WorksheetsA1 assessment 1
Total questions: 40
Worksheet time: 22mins
Which two of these are roles of an entrepreneur?
Creating and setting up a business
Expanding a business
Being determined
Highly motivated
Intrapreneurship is innovation within a business.
True
False
What could be a barrier to entrepreneurship?
Lack of finance
A business qualification
Recruitment of staff
Identify a common reason to start up a business
To make money
To get up late
To finish early
Helping others could be a reason to set up a business
True
False
Identify 2 personal skills that are needed to run a successful business
Confidence
Good communication
Ability to recruit
Ability to expand the business
What does the 'S' in SMART stand for?
Safe
Specific
Solid
What does the 'R' stand for in SMART?
Real
Relevant
Right
The objective of all businesses is to make a profit?
True
False
Profit satisficing is to maximise profits fully?
True
False
A common objective of new start up businesses is to survive.
True
False
Profit maximisation is relevant to LTD's and PLC's.
True
False
Identify 2 benefits of having clear objectives
Provides management and staff with clear focus
Can motivate employees
Means the business can force out rivals
Means the government will provide financial help
What is market share?
How much of the market you want
How much of the market you control
How much better you are than your rivals
Some businesses will have social objectives
True
False
Which of these is an example of a social objective?
Making money
Increasing market share
Larger target market
Helping the environment
Competitors can influence the success of a business achieving their objectives
True
False
Which of these is an example of an internal factor that can affect the success of objectives?
Economic environment
Finance
Market size
Market growth
Which of these is a correct definition of a sole trader?
A business that is set up and owned by one person
A business that is set up and continually ran by one person
A business that is taken over by one person
Identify 2 benefits of being a sole trader
Keep all the profit
Choose own working hours
Run things by other people
Produce your own marketing campaigns
A partnership is a business that is owned between 3 and 20 people
True
False
A Private limited company has the letters PLC after its name
True
False
A public limited company (PLC) operate in the public sector
True
False
What is the correct definition of limited liability?
You can only lose what you have invested in a business
You can lose what you have invested in a business, along with personal assets
Your shares are limited
Your shares are sold on the stock market
What is the main purpose of the 'Public sector?'
To make money
To improve quality
To provide a service
To maximise profit
What is the main purpose of the 'Private sector?'
To make money
To help others
To continue to survive
To be seen as different
A franchise is like buying a ready made business
True
False
You have to pay royalties back to the Franchisor when you own an individual franchise
True
False
Which of these 2 businesses does 'unlimited liability' apply too
LTD's
PLC's
Sole traders
Partnerships
Where are shares sold?
Stock platform
Stock market
Banks
Building societies
The return that shareholders expect is know as what?
Cash
Profit
Dividend
Share options
Members of the public own shares in PLC's
True
False
Who owns the shares in an LTD?
Anyone
Family and friends
Family members only
Government
What is e-commerce?
Selling things at home
Selling from a physical store
Selling electronically
Social enterprises are 'not for profit' businesses?
True
False
Opportunity cost is
The next best alternative, forgone
Choosing more of one thing and therefore having less of another
Looking for business opportunities
Looking at ways to improve the business
A trade off is
The next best alternative, foregone
Choosing more of one thing and having less of another
Looking for business opportunities
Looking to develop the business
What is the purpose of a charity?
To make money
To set up charity shops
To help others
To have volunteers
Online sales now exceed high street sales
True
False
What are 2 benefits of growing from an LTD to a PLC?
Access to more funds and wider funds
More shareholders to invest
More red tape and legal issues
More control for the original owners
