Role of Business

Something done for you by someone else is known as a

• good

• product

• production

• service

What is money received by workers, usually on an hourly basis, for services they provide to an employer

known as?

• Commission

• Profit

• Salary

• Wage

What are part owners of a company known as?

• Entrepreneurs

• Managers

• Shareholders

• Stakeholders

How is profit calculated?

• Price times (x) the quantity sold

• Total sales revenue plus (+) the contributions made by the owner

• Total outlays minus (-) total cost

• Total revenue minus (-) total costs

What is the form of income received by a shareholder?

• Profit

• Wage

• Interest

• Dividend

Businesses undertake activities to combine resources and create products which satisfy customer’s needs

and wants. What is this process known as?

• Innovation

• Production

• Finished product

• Research and development

What does business provide to a society’s consumers when they buy a product?

• Choice

• Freedom

• Wealth

• Employment

How could business improve the quality of life for a society in a non-material way?

• Increase the quantity of goods and services available for purchase

• Redistribute the level of wealth to its owners

• Reduce the level of carbon emissions into the atmosphere

• Increase the range of goods available for sale

What are the costs involved in running a business known as?

• Expenses

• Proft

• Revenue

• Risks

What is meant by the term ‘invention’?

• The production of goods and services

• The development of something new

• The improvement of an existing product

• The selling of a new product to the market