
364 Lesson 2 recap
Authored by Alexa Hammond
Business
KG
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
An activity conducted by companies to provide goods or services for sale.
Commercial business
Non profit organisation
Business representative
Regulatory organisation
Answer explanation
Commercial business is:
An activity conducted by companies to provide goods or services for sale.
Includes the activity done outside of manufacturing or producing the products.
Can also include the use of land or business for business activity, such as retail stores.
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A business which acts or makes decisions on behalf of another person or a group of people. They will typically have common interests.
Commercial business
Non profit organisation
Business representative
Regulatory organisation
Answer explanation
A business which acts or makes decisions on behalf of another person or a group of people. They will typically have common interests.
Examples include the British Grooms Association.
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Can be established by the government or public. Their role is to establish standards, ensure compliance with them, and improve standards where necessary.
Commercial business
Non profit organisation
Business representative
Regulatory organisation
Answer explanation
A regulatory organisation can be established by the government or public and it is responsible for legally regulating an business. Their role is to establish standards, ensure compliance with them, and improve standards where necessary.
Some have memberships and members have to adhere to their set standards. This provides a level of quality assurance.
For example, RCVS (Royal College of Veterinary Surgeons).
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Activities are not for the financial benefit of any individual.
Commercial business
Non profit organisation
Business representative
Regulatory organisation
Answer explanation
Non-profit organisations are not for profit. This means that their activities are not for the financial benefit of any individual.
For example, most zoological institutions and aquariums are non-profit organisations. They support the community, education, species conservation and much more.
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A series of markets where goods and services are exchanged, facilitated by capital. These markets are combined.
Economy
Business
GDP
Answer explanation
“Economies work by distributing scarce resources among individuals and entities. A series of markets where goods and services are exchanged, facilitated by capital, combine to make an economy.” (Future Learn, n.d.).
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Tangible items sold to customers
Goods
Services
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Tasks performed for the benefit of the recipients
Goods
Services
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