WorksheetsFactors of Production & Opportunity Cost Quiz
Total questions: 21
Worksheet time: 12mins
What is the definition of a business enterprise?
The formation of a new business or development of a new good or service to be introduced to the market.
The process of buying and selling goods in a market.
The management of a company's finances.
The creation of a marketing strategy for a product.
Which of the following is a motive for entrepreneurs?
To avoid taking risks.
To generate a profit.
To work for someone else.
To reduce market competition.
What is one of the non-financial motives for entrepreneurs?
Generate a profit.
Be own boss.
Increase market share.
Reduce costs.
What is a function of an entrepreneur?
They avoid taking risks.
They set up a business.
They work as employees.
They focus only on profits.
What is one of the rewards of being an entrepreneur?
Loss of security.
Flexible working hours.
High stress levels.
Low sales.
What is a risk of being an entrepreneur?
High job satisfaction.
Financial loss of income.
Guaranteed profits.
Low competition.
What does an entrepreneur do to identify opportunities?
Avoids market research.
Spots a gap in the market.
Follows competitors blindly.
Ignores customer feedback.
What is one of the social/community motives for entrepreneurs?
To maximize profits.
To support a specific cause.
To reduce employment.
To increase personal wealth.
What is a characteristic of an entrepreneur?
Indecisive.
Determined.
Risk-averse.
Unorganized.
What is one reason people set up their own business?
To avoid responsibility.
To keep a family business running.
To work fewer hours.
To eliminate competition.
What is involved in the process of being an entrepreneur?
Avoiding financial risks.
Organising resources.
Ignoring market trends.
Reducing product quality.
What is a financial motive for entrepreneurs?
Self-satisfaction.
Create employment for others.
Provide employment for self and family.
Support a community cause.
What is a potential risk for entrepreneurs?
High job security.
Loss of sales.
Guaranteed market success.
Unlimited liability.
What is one of the rewards of being an entrepreneur?
Low self-esteem.
Good customer feedback.
High stress levels.
Loss of income.
What is a benefit of being your own boss as an entrepreneur?
Less responsibility.
More control over decisions.
Guaranteed profits.
Reduced workload.
Match the following entrepreneurs to their business
Reggae reggae Sauce
Nike
Instgram (co founder)
Def Jam
West Ham Utd CEO
