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