An entrepreneur is...

someone who takes the risk of starting a new business

Opportunity cost is...

the next best alternative foregone, The benefit of the next most desired item given up

Which of these is a benefit of being a small business

can offer personal services to customers

A social enterprise is...

a business with mainly social objectives

Public limited companies; a major advantage

Can sell shares on the stock market

what three aims make up the triple bottom line

economic, social, environmental, people, planet, profit

An advantage of running a franchise is

help and guidance from a successful business

the dif between cost of materials and selling price

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Intro Unit - Quiz 1 (AS and IGCSE)

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Enterprise and business structure quiz

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Questions 20

Answers

1
An entrepreneur is...
someone who takes the risk of starting a new business
someone to has a business idea
someone who takes risks
someone who manages a business
2
Opportunity cost is...
the next best alternative foregone
The benefit of the next most desired item given up
the difference between what you want and what you have
the cost of the next item
3
Primary sector - which one is the odd one out
Mining
Iron ore extraction
Hairdressing
Fishing
4
Which of these is a benefit of being a small business
can employ specialist managers
economies of scale
can offer personal services to customers
risk is spread
5
Which of these is not a challenge facing entrepreneurs
Facing the competition
Finding the finance
Getting the right location
Earning a profit
6
The four factors of production are....
land labour capital ideas
land labour capital enterprise
capital enterprise land workers
land buildings money ideas
7
Unlimited liability is a problem for
private companies
partnerships
government owned enterprises
sole traders
8
Why do governments encourage entrepreneurship
Innovation
Creates employment
all of the them
economic growth
9
A social enterprise is...
a business that is in society
a business with mainly social objectives
a business which gives all its profit away
a business that isn't interested in profit
10
Secondary sector - which is the odd one out
Dress maker
Car Manfacturing
Coca cola bottling plant
Garden International School
11
Public limited companies; a major advantage
Can sell shares on the stock market
Have to publish their accounts
Can be vulnerable to a takeover
Are usually large
12
One disadvantage of being a sole trader is
control
profit
limited liability
no one to share ideas with
13
what three aims make up the triple bottom line
social, profit, work life balance
economic, social, environmental
people, planet, profit
profit, profit, profit
14
An advantage of running a franchise is
limited ability to grow
get to keep all profits
help and guidance from a successful business
creativity is sometimes stifled
15
which of these is not a major cause of business failure
lack of accurate accounting records
poor facilities
lack of cash and working capital
poor or inexperienced management
16
which of these is not a measurement of business size
number of employees
Market share
Turnover
Profit
17
The public sector is controlled by
society
private individuals
shareholders
government
18
Added value is....
the dif between cost of materials and selling price
the cost of the materials and labour
the price of product
the diff between cost of good sold and turnover
19
which of these is a benefit of a large business
are run by the owners
can get to know workers more easily
are very adaptable to changes in the environment
can afford R&D
20
Tertiary sector - which is the odd one out
Baby sitter
Dentist
Farming
Cafe

Intro Unit - Quiz 1 (AS and IGCSE) Flashcards | StudBud