Lesson 1.1.1

1.1.1 Being an Entrepreneur Quiz: NCFE Business & Enterprise, Unit 1

20 questions · by Revision Ninja

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This free Being an Entrepreneur quiz has 20 multiple choice questions for the NCFE Level 1/2 Technical Award in Business and Enterprise (NCFE Business & Enterprise), Unit 1: Entrepreneurship. It covers lesson 1.1.1, Being an Entrepreneur, one of the ready-made revision sets written with Revision Ninja and organised by unit on Qwiz Rush.

Use it as a starter, a plenary or an end-of-unit check: host it live on the board and students join with a game code on their own devices — no student accounts and nothing to install — or set it for independent revision with Free Play, where each student works through the questions alone.

Every question runs on a 20-second countdown and the fastest correct answers score the most. All the questions and their choices are listed below so you can see what the quiz covers; the answers are revealed in the game. Want to change something? Make your own copy and edit it in your library.

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The 20 questions

  1. Which of these best describes entrepreneurship?

    • Lending money to a new business venture.
    • Buying shares in an established company.
    • Setting up a business and taking its risks.
    • Managing the day-to-day running of a firm you do not own.

  2. An entrepreneur takes on many roles. Which of these is NOT one of them?

    • Deciding how the product will be promoted.
    • Raising the finance needed to start up.
    • Judging whether a business idea will work.
    • Setting the interest rate charged on loans.

  3. What does it mean to say that a business idea is viable?

    • It stands a realistic chance of succeeding.
    • It is cheap enough to start without a loan.
    • It is protected by law from being copied.
    • It is an idea nobody has tried before now.

  4. What is meant by a business's target market?

    • The market in which rival firms compete.
    • The place where a firm buys raw materials.
    • The group of customers a product is aimed at.
    • The percentage of a market's total sales that one firm holds.

  5. Which of these is one of the four factors of production?

    • Profit, the reward left after costs.
    • Capital, such as machinery and tools.
    • Stock, the goods a business has to sell.
    • Price, what a customer pays for a good.

  6. A café starts posting special offers on social media. Which part of the marketing mix is this?

    • Product.
    • Promotion.
    • Place.
    • Price.

  7. Priya plans to set up a sandwich shop. Which action would best help her manage the risk?

    • Spend heavily on advertising to create demand.
    • Research demand in the area before opening.
    • Borrow extra money in case she makes a loss.
    • Copy the menu and prices of a nearby rival café.

  8. Which of these normally comes first when setting up a new business?

    • Spotting a gap in the market for an idea.
    • Hiring the staff needed to run it.
    • Applying to a bank for a start-up loan to pay for premises.
    • Deciding the price to charge customers.

  9. Why does an entrepreneur research who their likely customers are?

    • To work out how much money must be borrowed.
    • To find a supplier of cheap raw materials.
    • To design a product those buyers will want.
    • To copy the prices that rivals are charging.

  10. Which of these is a reward of running your own business rather than being employed?

    • You decide how the business is run.
    • You get sick pay when you are unwell.
    • You are paid the same wage each month.
    • You are paid overtime for extra hours.

  11. Which of these best describes the role of an entrepreneur?

    • Takes a financial risk to set up and run a business
    • Manages the firm's staff and daily operations for a salary
    • Lends money to new firms and takes interest, not profit
    • Invests other people's money in shares of listed firms

  12. Rani sees that her town has no shop selling gluten-free bread. What has she found?

    • An economy of scale that will cut her unit costs
    • A unique selling point that rivals cannot copy
    • A gap in the market — an unmet customer need
    • A barrier to entry that keeps new firms out

  13. Why does an entrepreneur test a new idea with customers before investing in it?

    • To copy the pricing used by the market leader
    • To meet the legal rules on advertising a product
    • To check that enough people will actually buy it
    • To build brand loyalty among existing customers

  14. What is meant by a firm's target market?

    • The group of customers a firm aims its product at
    • The list of rivals a firm competes with directly
    • The money a firm takes from sales before costs
    • The share of total sales a firm holds in its market

  15. Which of these lists the four factors of production?

    • Land, labour, money and management
    • Price, place, product and promotion
    • Land, labour, capital and technology
    • Land, labour, capital and enterprise

  16. A new business needs money to start up. Which of these is an external source of finance?

    • A bank loan repaid with interest over five years
    • Savings the owner puts into the business herself
    • Retained profit kept back from earlier trading
    • Cash raised by selling off unused equipment

  17. Priya decides to sell her smoothies through gym cafés rather than in supermarkets. Which part of the marketing mix is that?

    • Promotion — how the product is advertised to buyers
    • Product — the design and quality of what is sold
    • Price — what the customer is charged to buy it
    • Place — where the product reaches the customer

  18. Zoe invests her savings in a new bakery that could fail. What is she hoping to gain by taking that risk?

    • Her savings back in full if the bakery closes
    • Interest on her money, paid before any profit
    • Profit, and the freedom to be her own boss
    • A wage paid each month whatever the profits are

  19. Meera writes a business plan before opening her cycle-repair shop. What is its main use?

    • It gives her legal ownership of her shop's brand
    • It registers her firm's name with Companies House
    • It sets out her aims and helps her raise finance
    • It is sent to HMRC in place of a tax return

  20. Kofi buys ovens and a delivery van for his pizza takeaway. Which factor of production are these?

    • Enterprise — the risk taken to combine the others
    • Capital — the machinery and equipment a firm uses
    • Land — the site a firm occupies and the natural resources it uses
    • Labour — the workers a firm hires to make goods