GCSE Business Topic 1 - Revision Quiz

What is the main purpose of an entrepreneur?

• To employ staff

• To earn a salary

• To take risks and set up a business

• To manage resources

Which of the following is an example of a service?

• A car

• A haircut

• A smartphone

• A chocolate bar

What is a business plan used for?

• To calculate taxes

• To provide a strategy for the business

• To market products

• To design logos

What is one characteristic of an entrepreneur?

• Laziness

• Creativity

• Indifference

• Dishonesty

Which of the following is NOT a financial motive for starting a business?

• Profit

• Independence

• Salary

• Security

Which term describes a business owned by one person?

• Partnership

• Corporation

• Sole trader

• Franchise

What does the term "innovation" mean in business?

• Copying others

• Doing the same as before

• Introducing something new

• Selling products cheaper

Which of the following is a non-financial objective of an entrepreneur?

• Earning profit

• Being their own boss

• Reducing costs

• Increasing market share

What is a risk for an entrepreneur?

• Guaranteed profit

• Unlimited opportunities

• Financial loss

• Free government funding

Why is market research important for a new business?

• To copy competitors

• To understand customer needs

• To pay lower taxes

• To reduce product prices