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Unit 1: Business Activity key terms

Authored by Stuart Backhouse

Business

3rd Grade

Used 18+ times

Unit 1: Business Activity key terms
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32 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_______ and _______ we need to survive.

Goods and services

need and wants

chocolates and sweets

milk and honey

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is Opportunity cost?

Cost of capital

The opportunity that costs you the most

The value of the next-best alternative when a decision is made

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Purpose of Business Activity

Business satisfies consumers wants

Maximize profits

Franchise

Expand into different countries

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Scarcity

Not enough resources, goods or services to provide for consumers unlimited wants

Not enough resources, goods or services to provide for consumers unlimited needs

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Specialisation

The separation of a work process into a number of tasks

Someone who controls all aspects of the operation at hand

People in business focus on what they do best

An extremely rare and special talent

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Value Added

Goods + Services = Value added

Selling price - cost of bought-in materials

The value the consumer pays for a good or service

All FOP added together

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Wants

Good or service people want but are essential for survival

Good or service people want but aren’t essential for survival

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