Business 27/11/24

Which of the following is NOT a factor of production?

• Land

• Labour

• Technology

• Capital

The main role of capital in business is to:

• Provide natural resources

• Fund the purchase of labour and machinery

• Manage business risk

• Create new products

Which of the following is an example of adding value in a business?

• Purchasing raw materials at the lowest price

• Designing an innovative packaging for a product

• Reducing wages of employees

• Cutting costs on production

Which statement best describes the concept of opportunity cost?

• The total cost of producing a product

• The price of the next best alternative forgone when making a decision

• The total amount of profit a business can earn

• The cost of producing a product in the future

A business that operates across several countries is known as:

• A local business

• A national business

• An international business

• A multinational business

Which of the following would most likely cause a business to fail?

• High customer demand

• Lack of cash flow management

• Access to affordable raw materials

• Effective marketing campaigns

Intrapreneurship is:

• A way to increase personal wealth

• The practice of creating new businesses outside a company

• A method of applying entrepreneurial skills within an established business

• A form of business partnership

The key difference between an entrepreneur and an intrapreneur is:

• Entrepreneurs create businesses, while intrapreneurs innovate within an existing business

• Entrepreneurs work for others, while intrapreneurs own their businesses

• Entrepreneurs are not risk-takers, while intrapreneurs are

• Entrepreneurs work in the public sector, while intrapreneurs work in the private sector

Which of the following is a common barrier to entrepreneurship?

• Strong market competition

• Access to capital and financing

• Fear of failure and lack of confidence

• High-quality raw materials

What is the role of business enterprise in economic development?

• To decrease employment

• To contribute to economic growth and create job opportunities

• To reduce production output

• To lower government taxes