Entrepreneurial Qualities & Skills is one of 9 topics in the Grade 10 Business Studies CAPS syllabus, covered across 3 lessons on Study Vault. Below are real practice questions from this topic with full worked answers.
Sample practice questions
Easy
1. An entrepreneur is best described as someone who:
Identifies a business opportunity and takes on the risk of starting and running a business to pursue it
Only ever works for a fixed wage or salary
Never takes on any financial risk
Always starts a large, internationally famous company
Answer: Identifies a business opportunity and takes on the risk of starting and running a business to pursue it — An entrepreneur identifies a business opportunity and takes on the risk of organising, starting and running a business to pursue it, usually aiming to make a profit.
Easy
2. What is a key difference between an entrepreneur and an employee?
An entrepreneur's income depends on business success, while an employee generally earns a fixed wage or salary with less personal financial risk
Employees always earn more money than entrepreneurs
Entrepreneurs are legally forbidden from ever hiring employees
Employees take on more financial risk than entrepreneurs
Answer: An entrepreneur's income depends on business success, while an employee generally earns a fixed wage or salary with less personal financial risk — An employee typically earns a fixed wage or salary with relatively low personal financial risk, while an entrepreneur's income depends entirely on whether their business succeeds.
Medium
3. Name ONE way entrepreneurship benefits an economy, according to the lesson.
Answer: Creates jobs — Entrepreneurship benefits an economy by creating jobs, introducing new or improved products and services, and contributing to economic growth through production and tax payments.
