Revision Sheet Checkpoint 3
Authored by Mounira Lakas
Business
10th Grade
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What distinguishes a need from a want?
Needs are less important than wants
Needs are essential for survival, while wants are desires
Needs can be satisfied by any product
Wants are more expensive than needs
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a good?
Haircut
Computer
Consulting service
Insurance policy
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the factors of production?
Land, labor, capital, and entrepreneurship
Goods, services, and trade
Demand, supply, and price
Consumers, producers, and markets
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the chain of production, which stage comes first?
Manufacturing
Distributions
Raw materials extraction
Retailing
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which business structure involves one owner who receives all profits and is fully responsible for all debts?
Corporation
Partnership
Sole trader
Franchise
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What defines a partnership?
A single owner managing all operations
Two or more people sharing profits and responsibilities
A company owned by shareholders
A business model allowing for multiple franchises
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes a franchise?
A joint venture between two companies
A business model where a franchisor sells the logo, and brand name to a franchisee.
A type of sole proprietorship
A non-profit organization
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