UNIT 5,6 Enterprise Skills + Local Business Enterprises

Question 1

What is personal enterprise?

Answer 1

Taking on something to improve yourself, e.g. getting a part-time job.

Question 2

What is business enterprise?

Answer 2

Setting up a business to make a profit

Question 3

Define an entrepreneur.

Answer 3

A person who sets up a business to develop an idea for profit.

Question 4

Name three characteristics of an entrepreneur

Answer 4

Risk-taker, confident, innovative.

Question 5

Name two skills needed by an entrepreneur.

Answer 5

Decision making ,Goal setting

Question 6

Give two reasons why enterprise is important.

Answer 6

Creates jobs , generates tax revenue

Question 7

Name two strategies for generating business ideas.

Answer 7

Brainstorming , identifying gaps in the market

Question 8

What is the advantage of limited liability in a company?

Answer 8

Owners only lose the money they invested.

Question 9

Define a sole trader.

Answer 9

A business owned and ran by one person

Question 10

Define a partnership.

Answer 10

A business owned between 2 and 20 partners

Question 11

Name the four types of business sizes based on employees.

Answer 11

Micro (1–10), Small (10–50), Medium (50–250), Large (250+).

Question 12

Who are stakeholders in a business?

Answer 12

Anyone affected by or affecting the business (e.g. employees, customers).

Question 13

Define teamwork.

Answer 13

A group of people working together to achieve a goal

Question 14

Give two advantages of teamwork.

Answer 14

Work completed faster, shared responsibility.

Question 15

What is the role of a leader in a team?

Answer 15

Guide activities, build on team strengths, provide resources.

Question 16

Name three reasons for holding meetings.

Answer 16

Share information, solve problems, make decisions.

Question 17

What must a notice of meeting include?

Answer 17

Name, venue, date, and time of meeting.

Question 18

What is an agenda?

Answer 18

A list of topics to be discussed at a meeting.

Question 19

Name two roles within a committee.

Answer 19

Chairperson, Secretary, Treasurer, PRO.

Question 20

What are the main duties of a chairperson?

Answer 20

Run the meeting, maintain order, organise votes

Question 21

What is the main duty of a secretary?

Answer 21

Keeps minutes and handles correspondence

Question 22

What is the main duty of a treasurer?

Answer 22

Manage and report on finances

Question 23

What is the role of a Public Relations Officer (PRO)?

Answer 23

Handle publicity and internal communications

Question 24

Name three benefits local businesses bring to an area.

Answer 24

Create jobs, support local projects, improve local economy.

Question 25

Name two ways to evaluate a local business’s success.

Answer 25

Profitability ,(ammount made compared from year to year ) reputation/image(enviormentally friendly) , comparison with competitors market share

Question 26

Name three factors that help a business succeed.

Answer 26

Strong business plan, good location, proper staffing.

Question 27

What is the purpose of a business plan?

Answer 27

To outline business goals and how to achieve them.

Question 28

Name two parts of a business plan.

Answer 28

Business description, financial plan, marketing plan.

Question 29

Name two reasons why businesses create business plans

Answer 29

To raise finance, to identify weaknesses.

Question 30

What is the impact of the Single European Market?

Answer 30

Wider markets, more competition, easier EU trading