WorksheetsU1/T1 - Enterprise and Entrepreneurship
Total questions: 56
Worksheet time: 26mins
The skill of being able to spot a business opportunity
Which of the following is an example of a business organisation
Charity shop
Borden Grammar School
Kent Fire and Rescue
All of them
Identify the natural resources that are being exploited in the primary sector? (REM)
Agriculture
Fishing
Forestry
All the above
Explain the difference between primary, secondary and tertiary. (UND)
The Primary Sector is that part of the economy trees are drawn as raw materials.
Secondary sector is the sector where the raw materials are manufactured.
Tertiary sector is when services are rendered.
All the above
A budding entrepreneur who is looking to set up a new enterprise is concerned that the business might not provide enough of a stable income to maintain his current standard of living. Which of the following best describes this risk?
Inability to break even
Lack of security
Business failure
Lack of independence
Sara decided to start up a business as a personal trainer due to her passion for fitness. Which of the following is the main reason behind Sara's business idea
Earn more money
Pursue an interest
Be her own boss
Work more flexible hours
Increased concern from consumers over the environment has led to new business start-ups developing products from recycles materials. These business ideas have come about due to:
Services that have become obsolete
Products that have become obsolete
Changes in consumer demand
Changes in the economy
Which of the following statements best describes the term reward
Financial security of a full time job
The chance of loss or damage
When a hoped for outcome does not happen
The benefits gained through business activity
An entrepreneur has developed a unique product to launch into the market. Which of the following best describes how this new business idea came about
An original idea
Adapting an existing product
Adapting an existing service
Adapting an existing idea
Which of the following is a financial reason why an entrepreneur might start up a new business
To achieve a work-life balance
To pursue a skill or interest
To make a profit
To have more freedom in decision-making
Which of the following best describes the term, obsolete. When consumers....
Demand more of a particular product or service
Want, and can afford, to buy more products and services
Can no longer afford to buy a particular product or service
No longer want to buy a particular product or service
Lack of overall planning and poor decision-making can lead to business failure. This is known as:
Poor management
Poor quality
Poor understanding of the economy
Poor sales levels
An entrepreneur has produced a shaving oil for customers with sensitive skin to eliminate an pain when shaving. This is an example of a business idea that:
Was developed and delivered to the market quickly
Solved a customer problem
Offered a cheaper way of doing something
Is aimed at a fast growing market
A product or service is obsolete when sales:
Start to rise
Rise rapidly
Growth slows
Fall or come to an end
Which of the following statements is true in relation to goods and services
Services can be touched and held, whilst goods are usually invisible
Goods can be touched and held whilst services are intangible
Services are visible whereas goods are usually invisible
Both goods and services are intangible
Which TWO of the following are examples of risk that can occur from business activity.
Profit
Lack of security
Independence
Business success
Financial loss
Which TWO of the following increases the risk of business failure
Drawing up a detailed business plan
Producing goods that do not meet customer needs
Making a product that stands out from competitors
Failing to carry out comprehensive market research
Offering exceptional customer service
When a business launches an updated product with new features it is best described as adding value through:
Convenience
Branding
Quality
Design
Which of the following statements best describes the term unique selling point.
Establishing a clear target market for a product
Developing an aspect of a product that makes it different from its rivals
Carrying out market research effectively
Producing a range of goods and services
The main purpose of which of the following businesses is to provide a service to customers
An independent bakery
A dog grooming parlour
A farm
A specialist skateboard producer
which of the following best describes the term entrepreneur
someone who buys a product from a business
someone who uses goods and services produced by a business
someone who works for a business
someone who is willing to take the risk involved in starting a business
In order to add value local grocery stores often sell cheese that has already been grated for the customer. This adds value through:
Convenience
Branding
Quality
Customer service
One role of an entrepreneur is to organise resources. Which of the following statements best describes this role
the ability to take calculated risks
the skill to think creatively
employing workers and buying equipment in order to produce goods
the prospect of keeping all profits that are generated
Which of the following statements best describes the term added value
when a product stands out from those of its competitors
making a product widely recognisable
the difference between the cost of making a product and its selling price
making a product convenient to use
Which of the following skills best describes an entrepreneur that has successfully created and launched a unique business idea onto the market
team player
communicative
organised
innovative
In order to make its products stand our from those of its competitors, a small chocolate manufacturer produces organic, gluten free chocolate bars. This is classed as adding value through:
Customer service
a unique selling point
branding
convenience
which of the following best describes how value can be added to a product through branding
making a product to a high standard demanded by customers
Saving customers time
when a business is recognisable by its name
launching an updated product with new features
Which TWO of the following are disadvantages of being an entrepreneur
ability to pursue an interest
flexible working hours
possible financial loss
stress of being a decision maker
being your own boss
Which TWO of the following businesses produce goods for customers
A local veterinary practice
A small producer of specialist mountain bikes
A local hairdressing salon
An independent travel agent
A local ice cream manufacturer
An individual who undertakes the creation, organization, and ownership of a business by setting up a business, creating a new idea and who is willing to take a loss in order to make money
Entrepreneurship
Entrepreneur
enterprise
Business Plan
A new method, idea, product, etc
enterprise
equity
brand
innovation
Television commercials, billboards on the side of the road, and magazine advertisements are examples of?
networking
Entrepreneurship
brand
marketing
A brief speech that defines a person, process, product, service, organization, or event and its value
brand
pitch
enterprise
equity
Any activity a business does to try and contact potential customers
marketing
Business Plan
networking
Entrepreneur
Developing new contacts and maintaining a network of connections that could be beneficial for your business
pitch
enterprise
networking
equity
Refers to the words and symbols such as a name, logo, and slogan that represent a business’ identity
pitch
brand
innovation
marketing
Another term for a business
Entrepreneurship
equity
marketing
enterprise
The process of getting into and operating one’s own business refers to the execution of new ideas by building a solution to a problem and taking the necessary steps to make it a reality.
Business Plan
Entrepreneurship
networking
enterprise
What is a Business Plan?
Document that describes a new business & a strategy to launch that business
Shares or ownership stakes in a business
Refers to the words and symbols such as a name, logo, and slogan that represent a business’ identity
A brief speech that defines a person, process, product, service, organization, or event and its value
What is equity?
Describes an individual who takes the initiative and risk to set up a business
A new method, idea, product, etc
Any activity a business does to try and contact potential customers
Shares or ownership stakes in a business
A budget is an estimate of income and expenditure for a set period of time.
True
False
Entrepreneurs
take risks
run away from risks
are unaware of risks
none of the above
What are two characteristics of an entrepreneur?
willing to take risks
shopaholic
money manager
run away from risks
Do you think you could be an entrepreneur? Why or why not?
