WorksheetsE.O.Y. Entrepreneurship Exam Review
Total questions: 62
Worksheet time: 32mins
Define the term entrepreneur
The act of opening a new business
Operating a new business
a person who opens a new business
Monies left over after business expenses have been paid is called (a) .
Who can be a entrepreneur?
Only rich people
Only business people
anyone with an idea
only smart people
Which of the following is not a good quality of an entrepreneur?
Responsible
Impulsive
Creative
Confident
Which of the following is NOT a characteristic of a successful entrepreneur?
Self-Confident
Takes minimal risk
Innovative
Goal-Oriented
A business owned by two or more people is called...
Sole proprietorship
Corporation
Entrepreneurship
Partnership
Which characteristic of an entrepreneur involves thinking of new ways to sell their products or services to people or to solve financial or operational problem?
Goal Oriented
Determination
Act Quickly
Creative
The ability to make choices alone & bounce back from a poorly made decision, to be able to think, act & plan without a boss or team to lean on.
Independent
Setting High Standards
Creative
Self Confident
This is a type of business that allows one person the right to sell another company's product or service for profit in a certain area.
Profit
Merger
Franchise
Business Plan
Believing that anything can be accomplished with enough hard work is what characteristic of an entrepreneur?
Optimistic
Initiator
Forward thinking
Resilient
Not being afraid to do new things is which characteristic of an entrepreneur?
Risk Taker
Human Relations Skills
Problem-solving & Decision-making Skills
Independent
What are the resources called that are needed to produce a good or service?
Goods and services.
Needs and wants.
Factors of production.
All of the above.
Which one of the four factors of production does the picture show?
Natural Resources
Labor
Capital
Entrepreneur
Forests are examples of which factor of production?
Land
Labor
Entrepreneurs
Capital
A bulldozer is an example of which factor of production?
Land
Labor
Entrepreneurs
Capital
A garbage man is an example of which factor of production?
Land
Labor
Entrepreneurs
Capital
How many factors of production do we have?
1
4
2
3
Gold and oil can be seen as:
Natural resources
Labour
Capital
Entrepreneurship
Which of the factors of production is shown in this picture?
capital
entrepreneur
land
labor
Which one is a need and not a want?
going out to eat
drinking a glass of water
going to the movies
luxury sports car
Primary Production (Industry) is _______?
When you offer a service
The removal of raw materials from the earth
The making of products
The selling of goods or services
All of the following industries are in the primary sector EXCEPT?
Agricultural Industry
Tourist Industry
Fishing Industry
Forestry Industry
Which of the following industries involves manufacturing?
Primary
Secondary
Tertiary
What sector is the chef of a restaurant working in?
Primary
Secondary
Tertiary
Agriculture would be an example of which type of industry?
secondary industry
tertiary industry
primary industry
Insurance is an example of which stage of production
primary industry
secondary industry
tertiary industry
Which type of industry (stage of production) involves providing goods and services for the public?
Primary industries
Secondary industries
Tertiary industries
Among the following, which is a part of secondary industries?
Farming
Transport
Food processing
A rice farmer is in what stage of production?
Primary
Secondary
Tertiary
Which of the following best describes the term stakeholder? An individual or organisation that:
Owns part of a business
Provides a business with materials
Is affected by, or has an interest in, the activities of a business
Provides finance for a business
These stakeholders want to buy quality goods from a business for a fair price.
employees
lenders
customers
managers
These stakeholders want to make a profit on the money they have invested in the business.
customers
managers
government
owners / shareholders
Businesses pay these stakeholders taxes.
local community
customers
employees
government
These stakeholders often want to receive a promotion or a pay rise.
customers
local community
employees
suppliers
These stakeholders supply products to a business (For example: coffee beans and milk to make a cup of coffee)
lenders
suppliers
managers
government
Businesses can have a positive effect on these stakeholders. For example, businesses create jobs or support local charities.
communities
managers
lenders
employees
Businesses borrow money form these stakeholders.
managers
employees
local communities
lenders
These stakeholders try to make sure that the business achieves all of its objectives.
lenders
managers
local communities
suppliers
Owners, shareholders, managers and employees are:
Internal stakeholders
External stakeholders
Lenders, suppliers, customers, government, and local community are:
Internal stakeholders
External stakeholders
Which stakeholder wants the business to make a profit because they will get a share of it?
Owners
Suppliers
Customers
Local Community
What is a Sole Proprietorship?
A business where 2 or more people share ownership
A business owned by shareholders
A business that is owned by one individual
A business that is owned by one group of people
Which of the following is an advantage of sole proprietorship?
Owner has complete control
Owner gets all the stress
Cannot raise capital
All the above
A Partnership requires at least three people
True
False
A business owned by shareholders is called...
Partnership
Sole proprietorship
Corporation
Franchise
A father who wants to take his son into the business with him should form this type of business.
Sole Proprietorship
Partnership
Corporation
A business arrangement in which an established company sells the license for others to use the company's name and operating plan to sell its products or services is known as...
Wholesaler
Manufacturer
Retailer
Franchise
Which is an example of a product/good?
television repair
pedicure
shoes
haircut
The number of persons in a partnership business are.....
Unlimited
200 maximum
2 to infinite
2-20 partners
When two or more people come together and set up a new business, it is called a joint venture
True
False
Division of Labour can be defined as ....................
the breaking down of work into smaller units
a condition in which one has to work to earn a living
In Division of Labour, each worker handles a specific task
True
False
Which of these is an advantage of Division of Labour?
It quickens the speed of work
It wastes time and energy
Which of the following is an advantage of division of labour?
Less job satisfaction
Delays in work
Increased speed of production
Division of labour reduces productivity
True
False
The part of the Business Plan that looks at how the business will expand in the future is called the ...
Growth Plan
Product and Service Plan
Contingency Plan
Company Description
The part of the Business Plan that provides an outline/description of a business is called ...
Executive Summary
Business Description
Contingency Plan
Mission Statement
The part of the Business Plan that will have who will run the company as well as the qualifications is called the ...
Management Plan
Operational Plan
Executive Summary
Company Description
The Part of the Business Plan that researches the potential(future) customer’s profile is ....
Market Analysis
Business Description
Mission Statement
Growth Plan
The specific goals that a company will try to reach would be in which of section of the business plan?
Financial Statement
Company Description
Mission Statement
Executive Summary
