Unit 1 - 2 - GCSE - Vocab Quiz

1. Liability is an (a)   to pay or perform a certain task.

2. Profit is the difference between the (a)   of producing or acquiring something and its selling price.

3. Cost is the total expense related to (a)   or acquiring something.

4. (a)   is the effort expended by people to create goods or services.

5. Raw material is (a)   material that is used to produce a finished product.

What manufacturing term do these best represent?

• products

• raw materials

• components

• metal

A company with limited liability, but that is unable to sell shares at a stock exchange.

• Sole trader

• Partnership

• Private Limited Company

• Public Limited Company

Which activity is most likely from a public sector company?

• Selling shares to investors

• Expanding into new markets overseas

• Maintaining infrastructure like roads and powerlines

• Increasing it's total share capital

Which of these is an opportunity cost of hiring more skilled workers?

• Hiring even more unskilled workers

• Lowering costs of production

• Increasing profits

• Selling machinery to pay for wages

A tertiary sector job sounds most like a...

• farmer

• worker

• doctor

• minor