Understanding Business

Understanding Business

4th - 6th Grade

30 Qs

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Understanding Business

Understanding Business

Assessment

Quiz

Business

4th - 6th Grade

Practice Problem

Medium

Created by

Carol Flanagan

Used 23+ times

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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Businesses including farming, fishing, forestry & the extraction of natural resources e.g. oil, minerals etc.

Tertiary Sector

Primary Sector

Secondary Sector

The economic problem

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Organisations run by central or local government are often referred to as

Private sector

Voluntary sector

Public sector

Mixed economy

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of these is the best definition of the ‘economic problem’?

People do not have enough money.

There are not enough resources to satisfy people’s wants.

There are too many factors of production.

The amount of something produced by a person, machine or industry.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the benefits of business growth?

Sales will increase.
Market share will probably rise.
The business will probably become more secure.
Management will have less work to do.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Examples of tertiary sector companies include...

Farming, fishing, mining
Transport, banking, teaching, nursing, police
Building, processing food, manufacturing

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is 'added value'?

is the next best alternative given up by choosing another item.

is the difference between the selling price of a product and the cost of bought-in materials and components.

It's a good or service essential for living.

is the lack of sufficient products to fulfil the total wants of the population.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these business activities are usually NOT in the public (government) sector?

grocery stores

health

defence

public transport

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