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WorksheetsBusiness Studies
Total questions: 20
Worksheet time: 11mins
Who is an entrepreneur?
Grants a license to another
person or business
Entrepreneur is a person who organizes, operates and takes the risk for a new business venture.
The owner of a business
These are closely held businesses usually by family, friends and relatives.
A disadvantage of being an entrepreneur?
Opportunity cost
May become famous and successful if the business grows.
Profit and income may be higher than the salary received from an employee.
You make money doing something you love.
A FAMOUS ENTREPRENEUR we have learned?
(a)
A Characteristic of entrepreneurs?
Friendly
Lazy
Weak communicator
Optimistic
What is a business plan?
Business plan should clearly layout the long term milestones that are most important to
the success of your business.
Business plan answers investor questions such as: is there a need for product/service? ;
What are the financial projections? ; What is the company’s existing strategy?
It is a written document that describes in detail how and a business (usually a start-up) defines
its objectives and how it is to go about achieving its goals.
Creating business plan forces you to analyse the competition. It can be direct or indirect
and it is critical to understand the company’s competitive advantage.
What is included in a business plan?
Name of workers
Finance plan
Expense
Income
A method of measuring business size?
Value of sales
Names of workers
Research
Business idea and help
Main methods of business expansion?
Internal growth & External growth
Horizontal integration & Vertical integration
Backward vertical integration & Forward vertical integration
Conglomerate
Why some businesses remain small?
Public Limited Companies
Type of industry the business operates in
Private Limited Companies
Incorporated businesses are companies that have separate legal status from their owner.
WHY SOME BUSINESSES FAIL?
Poor management
Good workers
Good owners
The market size
What is a need?
A good or service essential for living (Eg-
Food,water,shelter,clothing,education,transortaion)
A good or service which people would like to have but wich is
not essential for living.(Eg-Pizza,furniture,computer,shirt)
The best use of limited, or scarce, resources.
Another name for factors of production?
opportunity cost
unlimited resources
limited resources
land
Division of Labour can be defined as.........
This means every individual
performs a specific task only so that he can give in the best output.
When people and businesses concentrate on what they are best at.
The separation of a work process into a number of tasks, with each task performed by a separate person or
group of persons.
Specialization can be defined as..............
When people and businesses concentrate on what they are best at.
Because of the fact that choice involves opportunity cost, the factors of production have to be used in the
most efficient way.
The separation of a work process into a number of tasks, with each task performed by a separate person or
group of persons.
What is this?
Labour
Capital
Enterprise
Land
What is this?
Labour
Capital
Enterprise
Land
What is this?
Labour
Capital
Enterprise
Land
What is this?
Labour
Capital
Enterprise
Land
What is this?
Land
Capital
Specialization
Enterprise
What is this?
Needs
Opportunity cost
Limited resources
Economic problem
