Business Advanced Review - KL

The sector of production that deals with the transformation of raw materials into finished products is ______.

• primary sector

• secondary sector

• tertiary sector

• Quaternary sector

The place where products are stored during their gap time before production and consumption is a (a)   .

Some of the branches of commerce are:

• logistics, insurance and banking

• consumer, seller, product

• raw material, factory, equipment

• services, products, intellectual resources

The sale and purchase of products within a country is called (a)   trade.

The process for the output (finished goods and services) to move from manufacturer to consumer is ______.

• the supply chain

• promotion

• the distribution chain

• commerce

The purpose of fair trade is to ______.

• make sure that workers and producers in developing countries get a fair deal

• assure that manufacturing complies with sustainable practices

• grant that all the countries in the world have the possibility to trade with each other.

• prevent the loss of biodiversity and promote the efficient use of renewable sources of energy.

A memo is considered ______ method of communication in business.

• an external

• an internal

• a general

• a private

The type of economic system that is completely controlled by the government is ______.

• traditional economy

• command / planned economy

• free market economy

• mixed economy

A ______ is when an entrepreneur or a group of partners buy a licence to use a established business' brand.

• sole trader

• partnership

• limited liability company

• franchise

When two or more businesses agree to start a new business or project together, it's a ______.

• takeover

• merger

• joint venture

• acquisition