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GCSE Business 1.1 Enterprise and Entrepreneurship Flashcards | StudBud
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GCSE Business 1.1 Enterprise and Entrepreneurship
Value can be added by
Businesses can fail if they expand too quickly
GCSE Business 1.1 Enterprise and Entrepreneurship
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Answers
1
Businesses can fail if they expand too quickly
TRUE
FALSE
2
Value can be added by
Providing a good quality product
Increasing your costs
Making life difficult for your customers
3
If I sell a packet of crisps for #1 and they cost 10p to make, how much value have I added?
£1.10
90p
10p
4
Independence is
A risk
A reward
5
Lack of financial security is
A reward
A risk
6
A benefit of using an original idea is
Less risk
Less competition
Lower costs
7
Something that helps you to compete is known as
A brand
The X factor
Competitive advantage
8
What consumers want is called
Demand
Supply
9
A business is
An entrepreneur
An enterprise
10
Apps were created due to
Products becoming obsolete
Changes in technology
Changes in demand
11
Which of the following is NOT a risk
financial loss
lack of security
Independence
12
Which of the following is a SERVICE?
A haircut
A football
A computer
A book
13
People who work in a business are called
Workers
Human resources
Lackeys
14
Which of the following is NOT a reason for a new business idea to come about?
Changes in technology
Products becoming obsolete
Changes in demand
To make more money
15
For a business to succeed they need to
Package goods nicely
Meet customer needs
Have a snazzy brand
16
Vegan meat was created due to
Changes in technology
Changes in demand
Products becoming obsolete
17
Entrepreneurs do NOT have to
Provide all the finance to start a business
Make decisions about what to produce and how to produce it
Show leadership
Take risks
18
Obsolete means..
When there is more demand for a product or service
When a product or service is no longer in use
19
A dynamic market is
An exciting market
Somewhere you can buy dynamics
A market that changes quickly
20
A benefit of adapting an existing idea is
Less risk of failure
Less competition
Higher costs
21
Higher prices will
Decrease demand
Increase demand
22
Which of the following is a GOOD?
A book
A trip to the gym
A train ticket
A haircut
23
Which of the following is NOT a competitive advantage for Tesla
Low prices
Cutting edge design
High performance engines
24
Most entrepreneurs only start businesses to make money
FALSE
TRUE
