Understanding Business Revision

Which of these is not a need?

• Water

• Food

• Newest iPhone

• Shelter

Which of these is NOT an example of the primary sector?

• Transport

• Farming

• Coal Mining

• Fishing

Which of these is an advantage of a sole trader business?

• There are more ideas

• Risks are shared

• The owner keeps all the profits

• Profit is split amongst shareholders

The sectors of industry are...

• Primary, Secondary Tertiary

• Private, Public, Third

The sectors of economy are

• Primary, Secondary, Tertiary

• Private, Public, Third

How many partners can you have in a Partnership?

• 1-20

• 2-20

• 2-50

• As many as you like

An Entrepreneur is...

• Someone who has an idea for a business

• Someone who takes risks

• Someone who brings together the factors of production

• All of the above

What are the factors of production?

• Land, labour, capital, entrepreneurs

• Land, labour, capital, enterprise

Which of the following are potential business objectives?

• Profit

• Survival

• Market Share

• All of the above

Good customer service means that the business will likely have...

• Improved reputation

• Decrease in sales

• Unhappy employees