profit?
the money you spend - the price you sell it for
the price you sell if for- the money you spend
the price you sell it for + the money you spend
What would make the presentation about your business better?
Confidence
Facts and evidence
Samples, pictures, videos etc.
All of the above
Why do people get bank loans?
to start heir own business
to expand their business
to never work again
to be in debt
What business is most likely to fail?
a restaurant
a school
a cleaning service provider
Being in debt means you...
...open your own business
...expand your business
...have a large income
...owe someone money
Cost is ...
...the money you have
...how much you pay for something
...the profit
...your income
You can buy goods
at a store
online
at a market
all of the above
To determine means...
...to start something
...to decide something
...to develop something
...to fail at something
To supply means...
...to give people what they need
...to invest in a business
...to borrow money from someone
...to expand a business
A sole proprietor has to share the profits made by the business. True or False?
True
False
Select TWO true statements that relate to a sole trader.
Sole traders have limited liability
Sole traders get to make all their own decisions about the business
Sole traders may find it harder to raise funds for the business
Sole traders usually get more holidays than partners or directors
What are 3 of the benefits of being a sole trader?
Easy to establish
Keep all the profit
Get to make all the decisions
Unlimited liability
An association of 2 to 20 individuals operating a business to make a profit is called
partnership
franchise
joint venture
sole trader
A sole trader is considering entering a partnership, because
capital and expertise will increase
there will be guaranteed remuneration
independence exists greatly with policy alterations
disagreement is non-existent
A partnership can have over 20 persons
True
False
There are two main types of partnership
True
False
The main objective of the public sector is
to make a profit
to provide a service
to provide advice
to pay dividends
The reward for the efforts of a sole trader is called
rent
profit
wage
interest
WHAT ARE THE 4 FACTORS OF PRODUCTION?
Land, Capital, Need & Want
Land, Labor, Capital, Entrepreneurs
Water, Air, Food & Shelter
Land, Capital, Good & Service
WHAT IS LABOR?
work people do for pay to produce good and services
actions people do for other people
any physical object
The money people get for inheritance
_______________ IS KNOWN AS THE NATURAL RESOURCES USED TO PRODUCE GOODS AND SERVICES
Entrepreneurs
Capital
Labor
Land
_______________ IS KNOWN AS THE MANMADE RESOURCES USED TO PRODUCE GOODS AND SERVICES.
Entrepreneurs
Capital
Labor
Land
Which of the factors of production is this?
capital
entrepreneur
land
labor
Which one of the factors of production is this?
capital
entrepreneur
land
labor
Steve Jobs the founder of Apple is holding up an I-phone. What is another name for someone who starts a business?
capital
entrepreneur
land
labor
Which factor of production is this?
capital
entrepreneur
land
labor
This factor involves money, equipment, and tools and any items to produce goods and services?
capital
entrepreneur
land
labor
Machinery
Land
Labor
Capital
Entrepreneurship
