N5 Understanding Business

Which is the odd one out in terms of Factors of Production

• Capital

• Goods

• Land

• Labour

Which of the following jobs belong to the Tertiary Sector?

• Banking

• Fisherman

• Hairdresser

• Teacher

Which Sector do NHS and Police Officers operate in?

• Public

• Private

• Public

Which organisation has unlimited liability?

• Private Limited Company

• Sole Trader

• Partnership

Which Sector does Social Enterprise belong to?

• Private

• Third

• Public

Who owns a Private Limited Company?

• Managing Director

• Shareholders

• Manager

• Staff

Which of the following are benefits of being a Sole Trader?

• Can choose when to take your holidays

• Heavy workload

• Keep all the profits

• Can be harder to raise finance

How many people can own a Partnership?

• 2

• 10-20

• 2-20

• 20

How can businesses maximise customer service?

• Develop a customer care strategy

• Do not train staff

• Ignore poor quality products/service

• Ignore customer feedback

What is the role of the Entrepreneur

• Takes forward other people's ideas

• Develops and idea and turns it into a reality

• Work for other people

• Bring the Factors of Production together