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Edexcel 9-1 GCSE Business 1.1 Entrepreneurship Flashcards | StudBud
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Edexcel 9-1 GCSE Business 1.1 Entrepreneurship
Which one of the following is a risk at the START of a business?
Goods are
Edexcel 9-1 GCSE Business 1.1 Entrepreneurship
18 terms
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Entrepreneurship
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Questions
18
Answers
1
Goods are
tangible
intangible
reliable
edible
2
Which one of the following is a risk at the START of a business?
Running out of energy and self belief
Overtrading
Over confidence of staff
Not securing enough start up capital
3
Which of the following NOT a reward of setting up a business
Potential profit and wealth
Independence and control
Getting a buzz from start up
Bankruptcy and loss of personal assets
4
Which two of the following are risks when the business grows RAPIDLY
Not securing enough start up capital
Running out of energy and self belief
Overtrading
Over confidence of staff
5
The price of a product with lots of added value is normally
lower than others
the same as others
based on costs
higher than others
6
Business is dynamic. This means
It is declining
It stays the same
It uses technology extensively
It is constantly changing
7
Which qualities and skills are needed to be an entrepreneur?
Well organised
Resilience
All of the answers
Risk taker
8
There are 5 ways to add value. Which of the following is NOT one of them
Great design
A low price
Strong branding
Unique selling point
9
Which of the following is NOT a risk of setting up a business
Stress on family life
Keeping all the profit
Unlimited liability for sole traders
Lack of financial security
10
Services are
Tangible but give a benefit
Tangible and have little worth
Have little worth and intangible
Intangible but give a benefit
11
Which of these is a reason why new business idea come about?
increases in costs
changes in technology
changes in prices
new promotional strategies
12
Which one of the following is a risk in the early stages of business development
Overtrading
Over confidence of staff
Not securing enough start up capital
Running out of energy and self belief
13
New business ideas come about because products become obsolete, this means
They break a lot
They meet exactly what customer want
They no longer meet customer needs
They become hard to manufacture
14
Which one of the following is NOT part of the role of an entrepreneur
Being inflexible
Organising resources
Making business decisions
Showing leadership
15
Select the financial motivator for entrepreneurs
Control over business decision
Enjoying risk & challenge
Job satisfaction
Making a profit
16
Which of the following is evidence that cash is NOT the same as profit
Income used to calculate profit MUST come from sales revenue
Sales- cost of sales = gross profit
Cash is used to calculate profit
Profit is the reward for entrepreneurship
17
A competitive advantage is
A product which is cheaper than the competition
Feature of a company/product making it different to others
Features that are similar to other products and companies
A product which is less well known
18
The ROLE of business enterprise is to
Provide customers with goods and services they want and need
To compete with other businesses
To make a profit for shareholders
To create jobs
