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EMS Revision Grade 7 Term 3
Game Code: 1152808
English
24
Public
Entrepreneurship revision
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kathleenmells@outlook.com
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#Grade 7
#entrepreneurship
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What is it called when you make a decision even though you know there is a risk involved?
Calculated risk
20
True or False: A characteristic of a successful entrepreneur is that they do not like to be in control and in charge.
False
10
Successful entrepreneurs are risk takers and have high levels of energy and commitment. True or False?
True
10
Name the four actions that an entrepreneur performs.
buy, sell, produce, make a profit
25
What is the difference between producing and selling?
Producing = making a product, Selling = convincing customers to buy your goods or services.
25
What is the formula to work out profit or loss?
Income - Expenses = Profit/Loss
15
Name 3 skills that a successful entrepreneur often has.
Any 3 of: planning, organising, managing money, problem-solving, generating ideas, conflict resolution, team-building skills, leadership skills, creative
25
Are opportunities and threats internal or external factors?
External factors
20
What does the "S" and "W" in SWOT analysis stand for?
Strengths and weaknesses
15
When it comes to selling goods and services, what do we want to maximise and what do we want to minimise?
Maximise income and minimise expenses
20
Why is it important for an entrepreneur to identify the needs and wants of consumers?
It is the first step in finding an idea for a product or service as we need to ensure that we have a market for our goods or services.
20
What are the three important factors to consider when setting up goals?
What is the goal and is it short, medium or long term, who is responsible for achieving the goal, by when does the goal need to be achieved
25
What are the four P's of marketing?
Product, price, place and promotion
20
What are the principles of advertising (AIDA)?
Attention, Interest, Desire, Action
25
What is a budget?
It is a plan of how much money you expect to receive and how you expect to spend the money.
20
Why is it important to budget?
You need to know when you have money available and when you do not.
20
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