EMS Revision Grade 7 Term 3 | Baamboozle - Baamboozle

Give one example of a variable cost.

answers will vary

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What are the principles of advertising (AIDA)?

Attention, Interest, Desire, Action

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trap

No points!

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seesaw

Swap points!

Okay!

fairy

Take points!

banana

Go to last place!

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Name 3 skills that a successful entrepreneur often has.

Any 3 of: planning, organising, managing money, problem-solving, generating ideas, conflict resolution, team-building skills, leadership skills, creative

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Why is it important to budget?

You need to know when you have money available and when you do not.

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What is it called when you make a decision even though you know there is a risk involved?

Calculated risk

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thief

Give points!

shark

Other team loses 10 points!

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rocket

Go to first place!

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lifesaver

Give 10 points!

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What are the four P's of marketing?

Product, price, place and promotion

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What is the difference between producing and selling?

Producing = making a product, Selling = convincing customers to buy your goods or services.

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monster

Reset all scores!

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fairy

Take points!

gift

Win 10 points!

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baam

Lose 25 points!

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Why is it important for an entrepreneur to identify the needs and wants of consumers?

It is the first step in finding an idea for a product or service as we need to ensure that we have a market for our goods or services.

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What is starting capital?

The money needed to start the business.

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What does the "S" and "W" in SWOT analysis stand for?

Strengths and weaknesses

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Name the four actions that an entrepreneur performs.

buy, sell, produce, make a profit

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True or False: A characteristic of a successful entrepreneur is that they do not like to be in control and in charge.

False

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What is the formula to work out profit or loss?

Income - Expenses = Profit/Loss

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