Business Section 1

What meant by economic problem?

• When the next best alternative is given up by choosing another item

• Unlimited wants but limited resources to satisfy them

• The difference between the selling price of a product and the cost of bought in materials

• None of the above

What is Division of Labour ?

• Combining factor of production to make products

• A form of specialisation

• It is when the production process is split up into different tasks and each worker performs one of these tasks

• All of the above

________: It is the number of people available to make products

• Land

• Labour

• Capital

• Enterprise

Unlimited wants + Limited resources =

• Opportunity cost

• Scarcity

• Specialisation

• None of the above

The _______________ of industry provides services to consumers and the other sectors of industry

• Primary Sector

• Secondary Sector

• Tertiary Sector

Which of the folloowing is not an example of Secondary sector?

• Baking

• Aircraft

• Building

• Banking

Which of the following are characteristics of succesful entrepreneurs?

• Hard working

• Dependent

• Self-confident

• Optimistic

A _____________ is a document containing the business objectives and important details about the operations, fianance and owners of the business

• Balance Sheet

• Income statement

• Business plan

• None of the above

A Partnership is.....

• A business owner by one person

• It is a form of business in which two or more people agree to jointly own a business

• Equal to joint ventures

• The owner of a company who buy shares which represent part ownership of a company

An example of an international franchise are McDonald's restaurants

• True

• False

• I don't know