GCSE Business Year 10 Enterprise and Entrepreneurship

Question 1

Entrepreneurs must take a calculated __________ before starting a business.

Accepted Answer

Risk

Question 2

This is usually about providing a better product or service than your competitors

Accepted Answer

Customer satisfaction

Question 3

Making a profit is the reward for risk-taking and ______________.

Accepted Answer

Enterprise

Question 4

Which of the following is a risk of starting a business?

Accepted Answer

Strained relationships

Question 5

Goods are ______________ products such as cars, hair straighteners or burgers

Accepted Answer

Physical

Question 6

What does the M stand for in SMART?

Accepted Answer

Measurable

Question 7

This refers to doing what is right.

Accepted Answer

Ethical

Question 8

Identify the business aim

Accepted Answer

To survive the first year, To increase market share

Question 9

Services are non-physical items such as hairdressing or _______________.

Accepted Answer

Mechanics, Train Journeys

Question 10

Which of the following is not part of product adaptation?

Accepted Answer

Creating a new service

Question 11

Is this objective SMART - To increase sales by 10% in the next 12 months

Accepted Answer

Yes

Question 12

Online shopping, also known as __________, is growing in the UK thanks to companies like Amazon

Accepted Answer

E-Commerce

Question 13

Which of the following force a business to be dynamic?

Accepted Answer

Changes in the economy, Changes in consumer tastes, Changes in technology

Question 14

This objective is SMART - To reduce production costs by 5% every year for the next three years

Accepted Answer

True

Question 15

Which of the following describes product adaptation?

Accepted Answer

Changing an existing product so it suits a new markets, A product is changed to appeal to different cultures

Question 16

Identify one of the rewards of owning your own business.

Accepted Answer

Sense of achievement, Independence

Question 17

Technology is the only reason products become obsolete.

Accepted Answer

False

Question 18

Why is this objective not SMART? - To increase market share to a minimum of 65% within 6 years.

Accepted Answer

It is not realistic

Question 19

Well defined - clear to anyone reading them what is to be achieved

Accepted Answer

Specific

Question 20

An objective is a ______________ target for a business which works towards achieving an aim.

Accepted Answer

Short-term

Question 21

A business is an organisation that produces and sells goods and services, for a ____________.

Accepted Answer

Profit

Question 22

Targets are possible due to the resources available i.e. Money

Accepted Answer

Realistic

Question 23

Entrepreneurs see the risks involved in running a business as a ___________

Accepted Answer

Challenge

Question 24

How do businesses come up with new product ideas?

Accepted Answer

Create an original product to satisfy a new customer trend., Adapting existing products to keep up with consumer trends.

Question 25

Which of the following is a benefit of product adaptation?

Accepted Answer

Adapting existing products can lowers development costs, It’s quicker to launch adapted products to the market

GCSE Business Year 10 Enterprise and Entrepreneurship

Questions 25

GCSE Business Year 10 Enterprise and Entrepreneurship

Questions 25