QUALIFYING EXAM FOR BUSINESS STUDY

A small group of individuals who are led in discussion by a professional consultant in order to gather opinions on and responses to candidates and issues.

• focus groups

• in depth interview

How many factors of production do we have?

• 1

• 4

• 2

• 3

Gold and oil can be seen as:

• Natural resources

• Labour

• Capital

• Entrepreneurship

Identify the correct factor of production.

Skilled people working in a lawyers firm will be seen as?

• Natural resources

• Labour

• Capital

• Entrepreneurship

Identify the correct factor of production.

Machinery and factories are?

• Natural resources

• Labour

• Capital

• Entrepreneurship

What are the four factors of production?

• Natural Resources, Capital, Need & Want

• Natural Resources, Labor, Capital, Entrepreneurs

• Water, Air, Food & Shelter

• Land, Capital, Goods & Services

Natural Resources includes...

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

An entrepreneur is …………………..

• a.       A person who is able to think of a business

• A person who is able to see opportunities

• A person who has confidence and courage to take up a business

•   A person who identifies and grabs the opportunity to make money

Name the type of business organization

• Manufacturing

• Merchandising

• Service

All except one are forms of business organizations

• Co-operative society

• Partnership

• Nigeria labour congress

• Sole proprietorship