Unit 1 - 2 - GCSE - Vocab Quiz

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

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

3. Cost is the total expense related to _________or acquiring something.

4. _____ is the effort expended by people to create goods or services.

5. Raw material is _________ 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