Business Quiz Grade 7

Which of the following is NOT a type of economic system?

• Traditional economic system

• Market economic system

• 
  Command economic system

• 
  Social economic system

What does opportunity cost refer to?

• The cost of production

• 
  The next best alternative forgone

• The profit made from sales

• The total expenses incurred

Job production is

• 
  Producing goods in large quantities

• Producing goods without any planning

• 
  Producing unique items for specific orders

• Producing items in batches

The role of tertiary sector is to

• Provide services to consumers

• Transporting goods

• 
  Manufacturing goods

• 
  Extracting raw materials

A sole proprietorship is

• 
  A business owned by multiple partners

• A business owned by a single individual

• 
  A government-owned business

• A non-profit organization

What is the primary reason for a business to exist?

• To create job opportunities

• To provide free services

• To make a profit

• To reduce government spending

Which of these is a renewable resource?

• Coal

• Natural gas

• Oil

• Wind energy

What type of stakeholder would a customer be classified as?

• Internal stakeholder

• External stakeholder

• Minor stakeholder

• Primary stakeholder

Which of the following is an example of a barter transaction?

• Buying groceries with cash

• Exchanging apples for oranges with a neighbour

• Paying for a meal with a credit card

• Depositing money in a bank

Which of the following financial institutions provides Sharia-compliant services without interest?

• Commercial bank

• Investment bank

• Central bank

• Islamic bank