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- 1. Multiple Choice
Which one of the following best explains business activity?
Using resources to make goods and services that workers need
Using factors of production to supply resources for customers
Using resources to make products that meet customers needs
Making factors of production to satisfy customer requirements
- 2. Multiple Choice
Which of the following is NOT a factor of production?
Labor
Customer
Capital
Land
- 3. Multiple Choice
A business could 'add value' by :
making higher profits
employing more workers
using more expensive materials and keeping the selling price low
using materials more efficiently
- 4. Multiple Choice
Which one of the following is a common problem faced by most entrepreneurs?
Too many different sources of finance to choose from
A large number of costumer to serve from the day the business is set up
Premises that are too near the city center
Inadequate finance to buy capital equipment
- 5. Multiple Choice
Which of the following is a common problem faced by most entrepreneurs?
Committed
Unskilled
Shy
Cautious
- 6. Multiple Choice
In which ONE of the following business activities would you MOST expect a NEW entrepreneur to be successful in today's business world?
Aircraft manufacturing
Banking
Taxi services
Oil exploration
- 7. Multiple Choice
When transformation of inputs to outputs takes places to produce goods and services is called.....
opportunity cost
added value
creating value
daily cost
- 8. Multiple Choice
Opportunity cost happen because of....
unlimited needs
limited wants
unlimited resources
limited resources
- 9. Multiple Choice
Which one is NOT the aims of social enterprise?
make a difference to society with a clear mission
reinvest profit for their social purpose
create profit to be invested in another business
gain income from selling goods and services, not from donation
- 10. Multiple Choice
The bottom line of economic or financial performance in social enterprise is.....
long term effect for the environment
revenue
increasing employment
recycle furniture
- 11. Multiple Choice
What is an entrepreneur
Someone who starts a new business
Someone who manufactures things
Someone who designs buildings
Someone who has new ideas
- 12. Multiple Choice
Increasing the difference between the cost of purchasing bought-in materials and the price the finishes goods are sold for.
Adding value
Opportunity cost
Creating value
General costs
- 13. Multiple Choice
The difference between the cost of purchasing bought in materials and the price the finished goods are sold for
Opportunity costs
Creating value
Added value
Material costs
- 14. Multiple Choice
The benefit of the next most desired option which is given up
Creating value
Added value
Opportunity Cost
Capital goods
- 15. Multiple Choice
Someone who takes the financial risk of starting and managing a new venture
Triple bottom line
Costumers
Social enterprise
Entrepreneur
- 16. Multiple Choice
The three objectives of social enterprises are called
Social enterprise
Triple bottom lines
Entrepreneur
Enterprise
- 17. Multiple Choice
A business with mainly social objectives that reinvest most of its profits into benefiting society rather than maximizing returns to owner
Social enterprise
Triple bottom line
Entrepreneurs
Enterprises
- 18. Multiple Choice
The entrepreneur may not be an inventor in the traditional sense, but they must be able to carve a new niche in the market, attract costumers in innovative ways and present their business as being different from others in the same market.
Commitment and self motivation
Multi skilled
Innovation
Leadership skills
- 19. Multiple Choice
A willingness to work hard, keen ambition to succedd, energy and focus are all essential qualities of a successful entrepreneurs.
Multi skilled
Commitment and self motivation
Self-confidence and an ability to bounce back
Risk taking
- 20. Multiple Choice
The entrepreneur will have to lead by example and must have a personality that encourages people in the business to follow them and be motivated by them.
Self - confidence and an ability to bounce back
Risk taking
Leadership skills
Commitment and self-motivation
- 21. Multiple Choice
An entrepreneur will have to make product (or provide the service), promote it, sell it and keep accounts. These different business tasks require a person who has many different qualities, such as being keen to learn technical skills, being able to get on with people and being good at handling money and keeping accounting records.
Self-confidence and an ability to bounce back
Leadership skills
Risk taking
Multi skilled
- 22. Multiple Choice
Many business start-ups fails, yet this would not discourage a true entrepreneur who would have such belief in themselves and their business idea that they would bounce back from any setbacks.
Innovation
Risk Taking
Self-confidence and an ability to bounce back
Multiskilled
- 23. Multiple Choice
Entrepreneurs must be willing to take risks in order to see results. Often the risks they take is by investing their own savings in the new business.
Risk taking
Leadership skills
Innovation
Self - confidence and in ability to bounce back
- 24. Multiple Choice
Why do business exist?
To satisfy the needs of costumers
To help the government collect tax
To realise opportunities within the market
To help owners make a living
- 25. Multiple Choice
Name one of the reasons people become entrepreneurs.
Feeling Insecure
They are doing what they enjoy
They like to be the ONLY one doing everything
Confidence to built
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