Year 10 - Enterprise - End of Unit Test - Autumn 1

What is an enterprise?

• Features that describe what makes a business unique

• People who set up a new enterprise in order to profit or make a difference

• An organisation that provides goods and services

How is the size of an enterprise measured?

• The amount of revenue it makes

• The amount of profit it makes

• Number of employees

What are the 3 sub categories within SME's?

• Minuscule, Small, Medium

• Micro, Small, Medium

• Macro, Small, Medium

What are the aims and purpose of an enterprise?

• To - make a profit, survive, expand, maximise sales, being ethical, providing a voluntary or charitable service

• To - have no ethical values and focus on making as much money as possible, even to the detriment of it's own employees (meaning they don't care if their actions affect their staff)

• To - make a profit and take control of the sector they specialise in

Which of the following are two reasons why an entrepreneur would set up an enterprise?

• Sounded like a good idea at the time and I had nothing better to do

• To be my own boss where I can choose when and how to work and to do something I'm interested in (E.g. making a difference)

• I was forced to do it and it seemed like a good idea at the time

Which of these must an entrepreneur have in their mind-set to be successful?

• Confidence, resilience, innovation, dedication, focus, proactive with customers needs and demands, being adaptable

• Confident, refusal to listen to the wishes of the customer as they know best, reluctant to move with market trends.

• Low confidence, easy to give in when it gets tough, lack of motivation, allows for deadlines to be missed and letting down customers.

Which 'skills for success' are essential for an entrepreneur to succeed?

• Not being a people person, little planning required, always being late for appointments, poor negotiation skills, having little technical knowledge, classing everything as a priority, carrying on with tasks despite the risk

• Interpersonal skills, planning, time management, negotiation, technical skills, prioritising tasks, problem solving, managing risks

• Having interpersonal skills until a customer disagrees with you, dealing with problems by ignoring them, poor time management skills, having a 'laissez faire' attitude to your work.

Thinking about why might an enterprise fail, which of the following is the ODD one out?

• Unwilling to listen to the needs and wants of a customer

• Having an in depth growth strategy with key achievable milestones and SMART targets

• Not having enough cash to pay for resources, products and equipment before they begin trading

What the following video - https://youtu.be/nzkEaVWCMTs

In short, the Government are extending the furlough scheme through the winter, albeit, they have reduced their contribution to employee wages from 80% to 60%. An enterprise will now have to make up the difference of 40%. Why might this affect an enterprise during the winter if they are in a sector which needs to close in Lockdown?

• It won't affect them at all. They will be able to operate.

• They will struggle to pay their employees if they cannot market effectively and move to online sales

• You are able to put a stop to all outgoing payment which means that enterprises don't need to pay staff

Which of the following describes social pressures on an enterprise?

• Government and local councils have an influence on how an enterprise operate

• Communities, customers, business owners have an influence on how an enterprise operates.

• The impact that having a poor year has on an enterprise's employees