Business studies

What is a need & want

• Need is essential (good/service).
  Want is not-essential but ppl like to have (good/service).

• Want is essential (good/service).Need
  s not-essential but ppl like to have (good/service).

• Need and want are not-essential but people like to have (good/service).

• Need and want are essential but people like to have (good/service).

What are the 4 factor of productions?

A..............is not usually one of the contents of a business plan

• description of the market

• description of the physical location

• job description

• cash flow forecast

Comparing business size is useful for, except....

• Investors

• Governments

• Workers

• Doctor

Supply imported & indigenous machines & raw material is provided by?

• DIC

• NSIC

• MSME Act

• None of these

One of the benefits of becoming an entrepreneur is:

• More money will always be earned than working for an employer

• There is more independence than when working for an employer

• there is no risk of the entrepreneur's business failing

• there is no opportunity cost involved in becoming an entrepreneur

Governments support business startups to ............

• reduce inflation

• reduce wage rates

• reduce unemployment

• reduce tax revenue

Which of the following is the most likely reason for owners wishing to expand their businesses?

• To keep control of the business

• To make higher profits

• To encourage competition

• To avoid publicity

Entrepreneurs are always successful

• true

• false

Which of the following is organized by individuals?

• Cottage Industries

• Railway

• Chemical industry

• None of these