Font size
WorksheetsUnit 1 revision 22.11.22
Total questions: 56
Worksheet time: 19mins
Define the term ‘entrepreneur’.
(a)
Please select all that are advantages of a Partnership:
Easy to organize
Quick decision making
Combined knowledge
Unfair distribution of profits
What is the liability for a sole trader?
Limited Reliability
Not for profit
Limited Liability
Unlimited Liability
Which of the following is a disadvantage of a partnership?
Pressure of being solely responsible
Have to share the profits
Easy to set up
More ideas
Which type of ownership allows you to sell shares on the stock market?
Public Limited Company
Private Limited Company
Sole Trader
Partnership
Being able to keep all of the profits is a benefit of which type of ownership?
Public Limited Company (Plc)
Private Limited Company (Ltd)
Partneship
Sole Trader
What is unlimited liability?
If the business fails you will not lose personal possessions
If the business fails you will lose personal possessions
If the business fails the debtors become shareholders
If the business fails the debtors take over
Unlimited Liability is
The owner has to pay off all the debts of the business. To the extent that their private assets may be sold to cover the businesses debts.
When a company's shareholders have to pay only their share value to meet debts incurred by the company.
Sole traders have unlimited liability. True or False?
False
True
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
which business sector is made up of businesses that take resources from the land
tertiary
secondary
primary
all of above
Which sector is this?
Primary
Secondary
Teritiary
Not sure
Which sector CHANGE natural resources and CHANGE products
Primary Sector
Secondary Sector
Tertiary Sector
All the sectors
Tertiary sector is
Selling of services
Making products
Taking out natural resources
None
The picture is illustrating
Primary sector
Secondary sector
Tertiary Sector
All the options
Fishing belongs to which sector of the economy?
Secondary
Primary
Tertiary
Mining is part of which sector?
Secondary
Primary
Tertiary
Retail is part of which sector?
Tertiary
Primary
Secondary
Which sector covers the knowledge-based part of the economy?
Quaternary
Secondary
Tertiary
Primary
Shared decision-making is an advantage of what type of organization?
Sole trader
Private limited company
Public limited company
Partnership
Which is an advantage of a public limited company?
Risk of takeover due to the availability of the shares on the stock exchange
Legal formalities in formation
Share prices subject to fluctuation
Separate legal identity
Is run by two or more individuals who join together.
PARTNERSHIP
CORPORATION
SOLE PROPRIETORSHIP
FRANCHISE
Define the term ‘business stakeholders’.
(a)
They want to make a profit on the money they have invested in the business.
customers
managers
government
owners / shareholders
They want to buy quality goods from a business for a fair price.
employees
lenders
customers
managers
Businesses pay them taxes.
local community
customers
employees
government
They supply products to a business (For example: coffee beans and milk to make a cup of coffee)
lenders
suppliers
managers
government
They often want to receive a promotion or a pay rise.
customers
local community
employees
suppliers
Businesses can have a positive effect on them. For example, businesses create jobs or support local charities.
communities
managers
lenders
employees
Businesses can have a positive effect on them. For example, businesses create jobs or support local charities.
communities
managers
lenders
employees
What is a PESTLE analysis?
To check external factors (outside of a business) that can influence your marketing activity
To check internal factors (inside of a business) that can influence your marketing activity
What does the P in PESTLE stand for?
(a)
What does the E in PESTLE stand for ?
(a)
What does the S in PESTLE stand for ?
(a)
What does the T in PESTLE stand for ?
(a)
What does the L in PESTLE stand for ?
(a)
What does the E in PESTLE stand for ?
(a)
'Political Analysis' in PESTLE involves:
Evaluating trends in society and culture that can affect the business
Checking government decisions which can effect your business
Analysing the strength of an economy
Analysing changes in technology that can impact your business
Examining the law to understand how it can influence the business
'Legal Analysis' in PESTLE involves:
Evaluating trends in society and culture that can affect the business
Checking government. decisions which can effect your business
Analysing the strength of an economy
Analysing changes in technology that can impact your business
Examining the law to understand how it can influence the business
'Social Analysis' in PESTLE involves:
Evaluating trends in society and culture that can affect the business
Checking government. decisions which can effect your business
Analysing the strength of an economy
Analysing changes in technology that can impact your business
Examining the law to understand how it can influence the business
What does the "T" stand for in SWOT ?
Trends
Time
Technology
Threat
What does the "O" in SWOT stand for ?
Office
Opening
Opportunity
Off
Which of these is a WEAKNESS for a business...?
Bad reputation
Having a website
Having a bank loan
New customers
Which of these would NOT be a THREAT for a cinema ?
Competitors (other cinemas)
Good weather
Showing new films
People having less money (disposable income)
What does S stand for in SWOT?
small
strong
strengths
slow
What does W in SWOT stand for?
weaknesses
wrong
weather
wide
Which elements are INTERNAL (inside the business)?
opportunities and threats
strengths and weaknesses
strengths and opportunities
weaknesses and threats
Which elements are EXTEARNAL (outside of the business)?
weaknesses and strengths
opportunities and strengths
opportunities and threats
strengths and weaknesses
Your staff is very well trained.
strengths
weakness
opportunities
threats
A new competitor (a business selling similar products) has opened nearby
strengths
weakness
opportunity
threat
You can now advertise your product on TikTok 2022
strengths
opportunities
weaknesses
threats
Your staff had bad relations with the manager.
strengths
weaknesses
opportunities
threats
