WorksheetsEnterprise Key Words
Total questions: 15
Worksheet time: 8mins
What does SME stand for?
Small and Medium Enterprises
Small and Major Enterprises
Small and Medium Entities
Small and Major Entities
Which of the following best describes 'Profit'?
The total revenue generated by a business
The difference between total revenue and total costs
The total costs incurred by a business
The total assets owned by a business
What is an 'Enterprise' in a business context?
A large corporation
A project or undertaking, especially a bold or complex one
A type of partnership
A government-owned company
Which of the following is a characteristic of a 'Sole Trader'?
Limited liability
Shared ownership
Single ownership
Incorporated business
In a 'Partnership', how many people are typically involved?
One
Two or more
Only two
More than ten
What does 'Limited Liability' mean for business owners?
Owners are personally responsible for all business debts
Owners are not responsible for any business debts
Owners' personal assets are protected from business debts
Owners have unlimited responsibility for business debts
Which of the following best describes a 'Social Enterprise'?
A business that aims to maximise profits for shareholders
A business that prioritises social objectives over profit
A government-owned business
A non-profit organisation
What are 'Aims' in a business context?
Short-term goals
Long-term goals
Day-to-day operations
Financial statements
Which of the following is an example of a 'Skill'?
Honesty
Communication
Creativity
Confidence
Which of the following is a 'Characteristic' of an entrepreneur?
Financial acumen
Risk-taking
Technical knowledge
Marketing skills
What is the primary advantage of being a 'Sole Trader'?
Limited liability
Full control over business decisions
Easier access to capital
Shared responsibility
In a 'Partnership', how are profits typically shared?
Equally among partners
Based on the amount of capital each partner invested
According to the partnership agreement
Based on seniority
Which of the following is a key feature of a 'Limited Liability Company'?
Unlimited liability for owners
Separate legal identity from its owners
Owned by the government
No need to file annual reports
What is the main purpose of a 'Social Enterprise'?
To generate maximum profit for shareholders
To address social issues and improve communities
To compete with large corporations
To avoid paying taxes
Which of the following is an example of a business 'Aim'?
Increase market share by 10% in the next year
Hire two new employees next month
Launch a new product next quarter
Reduce operational costs by 5% this month
