Miss Foley

Unit 5- Chapter 14- Getting Started

Name:

LC Business
Date:

Answer each of the following questions.

1. Outline three factors to be considered when setting up a business (9 marks)
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
2. Distinguish between the three main production options available to start-up businesses (9
marks)
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
3. Describe the three sources of finance available to businesses (12 marks)
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
4. Explain three considerations which should be taken into account by a business when
choosing a source of finance (12 marks)
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
5. Evaluate franchising as an option for start-up businesses (8 marks)
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

Miss Foley

Unit 5- Chapter 14- Getting Started

LC Business

6. Explain the term business plan (10 marks)

___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
7. Discuss three benefits for a new business of preparing a business plan (9 marks)
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
8. Aoife Johnson is an Irish wedding dress designer. She has worked in the bridal and
clothing industry in Ireland for the last 10 years, after spending 5 years prior to this
working in a New York fashion house. Aoife specialises in creating unique, bespoke
wedding dresses with an emphasis on personal service. Business is good and Aoife has
applied for a 15,000 bank loan to finance expansion.
(i)

Name and explain the type of production process used by Aoife (6 marks)

___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
(ii)

Outline two challenges or disadvantages of this type of production process (10 marks)

___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________