N5 Business Management - Understanding Business 2024

A sausage roll is a...

• durable good

• non durable good

• intangible service

The idea the owner had to create a business is which factor of production?

• Capital

• Enterprise

• Land

• Labour

A hairdresser operates in which sector of the Economy?

• Tertiary

• Primary

• Public

• Private

What three letters identify a PUBLIC LIMITED COMPANY? (three letters only, no spaces)

Who controls a Charity?

• The Managing Director

• The shareholders

• A board of trustees

• Donors

True or false. Public sector organisations never charge a fee for their services

• True

• False

Possible objectives for a social enterprise are... (pick all that apply)

• Increase market share

• Make a profit

• Support a good cause

• All of these

An advantage of forming a partnership is...

• Workload is shared

• unlimited liability

• partners may disagree or fall out

• Profit is shared between the partners

The Tax you pay when buying goods or services is called what? (three letters)

Who owns a Private Limited Company

• The government

• Shareholders

• The owner

• The Managing Director