National 5 Business Management

Which is an example of a non-durable good?

• Laptop
• Mobile phone
• Newspaper
• Swimming lesson

What does intangible mean?

• Can't hear it
• Can't see it
• Can't touch it
• Can't eat it

What is not a factor of production?

• Advertising
• Labour
• Land
• Enterprise

What is the missing word in this sentence ...
Wealth is created by adding _____________ 

• Layers
• Services
• Products
• Value

What is an example of a sector of industry?

• Private
• Secondary
• Public
• 3rd Sector

Which sector of industry provides a service such as entertainment, beauty, banking etc?

• Tertiary
• Secondary
• Primary
• Private

Select which business organisation would be found in the private sector

• Local Government such as Inverclyde Council
• Sole Trader
• Social Enterprise companies such as Fresh
• Non-profit making organisation such as the BB

Which is not a benefit of being a sole trader?

• All profits are kept by owners
• Easy to set up with no official paperwork such as Memorandum of Association neede
• Unlimited liability for sole trader
• Owner makes all the decisions without having to consult anyone else

Which is not a benefit of being in a partnership?

• Different partners can bring in different skills to help improve the business
• Finance can be raised more easily
• Workload and responsibility can be shared
• Profit is split between the different partners

What does Ltd mean?

• Private Limited Company
• Public Limited Company
• Private Licenced Company
• Public Licenced Company