N5 UB Revision

What are the Factors of Production?

• Land, Labour, Capital & Enterprise

• Primary, Secondary & Tertiary

• Private, Public & Third

• All of the above

What 2 skills are needed by an Entrepreneur?

• I.C.T

• Patience

• Financial

• Confidence

Which is an advantage of using a Bank Loan as a source of finance?

• Fixed, regular payments means the business can budget

• Full amount must be paid back plus interest

• Penalties for late payments

• It comes with certain criteria such as where to set up

Which of the following are Sources of Advice?

• Prince's Trust

• Banks

• Chambers of Commerce

• All of the above

'Businesses who do not extract raw materials from the? ground but provide a service' is an example of which Sector of Industry?

• Primary

• Secondary

• Tertiary

• Neither of the above

Which is a definition of the Private Sector?

• Businesses who are owned and controlled by private individuals

• Businesses who are owned and controlled by the government

• Businesses who aim to raise awareness of a good case

• All of the above

Who are Private Limited Companies owned by?

• Shareholders

• Board of Directors

• 2-20 partners

• 1 person, the individual

Who is a Sole Trader financed by?

• Bank Loans

• Own Savings

• Loan from family & friends

• All of the above

What is the main objective of the Public Sector?

• To raise awareness of a good cause

• To provide a high quality service

• To maximise profit

• To be environmentally responsible

How can an organisation be socially responsible in the environment?

• Recycling materials

• Minimizsing waste

• Cutting down on fuel

• All of the above