Which of the following items would be described as a need?
Telephone
Water
Car
Which of the following items is a service?
Television
Cutting hair
Chocolate bar
Which factor of production provides the natural resources required to make a product?
Capital
Labour
Land
What is an entrepreneur?
A person who has gone to university
A person who has an idea and starts their own business
A person who works for the government
Which of the following skills would not be required of an entrepreneur?
Problem solving
Artistic ability
Communication
Which of the following sources of finance needs to be paid back over time with interest?
Personal savings
Grant
Bank loan
Which support agency would you go to if you were between 18 -30 and wanting to start your own business?
Prince’s Trust
Accountants
Banks
What is a business plan?
A document that sets out the aims and objectives of a business
A document that shows the profit or loss of a business
A document that advertises the business to customers
Which of the following is a business that is owned and controlled by one individual?
Partnership
Sole trader
Non-profit making organisation
Which of the following is an example of a non-profit making organisation?
Butchers
Estate agents
Golf club