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SS1 Business Guided Study Worksheet-1

Gan and Arisa plan to start a business making printed t-shirts. As entrepreneurs investing their own money and resources to start a business venture, they will face decisions around obtaining necessary resources and ensuring the business is viable. Success will require entrepreneurial qualities like commitment and innovation, but new businesses also face risks of failure from issues obtaining financing, developing the market, or competing factors. As a social enterprise, Gan and Arisa could have additional objectives beyond profit like job creation or community support.

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Ruchira Sanket Kale
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428 views4 pages

SS1 Business Guided Study Worksheet-1

Gan and Arisa plan to start a business making printed t-shirts. As entrepreneurs investing their own money and resources to start a business venture, they will face decisions around obtaining necessary resources and ensuring the business is viable. Success will require entrepreneurial qualities like commitment and innovation, but new businesses also face risks of failure from issues obtaining financing, developing the market, or competing factors. As a social enterprise, Gan and Arisa could have additional objectives beyond profit like job creation or community support.

Uploaded by

Ruchira Sanket Kale
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 4

CAIE 2022-23

Senior School
Guided Study Worksheet – 1
Subject: Business Topic: Ch.1 Enterprise
Date: 20/06/2022 Maximum Marks:
Grade: AS Level Duration: 40 mins
Name: Roll no. :
I Multiple Choice Questions: ( Tick the correct answer)

1 When a business ‘creates or adds value’ it increases

a the difference between the cost of purchasing raw materials and the price the
finished goods are sold for
b the number of products it sells
c the difference between the cost of producing a product and the price for which it is sold
d the difference between the price of a product and the variable cost of its production

2 The machinery that is used by a business is an example of which factor of production?

a land
b labour
c capital
d enterprise

3 An entrepreneur is someone who:

a is an employee of a business enterprise


b takes the risk of starting and managing a business venture
c works for the government to provide public services
d just provides capital to a business start-up

4 Which one of the following is not likely characteristics of a successful entrepreneur?

a willing to take risks


b committed and self- motivated
c innovative
d risk averse

5 The most likely difficulty for new business start-ups is:

a obtaining finance
b identifying a market
c marketing
d finding suitable employees

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CAIE 2022-23

6 A dynamic business environment is


a factors external to the business are never constant

b new employees are being recruited

c a business is constantly changing its products

d factors external to the business are easy to forecast

7 When an entrepreneur decides to spend $1000 on a new computer to store details of


inventories, the opportunity cost is
a $1000
b everything else that could have been purchased with $1000
c the most needed factor that could have been bought
d the lost opportunity of buying a second-hand computer

8 All of the following will help ensure that there is sufficient working capital for a new
business except:
a constructing a cash-flow forecast
b injecting sufficient capital at the beginning of a business venture
c developing a good working relationship with the bank
d offering generous credit terms to customers

9 Business enterprise is claimed to bring all of the following benefits to an economy with
the expectation of:
a creation of employment
b a more dynamic and innovative economy
c economic growth
d a reduction in competition

10 The most important difference between social enterprises and profit seeking enterprises
a social enterprises never aim to make profit
b social enterprises will have objectives other than profit
c profit seeking businesses will always make profit
d social enterprises do not sell goods and services but profit seeking businesses do

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CAIE 2022-23

Case study:
Gan and Arisa plan to set up their own business making printed T-shirts. They know that they
will need resources before they can start production. Gan has savings of $3000 and Arisa,
who is an experienced shirt-maker, has $1000 to invest in the business.
1. Explain why Gan and Arisa can be termed ‘entrepreneurs’ [2]
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2. List three resources that Gan and Arisa will need to start the business. [3]
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3. Explain three decisions that Gan and Arisa will have to make before the business can start
trading. [6]
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4. Explain three qualities that Gan and Arisa should have in order to be successful
entrepreneurs. [6]
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CAIE 2022-23

5. A friend has offered them an old cloth printing machine for $500. If Gan and Arisa decide
to buy this, explain to them what opportunity cost might be. [3]
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6. Explain three reasons why Gan and Arisa’s business might fail. [6]
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7. If they decide to set up the business as a social enterprise, explain two objectives that
Gan and Arisa might have for business, other than profit. [4]
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