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Business

2023

QuestionAnswer
What is a need? an item essential for survival
What is a want? Something that is unnecessary for survival but would still like to have
What is financial cost? Cost of something moneywise
What is opportunity cost? The item you choose not to buy over the item you bought
Name a source of income for retired people. Pension
Name a source of income for employed people Wage/Salary
Name a source of income for unemployed people Jobseekers benefit
Name a different type of income that is not money for employed people. Benefit in Kind (BIK)
Explain the difference between statutory and voluntary deductions. Statutory deductions are mandatory while voluntary are not mandatory
Are we always free to know where are money is spent? No
What plan would help people spend effectively? A household budget
What is to be avoided while shopping? Impulse buying and false economies
Explain enterprise Any attempt to start or do something new
What are the characteristics of an entrepreneur? Realistic risk-taker, Flexible ,Innovative ,Self-confident ,Determined/ resilient ,Proactive ,Decisive
Name a risk of starting your own business. Business failure
Name a reward of starting your own business. More profit
What is an Intrapreneur? An enterprising person in a business that is not a business owner/founder
Created by: TMarkDunne
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