POB Unit 1 Revision for Class Test

Business is a general term that describes the use of _____ and activities to produce goods or provide services essential in our daily lives to satisfy the needs of our society.

• resources

• expenses

• demand

• people

The objectives of a business for the owner is to provide him with (a)   and personal satisfaction.

Factors of production are resources used by businesses to generate outputs for ____________.

• society

• government

• nature

• businesses

• suppliers

Which of the following is NOT a factor of production?

• land

• labour

• entrepreneurship

• capital

• profit

______ refers to all natural resources / tangible inputs used in the production process.

• Land

• Labour

• Capital

• Entrepreneurship

(a)   refers to the physical and mental input of the people who work for the business to produce goods and services.

The funds necessary to finance the operation of a business is known as

(a)  

Land / material can be either in a natural state, man-made, tools and component parts or semi-finished goods.

• True

• False

Workers depends on the business' financial success because their futures and (a)   depend on it.

A good working relationship between labour (workers) and management will lead to

• difficulty in coping with change

• increased conflict

• job insecurity

• reduced absenteeism

• poor morale