Edexcel GCSE Business Topic 1.1 Enterprise and entrepreneurship overview quiz quiz

Businesses being made to pay less tax to the government

Employees taking their annual paid holidays from work

Products and services becoming obsolete

Banks lowering the interest rates they charge on loans

An original idea that no one has ever had before

Obsolescence, where a product becomes out of date

Unlimited liability for the debts of the business

Adapting an existing idea

Lack of security

Profit

Independence

Business success

0.90

1.50

2.40

3.30

Paying suppliers late

Reducing the workforce

Branding and design

Increasing interest rates

Profit is guaranteed to every business that decides to start trading

Profit automatically reduces the cost of the inputs the business buys

Profit removes all of the risk from a business once it starts trading

Profit is seen as the payment for taking the risk of the venture

Organising resources, making decisions and taking risks

Only lending money to other businesses that need it to grow

Setting the official interest rates for the whole of the country

Inspecting the finished products coming off the line for faults

A type of tax that a business must pay to the government on each sale

A feature that makes a product different from and better than rivals

The cheapest possible price that a product can be sold at to customers

A type of business ownership such as a sole trader or a partnership

Financial loss

Business failure

Independence

Lack of security

They avoid all of the risk completely before they start the venture

They never use any data or research when making their decisions

They only ever copy other businesses exactly to avoid taking risks

They reduce risk through research and planning but cannot remove it

Charge a price further above its input costs and earn more profit per sale

Avoid paying any wages at all to the workers it employs across the business

Remove the need for customers, so it no longer has to make any sales

Guarantee that the business will never fail no matter what happens

The natural resources used by the business, such as land and raw materials

The person who organises the other factors and takes the risk

The workers who are employed by the business to make the products

The machinery and equipment that the business buys to make its products