Free Printable October 2025 - AP1 Revision

Free Printable Worksheets

Worksheets

October 2025 - AP1 Revision

Total questions: 88

Worksheet time: 44mins

Name

Class

Date

1.

Fill in the blank: An enterprising person is defined as _____________.

a)

A person who has a business idea and is willing to take a risk in order to make it work

b)

A person who prefers to avoid new challenges and risks

c)

A person who only follows instructions and never innovates

d)

A person who is uninterested in starting new ventures

2.

What is an entrepreneur? Fill in the blank: An entrepreneur is someone who is willing to take ______ to achieve business success.

a)

risks

b)

vacations

c)

orders

d)

breaks

3.

Which of the following is a key characteristic of an entrepreneur?

a)

Risk Taking

b)

Laziness

c)

Procrastination

d)

Indecisiveness

4.

Which of the following is a key characteristic of an entrepreneur?

a)

Decision making

b)

Avoidance

c)

Hesitation

d)

Doubt

5.

Which of the following is a key characteristic of an entrepreneur?

a)

Innovation

b)

Stagnation

c)

Fearfulness

d)

Passivity

6.

Which of the following is a key characteristic of an entrepreneur?

a)

Determination

b)

Indifference

c)

Apathy

d)

Uncertainty

7.

Which of the following is a key characteristic of an entrepreneur?

a)

Leadership

b)

Submission

c)

Reluctance

d)

Disinterest

8.

Which of the following is a key characteristic of an entrepreneur?

a)

Planning

b)

Impulsiveness

c)

Carelessness

d)

Negligence

9.

Which of the following is a key characteristic of an entrepreneur?

a)

Persuasiveness

b)

Timidity

c)

Silence

d)

Withdrawal

10.

According to the passage, one reason the government is keen to encourage enterprise is that it reduces _________

a)

unemployment

b)

inflation

c)

taxes

d)

imports

11.

According to the passage, encouraging enterprise provides fresh opportunities for _________

a)

employment

b)

retirement

c)

recreation

d)

punishment

12.

According to the passage, encouraging enterprise stimulates ________ development.

a)

economic

b)

physical

c)

cultural

d)

political

13.

According to the passage, businesses which compete internationally bring money into the ________ economy.

a)

Northern Ireland

b)

Scottish

c)

Welsh

d)

English

14.

According to the passage, people who set up their own business are usually highly _________

a)

motivated

b)

confused

c)

lazy

d)

uninterested

15.

According to the passage, people feel motivated and have a '________' attitude when encouraged to set up enterprises.

a)

feel good

b)

negative

c)

indifferent

d)

fearful

16.

Which of the following is a risk faced by entrepreneurs?

a)

Making profits

b)

Losing Money

c)

Satisfaction

d)

Independence

17.

Personal stress (perhaps leading to health issues) is a risk for entrepreneurs because ________.

a)

the entrepreneur will worry that the new idea may not be successful and may become stressed by the long hours worked and lack of sleep.

b)

entrepreneurs always have a guaranteed income and no financial worries.

c)

entrepreneurs never face any competition in the market.

d)

entrepreneurs are not responsible for the success or failure of their business.

18.

Which of the following is a reward for entrepreneurs?

a)

Losing Money

b)

Personal stress

c)

Making profits

d)

Losing Time

19.

Becoming famous is a reward for entrepreneurs because ________.

a)

successful entrepreneurs have become household names.

b)

it guarantees financial success for everyone.

c)

it is the only reason people start businesses.

d)

it eliminates all business risks.

20.

Match the following risks and rewards of entrepreneurship to their correct descriptions:

a)

Losing Money

1.

Success brings a high level of achievement.

b)

Satisfaction

2.

Want to be independent, to own their own business and be their own boss.

c)

Independence

3.

The entrepreneur will have invested considerable sums of money in the new product or business, and if the venture fails that money is lost.

21.

What does 'Land' include as a resource a business needs?

a)

Land includes the land used to build premises, roads and farmland. It also refers to all the natural resources and raw materials, for example, oil, fish and coal.

b)

Land includes only the buildings and machinery used by a business.

c)

Land refers exclusively to the employees working for a business.

d)

Land is limited to the financial capital invested in a business.

22.

Which of the following is NOT an example of a natural resource included in 'Land'?

a)

Oil

b)

Fish

c)

Coal

d)

Computer

23.

What does 'Labour' refer to as a resource a business needs?

a)

Labour refers to all human resources who work in a business. Labour can be both physical and mental.

b)

Labour refers to all the machinery and equipment used in a business.

c)

Labour refers to the financial capital invested in a business.

d)

Labour refers to the raw materials required for production.

24.

Labour can be both ______ and ______.

a)

physical; mental

b)

hard; easy

c)

short; long

d)

expensive; cheap

25.

What does 'Capital' include according to the resources a business needs?

a)

Includes money invested by owner and items bought with this money, known as capital items (e.g. fixed assets).

b)

Includes only the raw materials used in production.

c)

Refers exclusively to the number of employees in a business.

d)

Is limited to the business's daily operational expenses.

