HUMBLE SCHOLARS' ISLAMIC ACADEMY#WEEKEND TEST #

What are the three main types of occupations?

• Primary, Secondary, Tertiary

• Secondary, Tertiary, Quinary

• Quaternary, Quinary, Tertiary

• Primary, Tertiary, Quaternary

Name one example of a skilled occupation.

• Doctor

• Carpenter

• Engineer

• Teacher

What is the primary role of an entrepreneur?

• To work as an employee in a corporation

• To invest in stocks and bonds

• The primary role of an entrepreneur is to create and manage a business.

• To provide loans to businesses

How do entrepreneurs contribute to the economy?

• Entrepreneurs contribute to the economy by creating jobs, driving innovation, increasing competition, and generating tax revenues.

• Entrepreneurs primarily focus on personal wealth accumulation.

• Entrepreneurs reduce market competition by monopolizing industries.

• Entrepreneurs have no significant impact on local economies.

List the steps in the production process.

• 1. Market Research, 2. Product Launch, 3. Customer Support

• 1. Concept Development, 2. Prototyping, 3. Sales Strategy

• 1. Planning and Design, 2. Sourcing Materials, 3. Production/Manufacturing, 4. Quality Control, 5. Packaging, 6. Distribution, 7. Feedback and Improvement.

• 1. Idea Generation, 2. Testing, 3. Advertising

What is the first step in the production process?

• Quality Control

• Planning

• Marketing

• Execution

Define the term 'goods' in economics.

• Goods are financial assets that represent ownership in a company.

• Goods are intangible services that fulfill economic needs.

• Goods are only luxury items that are not essential for survival.

• Goods are tangible products that satisfy human wants or needs.

What is a service? Give an example.

• A service is a physical product; an example is a car dealership.

• A service is a type of software; an example is a video game.

• A service is a tangible item; an example is a book store.

• A service is an intangible product; an example is a hair salon.

How do goods and services differ?

• Goods are provided by machines; services are provided by people.

• Goods are services that can be touched; services are goods that cannot be sold.

• Goods are always perishable; services are always durable.

• Goods are tangible items; services are intangible activities.

What are the four factors of production?

• Goods, Services, Trade, Investment

• Technology, Resources, Management, Innovation

• Skills, Knowledge, Tools, Networks

• Land, Labor, Capital, Entrepreneurship