GCSE Business Quiz

What is a need?

• A service that is nonessential for life

• A need for wants and other amenities

• A good or service that is essential for living

• A product or good that is essential for living

Cars are a need

• Yes

• No

What does Opportunity cost mean?

• The next best intresting service that would benefit someone

• The last seen alternative to an item

• The next best product that had been chosen

• The next best alternative being given up by choosing another item

What does specialisation mean?

• When people focus on their talents to boost company motivation

• When people and businesses concentrate on what they are best at

• When talents are being worked on and improved

• When businesses decide to work on workers satisfaction

When the production process is split up into different tasks and each workers preforms one of these tasks?

• Division of labour

• Added Value

• Tertiary Sector

• Specialisation

Economic sectors

• Secondary

• Tertiary

• Final

• Primary

The Government selling state owned assets to the private sector

• Public Sector

• Mixed economy

• Private sector

• Privatisation

Cost of borrowing and the reward for saving

• Unlimited Liability

• Grant

• Interest Rate

• Limited liability

You have to pay back grants

• True

• False

The payment made by one party to another that owns a particular asset, for the right to the asset

• Royalty

• Franchises

• Royals