26.

What is 'Enterprise' in the context of business resources?

a)

Refers to the person with the idea and skills to bring the other factors together and organise them.

b)

Refers to the physical buildings and machinery used in production.

c)

Refers to the money used to start and run a business.

d)

Refers to the raw materials used in the production process.

27.

Capital includes money invested by the owner and items bought with this money, such as fixed assets.

a)

True

b)

False

28.

Without Enterprise there would not be a business.

a)

True

b)

False

29.

All business sectors require enterprise as a business resource.

a)

True

b)

False

30.

Fill in the blank: One reason why businesses start is because someone has a _________

a)

Good idea

b)

Large debt

c)

Strict boss

d)

Long commute

31.

Fill in the blank: Some people start businesses because they wish to be ____________.

a)

independent

b)

wealthy

c)

famous

d)

lazy

e)

uncertain

32.

Fill in the blank: A common motivation for starting a business is to make money and keep the __________.

a)

profits

b)

debts

c)

losses

d)

expenses

33.

Fill in the blank: People may start a business because they need a ________.

a)

job

b)

vacation

c)

hobby

d)

car

34.

Fill in the blank: Some individuals start businesses because they need the buzz and sense of ____________.

a)

adventure

b)

routine

c)

boredom

d)

stability

e)

safety

35.

Fill in the blank: A reason to start a business could be the wish to provide a __________.

a)

service

b)

holiday

c)

punishment

d)

accident

36.

Fill in the blank: One of the first steps in starting a business is to decide on a __________.

a)

product

b)

location

c)

employee

d)

logo

37.

Fill in the blank: When starting a business, it is important to decide on the best place to get __________.

a)

material

b)

customers

c)

advertisements

d)

employees

38.

Fill in the blank: A crucial step in starting a business is to design a business __________.

a)

plan

b)

car

c)

recipe

d)

passport

39.

Fill in the blank: Before starting a business, one should study the __________.

a)

market

b)

weather

c)

music

d)

language

40.

Fill in the blank: Researching the __________ is an important step in starting a business.

a)

price

b)

weather

c)

color

d)

music

41.

Fill in the blank: It is necessary to work out costs of __________ when starting a business.

a)

production

b)

marketing

c)

transportation

d)

entertainment

42.

Fill in the blank: To start a business, one must organise the necessary __________.

a)

finance

b)

furniture

c)

employees

d)

advertisements

43.

Which of the following is a type of Private Sector business ownership?

a)

Public Corporations

b)

Sole Trader

c)

Municipal Undertakings

d)

Trusts

44.

Which of the following is a type of Public Sector business ownership?

a)

Franchise

b)

Partnerships

c)

Public Corporations

d)

Private Limited Company (Ltd)

45.

Fill in the blank: ______ is a type of Private Sector business ownership.

a)

Partnerships

b)

Public Corporations

c)

Government Departments

d)

Non-Profit Organizations

46.

Fill in the blank: ______ is a type of Public Sector business ownership.

a)

Municipal Undertakings

b)

Sole Proprietorship

c)

Partnership Firm

d)

Private Limited Company

47.

Which of the following is NOT a type of Private Sector business ownership?

a)

Private Limited Company (Ltd)

b)

Public Limited Company (plc)

c)

Trusts

d)

Franchise

48.

Which of the following is NOT a type of Public Sector business ownership?

a)

Public Corporations

b)

Municipal Undertakings

c)

Sole Trader

d)

Trusts

49.

Fill in the blank: Public Limited Company (plc) is a type of ______ business ownership.

a)

Private Sector

b)

Public Sector

c)

Non-profit Sector

d)

Government Sector

50.

How many owners does a Sole Trader have?

a)

0

b)

1

c)

2

d)

Any number

51.

A Sole Trader can have how many employees?

a)

0 to any number of employees

b)

Only 1 employee

c)

No employees allowed

d)

Up to 10 employees

52.

A Sole Trader is in the ______ Sector.

a)

Private

b)

Public

c)

Voluntary

d)

Government

53.

Which of the following is an advantage of being a sole trader?

a)

Unlimited liability

b)

Own boss

c)

Lack of specialisation

d)

Limited finance

54.

Which of the following is an advantage of being a sole trader?

a)

No one to share decision making

b)

Total control

c)

Time off/holidays

d)

Limited finance

55.

Which of the following is an advantage of being a sole trader?

a)

A) Greater opportunity for flexible working

b)

B) Unlimited liability

c)

C) Lack of specialisation

d)

D) Limited finance

56.

Which of the following is an advantage of being a sole trader?

a)

Keep all profits

b)

No one to share decision making

c)

Time off/holidays

d)

Limited finance

57.

Which of the following is an advantage of being a sole trader?

a)

Easy to set up – few legal requirements

b)

Unlimited liability

c)

Lack of specialisation

d)

Limited finance

58.

