What is a business

What are the resources used in the production process collectively known as

• Capital resources

• Factors of production

• Raw materials

• Working capital

Consumers are the people or business that

• Buy and use goods and services

• Buy goods and services

• Pay for a good or service without using it

• Use a good or service

Which of the following does not apply to the quaternary industry?

• A sub-category of the tertiary sector

• Capital intensity

• Development of expertise and skills

• Improved efficiency of production

The secondary sector

• consists of business involved in the manufacturing of physical goods

• forms the largest employment sector in most high income countries

• provides both goods and services

• tends to be labour intensive

The process of increasing the value of a resource in the production process is known as

• Production

• Adding value

• Sectoral change

• The chain of production

Which of the following does not apply to most business start-ups?

• Business registration documentation is required prior to trading

• A business plan could help minimize risks

• It requires entrepreneurial skills

• Owners will use their own savings to finance their start-ups

Which of the following does not belong to a business plan?

• A SWOT analysis

• Unique selling point

• Executive summary

• A fixed format

Which of the following may lead to business failure at the beginning?

• Lack experience in hiring people

• An unofficially business plan

• Epidemic

• Poor marketing