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Edexcel A Level Business - 1.5 Entrepreneurs and leaders Flashcards | StudBud
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Edexcel A Level Business - 1.5 Entrepreneurs and leaders
Edexcel A Level Business - 1.5 Entrepreneurs and leaders
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#Edexcel A Level #Business - 1.5 Entrepreneurs and leaders - Theme 1
Flashcards
18 cards
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Questions
18
Answers
1
What are the characteristics of a successful entrpreneur?
Not being resilient
results orientated
Having a vision
Self-starting and decisive
2
What is the role of an entrepreneur?
Acts as a catylyst for the creation and growth of new enterprises
Takes calculated risks to gain returns
Not think about about goal setting
Spots business opportunities
3
Observations are a source of business ideas
True
False
4
Cost efficiency is likely to result in which benefit to the business?
Reduced price elasticity of demand
Improved value added
More competitive pricing
Better employee welfare
5
A manager who works within a business and promotes innovation and new ideas:
Intrapreneur
Extrapreneur
Entrepreneur
Iterpreneur
6
A business objective based on increasing sales relative to competitors is known as:
Sales maximisation
Customer satisfaction
Cost efficiency
Market share
7
When one person has complete ownership and control of an unincorporated business:
Public limited company
Private limited company
Partnership
Sole trader
8
When two or more people share ownership and control of an unincorporated business:
Sole trader
Private limited company
Public limited company
Partnership
9
Which of the following is a financial motive for entrepreneurship?
Social entrepreneurship
Ethical stance
Independence and home working
Dividends
10
Which of the following forms of business gives owners limited liability?
Private limited company
Sole trader
Ordinary partnership
Public limited company
11
When a business sells the right to use its name and goodwill in return for a series of fees:
Outsourcing
Sale and leaseback
Franchising
Offshoring
12
A business which seeks to make a profit, but which has primarily social objectives is known as:
Public limited company
Private limited company
Sole trader
Social enterprise
13
Starting a lifestyle business with limited growth potential to pursue an interest or hobby.
Profiteering
Profit maximisation
Profit creation
Profit satisficing
14
The benefit forgone from not following the best alternative course of action:
Opportunity cost
Opportunity lost
Trade-off
Trade-down
15
Which of the following is
not
a barrier to entrepreneurship?
Corrupt and unsupportive business environment
Lack of experience in the market
Risk aversion
Trade liberalisation
16
Which of the following forms of business can advertise shares for sale on the stock market?
Public limited company
Sole trader
Partnership
Private limited company
17
Where having more of one thing potentially results in having less of another:
Opportunity lost
Trade-down
Opportunity cost
Trade-off
18
Which of the following is
not
associated with moving from being an entrepreneur to a leader?
The need for motivation and inspiration
The need for increased independence
The need for shared ownership
The need for strategy and vision
