Understanding Business Revision

A want is something you need to survive?

• True

• False

Food, water and shelter are examples of…..

• Needs

• Wants

An example of a Good is a newspaper....

• False

• True

The Royal Bank of Scotland is an example of a Service.

• False

• True

A Sole Trader is a business that is owned and controlled by one person.

• Yes this is True

• No this is False

In a Partnership, ownership and control of the business is shared between how many partners?

• 2 to 2,000

• 2 to 20

• 2 to 200

How many Factors of Production are there?

• 3

• 6

• 2

• 4

The Factors of Production are……

• Capital

• Entrepreneur

• Enterprise

• Labour

• Land

How many Sectors of Industry are there?

• 3

• 7

• 4

• 5

The Sectors of Industry are…..

• Secondary

• Third

• Primary

• Tertiary