Enterprise Key Words

What does SME stand for?

• Small and Medium Enterprises

• Small and Major Enterprises

• Small and Medium Entities

• Small and Major Entities

Which of the following best describes 'Profit'?

• The total revenue generated by a business

• The difference between total revenue and total costs

• The total costs incurred by a business

• The total assets owned by a business

What is an 'Enterprise' in a business context?

• A large corporation

• A project or undertaking, especially a bold or complex one

• A type of partnership

• A government-owned company

Which of the following is a characteristic of a 'Sole Trader'?

• Limited liability

• Shared ownership

• Single ownership

• Incorporated business

In a 'Partnership', how many people are typically involved?

• One

• Two or more

• Only two

• More than ten

What does 'Limited Liability' mean for business owners?

• Owners are personally responsible for all business debts

• Owners are not responsible for any business debts

• Owners' personal assets are protected from business debts

• Owners have unlimited responsibility for business debts

Which of the following best describes a 'Social Enterprise'?

• A business that aims to maximise profits for shareholders

• A business that prioritises social objectives over profit

• A government-owned business

• A non-profit organisation

What are 'Aims' in a business context?

• Short-term goals

• Long-term goals

• Day-to-day operations

• Financial statements

Which of the following is an example of a 'Skill'?

• Honesty

• Communication

• Creativity

• Confidence

Which of the following is a 'Characteristic' of an entrepreneur?

• Financial acumen

• Risk-taking

• Technical knowledge

• Marketing skills