Which of the following is a disadvantage of being a sole trader?

a)

Own boss

b)

Unlimited liability

c)

Keep all profits

d)

Total control

59.

Which of the following is a disadvantage of being a sole trader?

a)

No one to share decision making

b)

Greater opportunity for flexible working

c)

Keep all profits

d)

Total control

60.

Which of the following is a disadvantage of being a sole trader?

a)

Lack of specialisation

b)

Own boss

c)

Keep all profits

d)

Total control

61.

Which of the following is a disadvantage of being a sole trader?

a)

Time off/holidays

b)

Greater opportunity for flexible working

c)

Keep all profits

d)

Total control

62.

Which of the following is a disadvantage of being a sole trader?

a)

Limited finance

b)

Own boss

c)

Keep all profits

d)

Total control

63.

Who is a Sleeping Partner in a partnership?

a)

Someone who invests money but takes no part in the day to day running

b)

Someone who manages the business actively

c)

Someone who is not liable for any losses

d)

Someone who only provides legal advice

64.

What is a Deed of Partnership?

a)

A document that lays out rules for running and dissolution of the Partnership, e.g., sharing of profits

b)

A certificate issued to shareholders of a company

c)

A legal document for transferring property ownership

d)

A license required to start a business

65.

A Partnership is in which sector?

a)

Private Sector

b)

Public Sector

c)

Government Sector

d)

Co-operative Sector

66.

Which of the following is an advantage of a partnership?

a)

Unlimited liability

b)

Shared decision making

c)

Limited finance

d)

Profits have to be shared between partners

67.

Which of the following is a disadvantage of a partnership?

a)

Increased capital invested

b)

Increased specialisation

c)

Unlimited liability

d)

Easy to set up – few legal requirements

68.

Fill in the blank: One advantage of a partnership is ________ capital invested.

a)

increased

b)

decreased

c)

limited

d)

fixed

69.

Fill in the blank: In a partnership, profits have to be ________ between partners.

a)

shared

b)

ignored

c)

divided unequally

d)

kept secret

70.

Which of the following is an advantage of a partnership?

a)

A) Partners may have disagreements

b)

B) Increased specialisation

c)

C) Limited finance

d)

D) Unlimited liability

71.

Which of the following is a disadvantage of a partnership?

a)

Shared decision making

b)

Easy to set up – few legal requirements

c)

Partners may have disagreements

d)

Increased capital invested

72.

Fill in the blank: A partnership is easy to set up because there are few ________ requirements.

a)

legal

b)

financial

c)

technical

d)

educational

73.

Fill in the blank: One disadvantage of a partnership is ________ finance.

a)

limited

b)

unlimited

c)

excessive

d)

abundant

74.

A Private Limited Company has ______ after its name.

a)

Ltd

b)

Inc

c)

Corp

d)

LLP

75.

What are the owners of a Private Limited Company called?

a)

Shareholders

b)

Directors

c)

Employees

d)

Partners

76.

A Private Limited Company has a separate legal existence from its owners.

a)

True

b)

False

77.

Who are usually the shareholders in a Private Limited Company?

a)

Family and friends

b)

Government officials

c)

Public investors

d)

Foreign companies

78.

A Private Limited Company is governed by two legal documents. Name one of them.

a)

Memorandum of Association or Articles of Association

b)

Certificate of Incorporation

c)

Share Certificate

d)

Board Resolution

79.

Which document contains the voting rights of the shareholders in a Private Limited Company?

a)

Articles of Association

b)

Memorandum of Understanding

c)

Share Certificate

d)

Board Resolution

80.

Who controls a Private Limited Company?

a)

Board of Directors

b)

Shareholders

c)

Employees

d)

Government

81.

A Private Limited Company is in the ______ Sector.

a)

Private

b)

Public

c)

Government

d)

Co-operative

82.

Fill in the blank: One advantage of a Private Limited Company (Ltd) is ________ liability.

a)

limited

b)

unlimited

c)

shared

d)

personal

83.

Fill in the blank: A Private Limited Company (Ltd) has greater availability of ________.

a)

finance

b)

customers

c)

products

d)

employees

84.

Which of the following is a disadvantage of a Private Limited Company (Ltd)?

a)

Limited liability

b)

More complicated to set up - legal formalities

c)

Greater availability of finance

d)

Specialisation can occur

85.

Which of the following is a disadvantage of a Private Limited Company (Ltd)?

a)

Loss of individual control

b)

Limited liability

c)

Greater availability of finance

d)

Specialisation can occur

86.

Fill in the blank: The owners of a Public Limited Company are called _______.

a)

shareholders

b)

employees

c)

customers

d)

directors

87.

Fill in the blank: A Public Limited Company has a separate _______ existence from owners.

a)

legal

b)

financial

c)

temporary

d)

shared

88.

Shareholders of a Public Limited Company can be members of the general public.

a)

True

b)

False

100 %

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