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WorksheetsYear 9 HT 5 & 6 Recap
Total questions: 45
Worksheet time: 24mins
Which of the following characteristics does a succesful entrepreneur have? Tick all answers that apply...
Creative / innovative
Willing to take calculated risks
Determined & resilient
Risk averse
Confident & good at communication
What might an entrepreneur risk when starting up a business? Tick all that apply...
They might have invested their own personal savings
Relationships with family & friends might suffer due to long hours
Giving up a job / steady income
Getting rich if the business does well
Why is it useful to create a business plan when starting a new business? Tick all that apply...
It guarantees the business will succeed
It can help obtain finance from a bank / investors
It helps to identify the resources needed to operate
Undertanding the needs of customers helps the business to make better marketing decisions, thus reduces the risk of failure
Which of the following is a benefit of being a Sole Trader?
The owner has limited liability
Finance can be raised by selling shares to friends and family
The owner has complete control over business decisions
Workload can be shared between the owners
Which of the following is a benefit of being a Partnership?
The partners have limited liability
Finance can be raised by selling shares to friends and family
One person has complete control over business decisions
Each partner can contribute finance and skills to the business
Which of the following is a benefit of setting a business up as a Private Limited Company (Ltd)?
The owners have limited liability
It's the quickest and cheapest type of business to set up
The finances of the business can be kept private
Dividends must be paid to the shareholders
Which of the following is a benefit of setting a business up as a Public Limited Company (plc)?
The owners have unlimited liability
Large sums of finance can be raised by selling shares on the stock exchange
The business can be taken over if someone buys 51% or more of the shares
Members of the public can buy products and services from the business
What does the term unlimited liability mean?
The owners of the business are personally responsible for the debts of the business, and might have to use their own money to pay off debts
The owners are legally seperate from the business
The owners are not personally responsible for paying off the debts of the business with their own money / assets
The owners of the business are entitled to keep all of the profits
Which of the following objectives is a small, new business most likely to have when entering a competitive market?
To make £1 million profit in the first month of trading
To expand to 3 other countries
To survive the first year of trading
To be the market leader within the first 6 months
Which of the following is an internal stakeholder of a business?
The government
A supplier
A customer
An employee
Why is the government a stakeholder of most businesses?
The government owns all businesses
The government receives dividends from all businesses
The government receives taxes from businesses
The government wants businesses to fail so that unemployment rises
Which of the following are examples of internal (organic) growth? Tick all that apply...
Taking over another business
Developing a wider product range
Attracting more customers through advertising
Opening up new stores in new locations
Which of the following is an example of horizontal growth?
A car factory taking over another car factory
A car factory taking over a supplier of parts
A car factory taking over a car dealership
A car factory taking over a coffee shop
Which of the following is an example of backward vertical growth?
A car factory taking over another car factory
A car factory taking over a supplier of parts
A car factory taking over a car dealership
A car factory taking over a coffee shop
Organisations run by central or local government are often referred to as
Private sector
Voluntary sector
Public sector
Mixed economy
Businesses including farming, fishing, forestry & the extraction of natural resources e.g. oil, minerals etc.
Tertiary Sector
Primary Sector
Secondary Sector
The economic problem
All entrepreneurs are successful businessmen and business women.
True
False
A partnership business is run by how many owners?
One
More than 3
Two or more
Up to 100
Which of the following is a drawback of business planning?
Reduces risk by providing a guide for the business
The plan will need to be constantly updated
It will help to secure any finance required
Allows the business to review its progress
An existing business may use a business plan to:
Focus on the business idea before start-up
Present to shareholders at the AGM
Secure external finance for business expansion
To share with employees in the business
Which of the following is a functional area of a business?
Outsourcing
Operations
Enterprise
Capital
What are the owners of private and public limited companies called?
Stakeholders
Managers
Board of directors
Shareholders
Which of the following is a drawback for an entrepreneur setting up a business as a sole trader?
Profit is shared
Financial accounts are kept private
Limited liability
Unlimited liability
Which of the following is an advantage of operating a large established business as a public limited company?
Shares can be sold to the public to raise additional finance
Financial accounts are published
Shares can only be sold to invited investors to raise finance
Owners have unlimited liability
Which of the following is a disadvantage of setting up a business as a partnership?
Shared losses
Shared workload
Shared profit
More ideas generated
Which legal structure would an individual wishing to start-up a small business choose because it is quick, easy and inexpensive to set up?
Sole trader
Partnership
LTD
PLC
Shareholders recieve a share of the profits a LTD makes called a
Dividend
Bonus
Commission
Cash Prize
Define franchisee
The business which sells the rights for others to sell under their name
The business/individual which purchases the rights to sell under another business' name
A business owned by someone named fran
A business owned by shareholders
Which of the following are examples of a franchise?
McDonald's
Subway
King du
Amazon
The rise of the internet has meant that many businesses costs are:
Lower as there is more need for expensive retail premises
Lower as there is less need for expensive retail premises
Higher as there is more need for expensive retail premises
Higher as there is less need for expensive retail premises
A business has the choice to locate at Site A, which is close to the market, or Site B, which is close to materials and labour. The benefit of choosing Site A over Site B is that it is close to:
Customers
Suppliers
Raw materials
Employees
The BBC has relocated some of its operations from Central London to Cardiff. This is most likely to be due to:
Cost
The availability of raw materials
The availability of labour
The location of rivals
The location factor known as proximity to labour involves knowing where:
Employees are located
Suppliers are located
Customers are located
Materials are located
A new start-up café is most likely to locate close to its:
Competitors
Suppliers
Employees
Customers
Online businesses locate in less expensive and more remote locations because:
They need to be close to the competition
They do not need to be close to the market
They need to be close to raw materials
They do not need to consider cost
Which two of the following businesses are likely to operate purely by e-commerce?
Select two answers:
Tanning centre
Veterinary practice
Travel agent
Insurance broker
Hairdresser
What is a Business Aim?
A small target that it will try to achieve this month
A short-term SMART target
An overall goal, or a long-term goal.
A mission statement
What is a business objective?
A service for customers
An overall goal, or a long-term goal
A way of making more profit
A smaller goal, or short-term goal, that must be met so that the overall aim is achievable
In SMART what does S stand for
Steady
Specific
Science
Service
In SMART what does M stand for
Measurable
Money
Market
Most
In SMART what does A stand for
Agreed
Around
Actual
Aim
In SMART what does R stand for
Realise
Reach
Revenue
Realistic
In SMART what does T stand for
Target
Time-bound
Total
Try
Which of these is NOT a reason for having business aims and objectives?
Allocate resources
Manage Progress
Provide Focus
Get cheaper supplies
