Production Review

An entrepreneur is someone who organizes and manages the factors of production

• True

• False

A multinational corporation is expanding its operations into a new market. The company has identifies several potential locations with varying economic development, infrastructure, and labour costs. Which of the following factors of production would be most crucial for the company to consider?

• Land

• Labour

• Capital

• Entrepreneurship

(X) are required by law to distribute all profits back to their members based on their patronage rather than in proportion to their investment

• Corporation

• Sole Proprietorship

• Partnership

• Cooperative

Which method of production is present in the situation:

A conveyor belt is used to help move the production from raw materials to becoming a finished product.

• Production line

• Robotics

• Innovation

• Division of labour

Which method of production is present in the situation:

Anton assigns people specific jobs in the production of his candy.

• Production line

• Robotics

• Innovation

• Division of labour

Which method of production is present in the situation:

Kai was tasked to design a more efficient way of producing apple candies

• Production line

• Robotics

• Innovation

• Division of labour

In a cooperative, all of the members own the cooperative.

In a general partnership, all partners share the liabilities

• Only the FIRST statement is TRUE

• Only the SECOND statement is TRUE

• BOTH statements are TRUE

• BOTH statements are FALSE

If a sole proprietorship fails, the assets of the business owner can be repossessed by the bank to cover the debts.

If a general partnership fails, the liability depends on the contribution of the business owners.

• Only the FIRST statement is TRUE

• Only the SECOND statement is TRUE

• BOTH statements are TRUE

• BOTH statements are FALSE

Aaron bought a Jollibee franchise which allows him to have full control of his Jollibee restaurant.

Minjun bought the majority share of Jollibee, making him a big decision maker in the company.

• Only the FIRST statement is TRUE

• Only the SECOND statement is TRUE

• BOTH statements are TRUE

• BOTH statements are FALSE

(X) are materials created by man which are used in production

• Capital

• Entrepreneur

• Land

• Labor