
S2 Understanding Business Assessment
Authored by Finlay Park
Business
7th Grade
Used 1+ times

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14 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Outline the difference between a need and a want.
A need is essential for survival, while a want is something desired but not necessary.
A want is essential for survival, while a need is something desired but not necessary.
A need and a want are the same thing.
Neither needs nor wants are essential for survival.
2.
MULTIPLE SELECT QUESTION
45 sec • 2 pts
What is a product?
3.
MULTIPLE SELECT QUESTION
45 sec • 3 pts
What is a service?
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Identify the factors of production.
Land, Labour, Capital, Enterprise
Land, Labour, Money, Management
Resources, Work, Investment, Leadership
Earth, Work, Finance, Innovation
5.
LABELLING QUESTION
1 min • 2 pts
Label the 2 factors of production.
6.
LABELLING QUESTION
1 min • 2 pts
Label the 2 factors of production.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Outline what is meant by the term ‘Entrepreneur’.
A person who starts and operates a business, taking on financial risks to do so.
A person who works for a company and receives a salary.
A person who invests in stocks and bonds.
A person who manages a team within a corporation.
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