Questions 1
____ is a document setting out a business's future objectives and strategies for achieving them.
Business Plan
Identify 3 characteristics of a successful Entrepreneur:
Eg. risk taker, decision maker, networker, communicator, creative, hard working, motivated (Teacher discretion)
Identify 2 elements of a Business Plan:
A_____ is an individual or institution that legally owns part/s of a public or private corporation. They may be referred to as members of a corporation.
Shareholder: the owners of a limited company & other incorporated businesses
What are the names of the 2 sisters in Disney's Frozen?
How many colors are there in the rainbow?
Anna & Elsa, 7
Define an Entrepreneur:
A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Define: Stakeholder
A stakeholder is a party that has an interest in a company and can either affect or be affected by the business. The primary stakeholders in a typical corporation are its investors, employees, customers, and suppliers.
Define: Strategy
A business strategy is an outline of the actions and decisions a company plans to take to reach its goals and objectives (long term).
Define: Key Performance Indicator (KPI)
A performance indicator or key performance indicator is a type of performance measurement. KPIs evaluate the success of an organization or of a particular activity in which it engages
What is the difference between Public & Private Sector Companies?
What country is responsible for creating the Olympic Games?
Public Sector – Companies directly controlled by the government, give me some Chinese examples?
Private Sector – Companies owned privately by either individuals or groups of individuals, again, Chinese examples?
Greece
Identify 3 things that might motivate a person to setup a business (according to your text book):
To fill a gap, to develop a new product or service, to be their own boss/freedom, profit/money, fulfill a social need, desire to be self-employed & in control
Identify 3 WHY Governments might support Business Startups?
Tax, employment, develop skills & boost development/economy
Identify 3 HOW Governments might support Business Startups?
By giving loans to businesses/people
Providing subsidies/ grants to businesses
Providing an initial period of low tax payments/ tax breaks
Helping and supporting with business knowledge
Making land available for business development
Providing training schemes to help develop skills of employees
Identify 3 problems/difficulties a business might experience when starting up:
Having sufficient finance, convincing people that your idea is a good one, employees with appropriate skills & experience, the first business idea fails, customers need convincing that they need the product/service
Who is Beyonce's Husband?
Who was the first president of the United States?
How many hearts does an octopus have?
Jay-Z, George Washington, 3
Identify 4 factors of how the business environment of a country influences the success of a startup:
the level of economic development in a country, the purchasing power of the population, the attitude or willingness of banks to lend/support, the availability of resources/labour, the state of the economy - boom/recession, Govt attitude to business
Identify 3 reasons why banks prefer to lend to larger, more well-established businesses than smaller startups:
less risk, greater guarantees & probability of repayment, more credit history / known history, safer bet
Identify 3 Factors influencing the number & type of start-ups in an economy:
The state of the economy, when unemployment levels are high, A strong economy & high employment levels, Competition, Perceived gaps in the market, Ease of access to finance, Government Policy
Identify 4 reasons why businesses fail:
weak business idea, lack of managerial skills, lack of suitable employees, lack of sufficient finance/ entrepreneurial skills, poor research, poor decisions, over ambitious ideas
What are the names of the 4 members of Blackpink?
Rosé is one of BLACKPINK's main singers - what is her real name?
What countries made up the original Axis powers in World War II?
What is "cynophobia"?
Jisoo; Jennie; Rosé; Lisa . Roseanne Park. Germany, Italy, and Japan , Fear of dogs
Identify 2 Advantages & 2 Disadvantages of operating as a Sole Trader business:
ADV: Easy to set-up, Control, Keeping profits, Choose how and when to work, Personal relationships with staff and customers, Based on the interests and skills of the owner
DisAdv:
´Unlimited Liability
´Competition
´Owner responsible for all aspects of running the business
´Difficult to raise capital
´Long hours
´Continuity – When the owner dies, so does the business
Identify 2 Advantages & 2 Disadvantages of operating as a business Partnership:
ADV: Different specialisations, Shared decision-making, More capital, Losses can be shared, Greater privacy and less legal formalities.
DisAdv: Unlimited Liability, Profits are shared, No continuity on death of partners, All partners bound by the decisions of others, No shares to sell, As a sole trader who takes on partners, you lose control
What are 3 the three main differences between Limited Companies and Sole Traders?
Limited Liability – Can only lose the amount invested, Legal Personality – The owner is a separate legal entity to their company, Continuity – Inheritance or sale of deceased shareholders shares means a business can continue (posthumously).
Identify 2 Advantages & 2 Disadvantages of operating as a Private Limited Company:
Adv: Limited liability, Separate legal personality, Continuity, Often able to retain some control, Raise capital through selling shares to family, friends or employees, Greater status than unincorporated businesses.
DisAdv: Legal formalities involved in setting up, No share sales to public to raise capital, Difficult to sell shares and get out the business, Accounts sent to Companies House for public inspection
Which of Newton’s Laws states that ‘for every action, there is an equal and opposite reaction?
Which country borders 14 nations and crosses 8 time zones?
A bag contains 2 red, 3 green and 2 blue balls. Two balls are drawn at random. What is the probability that none of the balls drawn is blue?
The third law of motion, Russia. (10/21)