WGU C201 BUSINESS ACUMEN OBJECTIVE ASSESSMENT 2
LATEST UPDATED VERSIONS (VERSION A & VERSION B)
COMPLETE EXAM QUESTIONS AND CORRECT VERIFIED
ANSWERS |ALREADY GRADED A+ (BRAND NEW!!)
What does it mean to be enterprising? - ANSWER: An enterprise is a business. To be
enterprising means taking risks to achieve business success
What makes an entrepreneur? - ANSWER: An entrepreneur has motivation to keep
working, is willing to take risks and has a vision for what the business can become
Name 5 characteristics of an entrepreneur - ANSWER: Risk taking - is willing to lose
time and money if their business isn't successful
Name 5 reasons as to why the government encourages enterpirse - ANSWER:
Creates employment
Reduces unemployment (less benefits are paid out)
Healthier business environment
Satisfaction
It helps raise taxes so the economy can grow
Name 4 advantages of risk-taking - ANSWER: Potential for high profits
Ahead of your competitors
Potential for business growth
Taking a risk helps overcome the fear of failure
Name 4 disadvantages of risk-taking - ANSWER: You can lose profits
Personal stress - risk of damaging health
Risk of losing time
Risk of losing job
Name the 4 factors of production - ANSWER: C- capital
E - enterprise
L - land
L - labour
What is capital? - ANSWER: Capital is the resources or assets owned by the business.
This can include materials, machinery, stock and land
What is enterprise? - ANSWER: Enterprise is having the innovative ideas to spot
business and the ability to take risks to achieve business success.Enterprise is
contributed by entrepreneurs. It is the role of the entrepreneur to ensure that the
capital, land and labour are working well and are in order.
, What is land? - ANSWER: Land is where the business is located. It can include all
natural resources owned by the business
What is labour? - ANSWER: Labour is the Human Resources in the business. This
means to workers who are employed to provide or manufacture the product or
service to the customer.
How do primary sector businesses use resources differently? - ANSWER: Land -
require large amount to farm or mine
Labour - small number of highly skilled and well payed workers required to use the
technology
Capital - the machinery is quite expensive for mining and farming
How do secondary sector businesses use resources differently? - ANSWER: Land -
sections of land are required to process and hold stocks. It is expensive
Labour - requires fewer highly skilled employees but larger amount of highly skilled
operators
Capital - the equipment required to run secondary is expensive
How do tertiary sector businesses use resources differently? - ANSWER: Land - often
requires large buildings for their professional staff which often attracts high levels of
rent
Labour - staffed by highly professional staff who are paid well for their services
Capital - buildings in major cities with internet access. Capital is available for these
profitable businesses
Name 3 reasons as to why businesses start - ANSWER: They have an idea that they
genuinely believe can do well in the market
People want to be their own boss
People want to provide services or goods that they believe can benefit others
What are the different sizes of businesses? - ANSWER: Micro - 1 to 9 staff - annual
turnover of less than 1.9 million
Small - 10 to 49 staff - annual turnover of less than 5.6 million
Medium - 50 to 249 staff - annual turnover of less than 22.8 million
Large - over 249 staff - annual turnover of more than 22.8 million
What are the different types of business ownership? - ANSWER: Sole trader
Partnership
Franchise
Private limited company (LTD)
Public limited company (PLC)
What are the Advantages of a sole trader? - ANSWER: Easy to setup
Gets to keep all profits
Get to decide your work hours
LATEST UPDATED VERSIONS (VERSION A & VERSION B)
COMPLETE EXAM QUESTIONS AND CORRECT VERIFIED
ANSWERS |ALREADY GRADED A+ (BRAND NEW!!)
What does it mean to be enterprising? - ANSWER: An enterprise is a business. To be
enterprising means taking risks to achieve business success
What makes an entrepreneur? - ANSWER: An entrepreneur has motivation to keep
working, is willing to take risks and has a vision for what the business can become
Name 5 characteristics of an entrepreneur - ANSWER: Risk taking - is willing to lose
time and money if their business isn't successful
Name 5 reasons as to why the government encourages enterpirse - ANSWER:
Creates employment
Reduces unemployment (less benefits are paid out)
Healthier business environment
Satisfaction
It helps raise taxes so the economy can grow
Name 4 advantages of risk-taking - ANSWER: Potential for high profits
Ahead of your competitors
Potential for business growth
Taking a risk helps overcome the fear of failure
Name 4 disadvantages of risk-taking - ANSWER: You can lose profits
Personal stress - risk of damaging health
Risk of losing time
Risk of losing job
Name the 4 factors of production - ANSWER: C- capital
E - enterprise
L - land
L - labour
What is capital? - ANSWER: Capital is the resources or assets owned by the business.
This can include materials, machinery, stock and land
What is enterprise? - ANSWER: Enterprise is having the innovative ideas to spot
business and the ability to take risks to achieve business success.Enterprise is
contributed by entrepreneurs. It is the role of the entrepreneur to ensure that the
capital, land and labour are working well and are in order.
, What is land? - ANSWER: Land is where the business is located. It can include all
natural resources owned by the business
What is labour? - ANSWER: Labour is the Human Resources in the business. This
means to workers who are employed to provide or manufacture the product or
service to the customer.
How do primary sector businesses use resources differently? - ANSWER: Land -
require large amount to farm or mine
Labour - small number of highly skilled and well payed workers required to use the
technology
Capital - the machinery is quite expensive for mining and farming
How do secondary sector businesses use resources differently? - ANSWER: Land -
sections of land are required to process and hold stocks. It is expensive
Labour - requires fewer highly skilled employees but larger amount of highly skilled
operators
Capital - the equipment required to run secondary is expensive
How do tertiary sector businesses use resources differently? - ANSWER: Land - often
requires large buildings for their professional staff which often attracts high levels of
rent
Labour - staffed by highly professional staff who are paid well for their services
Capital - buildings in major cities with internet access. Capital is available for these
profitable businesses
Name 3 reasons as to why businesses start - ANSWER: They have an idea that they
genuinely believe can do well in the market
People want to be their own boss
People want to provide services or goods that they believe can benefit others
What are the different sizes of businesses? - ANSWER: Micro - 1 to 9 staff - annual
turnover of less than 1.9 million
Small - 10 to 49 staff - annual turnover of less than 5.6 million
Medium - 50 to 249 staff - annual turnover of less than 22.8 million
Large - over 249 staff - annual turnover of more than 22.8 million
What are the different types of business ownership? - ANSWER: Sole trader
Partnership
Franchise
Private limited company (LTD)
Public limited company (PLC)
What are the Advantages of a sole trader? - ANSWER: Easy to setup
Gets to keep all profits
Get to decide your work hours
