5th Form PRINCIPLES OF BUSINESS EOT Exam

WHAT ARE THE 4 FACTORS OF PRODUCTION?

• Land, Capital, Need & Want

• Land, Labor, Capital, Entrepreneurs

• Water, Air, Food & Shelter

• Land, Capital, Good & Service

WHAT IS LABOR?

• Work people do for pay to produce good and services

• Actions people do for other people

• Any physical object

• The money people get for inheritance

_______________ IS KNOWN AS THE NATURAL RESOURCES USED TO PRODUCE GOODS AND SERVICES

• Entrepreneurship

• Capital

• Labour

• Land

What is required to form a legally binding contract?

• Offer, Acceptance, Consideration.

• Duty, Breach, Causation, Damages

• Offer, Acceptance, Collateral, Sufficiency.

• Invitation to treat, Offer, Counter Offer, Acceptance.

After talking to the salesman on the phone, Molley agree to buy a set of glassware. What type of contract is this?

• Valid

• Oral

• Unenforceable

• Unenforceable

The insurance industry forms part of the..... sector.

• primary

• secondary

• tertiary

• informal

Which of the following types of capital is used for the day-to-day operations of a business?

• Working

• Floating

• Nominal

• Fixed

To which of the following industries does a firm involved in food processing belong?

• Constructive

• Service

• Manufacturing

• Extractive

Financial independence, increased income, self-fulfillment and self-actualization are all are examples of:

• Reasons for starting businesses

• Steps in preparing a business plan

• Characteristics of an entrepreneur

• Functions of an entrepreneur

Which of the following conditions would constitute a linkage between two industries?

• Two firms manufacture similar goods.

• One firm shares the use of machinery with another firm.

• Two firms responsible for the manufacture of different kinds of goods.

• The output of one industry of the economy becomes the input of another industry.