1.1 Enterprise and Entrepreneurship

Question 1

Where buyers and sellers meet to exchange goods and services...

Accepted Answer

Market

Question 2

A gap in the market occurs when no business is currently

Accepted Answer

Serving the needs of customers for a particular product

Question 3

Data relating to ages, incomes, religions, etc. is known as ... ?

Accepted Answer

Demographic

Question 4

Entrepreneurial activity which can also mean a business or company is called what?

Accepted Answer

Enterprise

Question 5

Which is the odd one out? Why?

Accepted Answer

Independence

Question 6

If something can be touched it is said to be... ?

Accepted Answer

A Good, Tangible

Question 7

A business which sells (or supplies) products to another business...

Accepted Answer

Supplier

Question 8

If businesses are selling similar products / services, they are known as ... ?

Accepted Answer

Competitors

Question 9

Which cannot be used by a business when adding value?

Accepted Answer

Demand

Question 10

The difference between the cost of materials and the selling price is known as ... ?

Accepted Answer

Added Value

Question 11

USP stands for ... ?

Accepted Answer

Unique Selling Point

Question 12

The nature of business is very dynamic which means that it is ...

Accepted Answer

Always changing

Question 13

Which of the following is NOT an example of a customer need?

Accepted Answer

Phone

Question 14

The amount that customers want and can afford to buy is known as the ... ?

Accepted Answer

Demand

Question 15

Why do new business ideas come about?

Accepted Answer

Advances in technology, Products & services becoming obsolete, Changes in what consumers want

Question 16

Qualities of an entrepreneur usually do not include being:

Accepted Answer

Rich

Question 17

A new business idea will usually fill a ______ in the market?

Accepted Answer

Gap

Question 18

Using the internet to carry out business transactions is known as ... ?

Accepted Answer

E - Commerce

Question 19

The balance between the best and worst that can happen is known as...?

Accepted Answer

Risk and Reward

Question 20

When a product / service becomes out of date or not used anymore it is called...

Accepted Answer

Obsolete

Questions 20