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- 1. Multiple Choice
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
- 2. Multiple Choice
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
- 3. Multiple Choice
Increased concern from consumers over the environment has led to new business start-ups developing products from recycled 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 interest rate
- 4. Multiple Choice
Which of the following statements best describes the term, reward?
The probability that something will go wrong
The chance of loss or damage
When a hoped for outcome does not happen
The benefits gained through business activity
- 5. Multiple Choice
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
- 6. Multiple Choice
Which of the following is a financial reason why an entrepreneur might start-up a new business
To make a profit
To pursue a skill or interest
To have more freedom in decision-making
To achieve a work-life balance
- 7. Multiple Choice
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 product or service
- 8. Multiple Choice
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
- 9. Multiple Choice
An entrepreneur has produced a shaving oil for customers with sensitive skin to eliminate any 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
- 10. Multiple Choice
A product of service is obsolete when sales...
Start to rise
Rise rapidly
Growth slows
Fall or come to an end
- 11. Multiple Choice
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, whilst goods are usually invisible
Both goods and services are intangible
- 12. Multiple Choice
Which two of the following are examples of risk that can occur from business activity? Select two answers:
Profit
Lack of security
Independence
Business success
Financial Loss
- 13. Multiple Choice
Which two of the following increases the risk of business failure? Select two answers:
Draws up a detailed business plan
Produces goods that do not meet customer needs
Makes a product that stands out from its competitors
Fails to carry out comprehensive market research
Offers exceptional customer service
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