Business and Entrepreneurship Unit 1 Quiz

What is an enterprise?

• A type of bank

• Using creativity to meet customer needs

• A government office

• A large company

What does entrepreneurship involve?

• Only making money

• Developing and managing a new business

• Working for someone else

• Avoiding risks

A business is:

• A hobby

• An organization that sells goods or services

• A free service

• A school subject

Which of these is a type of business organization?

• Teacher

• Student

• Sole trader

• Book

A sole trader is:

• A company with many owners

• One person who owns a business

• A government business

• A charity

How many people can be in a partnership?

• 1

• 2 to 20

• 100

• Only 5

A “sleeping” partner:

• Manages the business daily

• Only invests money

• Sleeps at work

• Is not allowed to share profits

What does “unlimited liability” mean?

• The owner is not responsible for debts

• The owner is personally responsible for all debts

• The business has no debts

• The government pays the debts

A private limited company sells shares:

• On the stock exchange

• Only to the public

• Only privately to family or friends

• To everyone

A public limited company sells shares:

• Only to friends

• On the stock exchange

• Only to the government

• Only to employees