1.5 Revision (Edexcel A Level Business)

Which of these is the best definition of an 'entrepreneur'?

• Someone who sets up a company and takes risks in the process

• Someone who buys into a franchise

• Someone who starts their own company

• Someone who takes risks

What is 'intrapreneurship'?

• Setting up your own business

• Encouraging employees to be enterprising within your company

• Two companies collaborating

• Two companies merging together to form one company

Which of these is NOT one of the barriers we learnt about that deter entrepreneurship?

• Gender

• Fear of failure

• Government grants

• Access to finance

Which of these is NOT a desirable characteristic for a successful entrepreneur?

• Self-motivated

• Determined

• Risk-taker

• Lazy

What is the difference between profit maximisation and profit satisficing?

• Maximisation is making just enough to get by, satisficing is making as much as you can.

• Satisficing is making just enough to get by, maximisation is making as much as you can.

• Maximisation is making more profit that your competitors, satisficing is making less than them.

• Satisficing is making more profit that your competitors, maximisation is making less than them.

Which one of these companies is more likely to have social objectives rather than profit based ones?

• Apple

• Google

• Oxfam

• Starbucks

Increasing market share is often an objective for most companies, how do you calculate this?

• (industries total revenue / your total revenue) x 100

• (your gross profit / industries total revenue) x 100

• (industries gross profit / your total revenue) x 100

• (your total revenue / industries total revenue) x 100

Sole traders have...

• Unlimited liability

• Limited liability

Private limited companies are...

• incorporated

• unincorporated

Public limited companies pay...

• income tax

• corporation tax