Eduqas A-Level Business opportunities and enterprise overview quiz quiz

Spotting an opportunity and taking a calculated risk to exploit it

Running an established business in a way that carries no financial risk to the owner whatsoever

Working as an employee for a large firm

Lending money to other businesses

A guaranteed high monthly wage paid regardless of how the new business actually performs

The desire for independence and to be their own boss

Avoiding all financial risk

A legal requirement to trade

Simple, Modern, Affordable, Reliable, Thoroughly tested

Strategic, Marketed, Approved, Researched, Targeted

Specific, Measurable, Achievable, Relevant, Time-bound

Sales, Margin, Assets, Revenue, Tax

6.7%

15%

24%

150%

1%

10%

20%

120%

Reading a government statistics report

Using a published market-research report

Looking at the firm's own past sales records

Conducting a survey of local customers

Quantitative is numerical; qualitative is about opinions and reasons

Quantitative data is always gathered first-hand, whereas qualitative data is only ever bought in second-hand

Quantitative is free; qualitative is expensive

There is no difference

Private limited company

Public limited company

An incorporated company

Sole trader

Limited liability, so they can lose only what they invested

Complete exemption from corporation tax for the first several years after the company is registered

Freedom from any regulation

Unlimited personal liability

Because rent paid on premises in a town centre is exempt from business rates and other property taxes

Because high footfall brings more potential customers and sales

Because the law requires shops to be central

Because town-centre premises are always cheaper to run

Shareholders

The board of directors as owners

Employees

The founder

Because the various stakeholder groups never communicate with one another, so misunderstandings between them build up and eventually boil over

Because the law forces businesses to upset stakeholders

Because all stakeholders want exactly the same thing

Because different groups have different objectives and resources are finite, so meeting one group's aims can harm another's