1.1 The Role of Business Enterprise and Entrepreneurship

• Entrepreneurship involves idea development, planning, risk assessment, and launching a business.


  True
• Match the type of business enterprise with its definition:

  Sole Proprietorship ↔️ A business owned by one individual

  Partnership ↔️ A business owned by two or more people

  Limited Company ↔️ A separate legal entity with shareholders

  Public Corporation ↔️ A limited company with publicly traded shares
• Successful businesses generate profits, which contribute to wealth generation
• What is generated by successful businesses that can be reinvested or distributed to shareholders?

  Profits
• What is one major contribution of business enterprises to the economy?

  Job creation
• Business enterprises contribute to economic growth and tax revenue.

  True
• Entrepreneurs take on significant risk-taking to grow their businesses.


  True
• Sole proprietorships involve unlimited liability for the owners.


  True
• Match the contribution of business enterprises with its explanation:

  Economic Growth ↔️ Businesses drive innovation and investment

  Job Creation ↔️ Businesses employ people and provide income

  Wealth Generation ↔️ Businesses generate profits for reinvestment

  Tax Revenue ↔️ Businesses pay taxes for public services
• Entrepreneurs create new business ventures by starting with an idea and developing a business plan
• What is the primary focus of entrepreneurship as defined in the study material?

  Creating a business venture
• Key ways business enterprises contribute to the economy

  1️⃣ Job Creation

  2️⃣ Innovation

  3️⃣ Wealth Generation

  4️⃣ Tax Revenue
• Match the contribution of business enterprises with its explanation:

  Economic Growth ↔️ Businesses drive innovation and productivity

  Job Creation ↔️ Businesses employ people and reduce unemployment

  Wealth Generation ↔️ Businesses generate profits for reinvestment

  Tax Revenue ↔️ Businesses pay taxes for public services
• Businesses pay taxes, which governments use to fund public services and infrastructure
• Businesses invest in research and development, leading to new products and improved technologies
• What is the primary activity involved in a business enterprise?

  Organizing resources
• What is a sole proprietorship?

  A business owned by one
• What type of business enterprise has shares traded publicly on a stock exchange?

  Public corporation
• What is one way businesses contribute to tax revenue?

  Paying taxes
• What is the primary purpose of a business enterprise?

  Create value
• Business enterprise involves organising and managing resources to produce goods or services, while assuming risks
• Entrepreneurship differs from business enterprise by its focus on new business creation and innovation
• Business enterprises are the driving force behind economic growth and development.


  True
• Business enterprises are essential for the economic well-being of a country.


  True
• Business enterprises are essential for the economic well-being of a country.


  True
• Match the contribution of business enterprises with its explanation:

  Economic Growth ↔️ Businesses drive innovation and productivity

  Job Creation ↔️ Businesses employ people and provide income

  Tax Revenue ↔️ Businesses pay taxes for public services
• Entrepreneurship involves creating a new business venture and developing a comprehensive business plan
• A partnership is a business owned by two or more people who share the risks and profits
• Business enterprises are the driving force behind economic growth.


  True
• Business enterprises are essential for the economic well-being of a country.


  True
• The key functions of business enterprises include organizing resources and assuming risks.


  True