Business Activity and Entrepreneurship Quiz

What is the primary goal of a business?

• To maximize profits

• To provide employment opportunities

• To create value for customers

• All of the above

What are consumer goods?

• Physical and tangible goods sold to the general public

• Non-tangible products sold to the general public

• Services provided by businesses

• None of the above

What are the factors of production?

• Labour, Capital, Land, Enterprise

• Labour, Technology, Land, Enterprise

• Labour, Capital, Land, Management

• None of the above

What is the primary reason for scarcity in economics?

• Unlimited wants and limited resources

• High demand for goods and services

• Government regulations

• None of the above

What are the characteristics of successful entrepreneurs?

• Innovation, Commitment, Multi-skilled

• Risk aversion, Leadership, Self-confidence

• Technical skills, Financial knowledge, Networking

• None of the above

What is a business plan?

• A document that describes a business and its objectives

• A financial statement of a business

• A marketing strategy

• None of the above

What is the role of entrepreneurs?

• To manage the business and take risks

• To only invest money

• To work as employees

• None of the above

What is added value?

• The difference between the cost of raw materials and the price of finished goods

• The total cost of production

• The profit margin

• None of the above

What are barriers to entrepreneurship?

• Identifying successful business opportunities

• Obtaining sufficient capital

• Competition

• All of the above

What is business risk?

• The potential for loss in business decisions

• The total cost of running a business

• The profit made from a business

• None of the above