Identifying & Costing a Business Opportunity is one of 9 topics in the Grade 11 Consumer 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. A genuine business opportunity is best described as existing where there is:
An unmet or under-served consumer need
No consumers interested in any product
A product identical to every competitor's offering
No available raw materials of any kind
Answer: An unmet or under-served consumer need — A genuine business opportunity exists where there is an unmet or under-served consumer need that a product or service can address.
Easy
2. Which factor concerns whether the entrepreneur (or people they can involve) can actually make the product to a marketable standard?
Availability of human skills
Available workspace
Consumer appeal
Availability of raw materials
Answer: Availability of human skills — The availability of human skills refers to whether the entrepreneur or their team actually has the skills to produce the product to a marketable standard.
Medium
3. Name one factor (besides human skills) that should be considered when choosing a suitable product for small-scale production.
Answer: financial resources — Factors in choosing a suitable product for small-scale production include financial resources, available workspace, availability of raw materials, and consumer appeal, alongside human skills.
