Terms used in business

2. Persons who own and operate their own business are called

• Executives

• Operators

• Economisers

• Entrepreneurs

3. A person who creates goods and services is called a

• Consumer

• Producer

• Businessperson

• Trader

4. An intangible benefit is called a

• Service

• Good

• Commodity

• Market

5. When coffee is traded between countries it is called a

• Loss

• Profit

• Good

• Commodity

6. Which of the following words could mean man-made resources?

• Labour

• Capital

• Organisation

• Market

7. When total revenue (TR) is greater than total cost (TC), the business makes a

• Loss

• Barter

• Profit

• Exchange

8. Give a suitable term to describe the picture to the left

• Exchange

• Barter

• Trade

• Goods

9. Another word for labour is

• Natural resource

• Work

• Man-made resource

• Human resource

10. William Knibb Canteen makes 1000 box drink and sells each drink for $150  in the month of January 2007.  From the amount made, they paid wages in the amount of $50 000, taxes $80 000 and utilities $15 000. How much profit was made?

• $150 000

• $5 000

• $145 000

• $50 000

1. Another word for a business is

• Building

• Capital

• Enterprise

• Economy