IB Business - Units 1.1 & 1.2 Quiz

Which of the following is an example of a customer?

• A boyfriend purchases an engagement ring for his girlfriend

• A girlfriend who receives the engagement ring bought by her boyfriend

• Unable to determine based on information given

• None of the above

Which of the following is an example of a consumer?

• A boyfriend purchases an engagement ring for his girlfriend

• A girlfriend who receives the engagement ring bought by her boyfriend

• Unable to determine based on information given

• None of the above

Which of the following is an example of a consumer good?

• A pack of Trident gum purchased at Target that Mr. Goodwin purchased for himself

• The sugar needed to produce a pack of Trident gum to be sold at Target

• Unable to determine based on information given

• None of the above

Which of the following is an example of a capital good?

• A pack of Trident gum purchased at Target that Mr. Goodwin purchased for herself

• The sugar needed to produce a pack of Trident gum to be sold at Target

• Unable to determine based on information given

• None of the above

What factor of production involves the management and planning of the other three factors?

• Enterprise

• Capital

• Labor

• Land

What factor of production involves the natural resources obtained from the Primary Sector?

• Enterprise

• Capital

• Labor

• Land

What stage of production involves the manufacturing of the product, typically in a factory setting?

• Primary

• Secondary

• Tertiary

• Quarternary

What stage of production focuses on intellectual services, such as engineering?

• Primary

• Secondary

• Tertiary

• Quarternary

To remember why people may start a business, use the acronym:

• GET RICH

• GET CASH

• GET RICH QUICK

• CASH OUT

One reason why a person starts a business is due to the flexibility and independence, this is also known as:

• Anonymous

• Absolute

• Autonomy

• Anarchy