1080 Business Revision

Gross Domestic Product (GDP) is defined as:

• The total value of goods produced and services provided in a country during one year.

• The total value of goods produced and services provided in a country during six months.

• The total value of goods produced and services provided in a country during one month.

• The total value of goods produced and services provided in a country during one week.

What is the ability of people in employment to spend money referred to as?

• Employment

• Disposable Income

• Purchasing Power

• Consumer Spending

Why does land need to be managed from a business perspective?

• To maximise economic output

• To preserve natural resources

• To prevent soil erosion

• To maintain biodiversity

What is the difference between economic benefit and social benefit?

• Economic benefit refers to financial gains, while social benefit refers to improvements in society.

• Economic benefit and social benefit are the same.

• Economic benefit is a type of social benefit.

• Social benefit is only concerned with environmental issues.

What are the three main categories of industry?

• Primary, Secondary, Tertiary

• Agriculture, Manufacturing, Services

• Mining, Construction, Retail

• Technology, Healthcare, Finance

Which type of industry extracts raw materials directly from the earth or sea?

Which type of industry processes and manufactures products from raw materials?

What is a Sole Trader?

• A business owned by multiple individuals

• A business owned by one individual

• A business owned by a corporation

• A business owned by a partnership

What is a Partnership?

• A) A business owned by one individual

• B) A legal form of business operation between two or more individuals who share management and profits

• C) A business owned by a corporation

• D) A business owned by a charity

In a Limited Company, each shareholder's responsibility for financial liability is limited by the value of the shares that they own.

• True

• False