N5 BusMan Understanding Business Quiz

What is a "need" according to the document?

• Something that makes life more enjoyable.

• Something required for survival.

• Something that is nice to have.

• Something that is optional.

Which of the following is considered a want?

• Water

• Clothing

• Mobile phones

• Shelter

Identify an example of a need from the list below.

• Holidays

• Cars

• Food

• Netflix

What is the primary difference between needs and wants as described in the document?

• Needs are optional; wants are essential.

• Needs are essential for survival; wants are not.

• Needs are more expensive than wants.

• Needs are less important than wants.

Which of the following is considered a durable good?

• A piece of cake

• A mobile phone

• A single journey bus ticket

• A pair of shoes

What is an example of a service?

• Clothing

• Magazines

• Getting your hair done

• Televisions

Identify a non-durable good from the following options.

• Fridges

• Bicycles

• A single journey bus ticket

• Cars

Which of the following items is a need rather than a want?

• Designer jacket

• Instagram

• Medication

• Nando's meal

Which of the following is considered a factor of production?

• Marketing

• Capital

• Distribution

• Advertising

What does the acronym CELL stand for in the context of factors of production?

• Capital, Enterprise, Land, Labour

• Cost, Efficiency, Labour, Logistics

• Capital, Energy, Land, Logistics

• Cost, Enterprise, Land, Labour