Unit 2 Topic 1: Business Ownership

What is a business?

• An organization that makes goods or provides services to customers

• A place where people gather to socialize

• A government agency

• A non-profit organization

Who is an entrepreneur?

• Someone who works for a company

• Someone who sets up a business, taking on risks in hope of a profit

• Someone who manages a team

• Someone who invests in stocks

Which of the following is a type of business ownership in the private sector?

• Government agency

• Sole trader

• Non-profit organization

• Cooperative

What is one reason why people start their own businesses?

• To avoid working at all

• To gain independence

• To follow strict rules

• To have less responsibility

Which of the following is a motivation for starting a business?

• Lack of interest

• Desire for more structure

• Flexibility

• Avoiding challenges

What belief might drive someone to start a business?

• That they can make it successful

• That they will have less work

• That they will have no competition

• That they will not need to learn

What is one financial reason why people might start a business?

• To earn a huge fortune or a steady income

• To gain more free time

• To travel the world

• To meet new people

Which of the following is a non-financial reason for starting a business?

• To become wealthy

• To be your own boss

• To increase savings

• To buy a new car

What is one of the first steps in starting a business?

• Design a business plan

• Hire employees

• Open a store

• Launch a website

What is a private sector business?

• A business owned by private people

• A business owned by the government

• A business owned by a charity

• A business owned by a corporation