Sherpa

Existing user?

Business

GCSE · Edexcel

QuestionsFlashcards

2.1 Growing the Business
2.2 Making Marketing Decisions
2.3 Making Operational Decisions
2.4 Making Financial Decisions
- Business Calculations
  6
- Understanding Business Performance
  8
2.5 Making Human Resource Decisions

3.1 The Exam Papers
- Paper 1: Investigating Small Business
  6
- Paper 2: Building a Business
  6
3.2 Business Exam Skills
3.3 Structuring Your Responses

Risk & Reward Flashcards

All 7 cards in this deck

Give the three risks of starting a business named in the specification.: Business failure, financial loss and lack of security.
Give the three rewards of enterprise named in the specification.: Business success, profit and independence.
What is meant by 'lack of security' as a risk of starting a business?: The entrepreneur has no guaranteed regular income or job security, unlike an employee.
What is meant by 'independence' as a reward of enterprise?: Being your own boss and making your own business decisions.
What is meant by business failure?: The business stops trading because it cannot sell enough or cover its costs.
What is the general relationship between risk and reward in business?: The greater the risk taken, the greater the possible reward — but also the greater the possible loss.
True or false? An entrepreneur who invests their own money in a start-up risks financial loss.: True. Money spent on equipment or stock can be lost if the business does not make enough sales.