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WorksheetsBusiness Section 1
Total questions: 13
Worksheet time: 7mins
What meant by economic problem?
When the next best alternative is given up by choosing another item
Unlimited wants but limited resources to satisfy them
The difference between the selling price of a product and the cost of bought in materials
None of the above
What is Division of Labour ?
Combining factor of production to make products
A form of specialisation
It is when the production process is split up into different tasks and each worker performs one of these tasks
All of the above
________: It is the number of people available to make products
Land
Labour
Capital
Enterprise
Unlimited wants + Limited resources =
Opportunity cost
Scarcity
Specialisation
None of the above
The _______________ of industry provides services to consumers and the other sectors of industry
Primary Sector
Secondary Sector
Tertiary Sector
Which of the folloowing is not an example of Secondary sector?
Baking
Aircraft
Building
Banking
Which of the following are characteristics of succesful entrepreneurs?
Hard working
Dependent
Self-confident
Optimistic
A _____________ is a document containing the business objectives and important details about the operations, fianance and owners of the business
Balance Sheet
Income statement
Business plan
None of the above
A Partnership is.....
A business owner by one person
It is a form of business in which two or more people agree to jointly own a business
Equal to joint ventures
The owner of a company who buy shares which represent part ownership of a company
An example of an international franchise are McDonald's restaurants
True
False
I don't know
________ is the total income of a business less total costs
Capital
Cash Flow
Profit
Share price
Business objectives are...
Profit
Market share
The aims or targets that a business works towards
All of the above
The government is a group of people that are involved in business activity or is affected by it, does this means that it is a stakeholder group?
Yes, it does
No, it doesn't
