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WorksheetsBusiness Studies Practice Questions
Total questions: 38
Worksheet time: 23mins
All partnerships must be 50 - 50?
True
False
Items that can be seen and touched are known as...
Goods
Services
People who are part owners of a company are known as...
Stakeholders
Shareholders
Customers
People
Someone who starts, operates and assumes the risk of a business is known as an...
Investor
Interest person
Entrepreneur
Business inventor
A business with less than 20 employees can be classified as a...
Small business
Medium business
Large business
extra small business
A business that is owned and operated by a single person is known as a...
Partnership
Sole trader
Private company
Public company
The owner of a business being responsible for all debts is known as....
Limited liability
Unlimited liability
What is meant by Efficiency??
Completing a task in time
Completing a task with minimum resources
Completing a task in minimum time however the cost may be more
All are correct
Poverty is the condition where by people cannot afford basic needs like food, clean water and shelter.
True
False
maybe
all of the above
What is the unemployment?
refers to the person who does not have a job.
All people who are not working.
Unemployed citizens
Unemployment or joblessness is the situation of actively looking for employment but not being currently employed
Fishing is what type of industry?
Primary
Secondary
Tertiary
commercial
Name the occupation in which people work for others and get remunerated in return
Business
Profession
Employment
None of the above
It refers to a body with power to make and enforce laws within a state or over certain groups of people.
Business
Government
Shareholders
Stockholders
Which is NOT a reason why government intervene in the economy?
To protect individuals and groups
To provide essential industries and services
To control all business establishments
To help the economy to run smoothly and to protect employment
It refers to the cost of borrowing money normally charged by the lenders to borrowers.
interest rate
profit
tariff
subsidy
The picture is about...
Water Pollution
Air Pollution
Soil Pollution
Sustainable development
The picture is an example of a toll road. Which is a possible social benefit of this business establishment?
noise pollution
climate change
creation of jobs
water pollution
when a business starts up what does it have to create.
business plan
website
partnership
merchandise
what are benefits of a sole trader
lots of holiday time.
unlimited liability.
you get to keep all the profits.
low start up costs
what would a business look for when relocating.
lots of KFC.
good transport links.
lots of good universities.
town with not a lot of people.
what is overdraft.
drawing more money than the bank account owns.
taking out a loan for a house.
putting money into your bank account.
what is a monoply.
when one business sells monopoly.
when one business is the main or only seller of that good or service.
when one business is the most successful.
when a business starts franchising.
buying out another business is an example of...
internal expansion.
eternal expansion.
A good or service that people would like to have, but is not required for living is called
Want
Needs
Interest
Desire
A good or service that is essential for living is called
Want
Needs
Interest
Desire
Which of the following is NOT a factor of production?
oil reserves
factory buildings
skilled labor
music CDs
Division of labor can be defined as
Workers specialize on just one task and become better at it
Workers become specialist in all jobs
All firms only have one worker
No workers are employed as machines always do all the work
Which of the following is NOT the example of Capital
Money
Building
Staff
Machinery
It is the process of producing goods and services to satisfy consumer demand.
Need
Want
Business Activity
Scarcity
What are the Factors of Production?
Land
Labour
Capital
Enterprise
Money
What are the examples of Primary Sectors?
farming
shops
forestry
mining
restaurants
Firms that manufacture and process goods from natural resources.
Tertiary Sector
Duodenary Sector
Secondary Sector
Primary Sector
The following are examples of Secondary Sector. Except?
refining
farming
manufacturing
construction
The part of the economy that is owned and controlled by individuals and companies for profit.
Private Sector
Public Sector
Secondary Sector
Primary Sector
How many economic sectors are there?
0
4
3
Which of these examples is a service?
Mr. Farr sells guitars.
Mr. Swenson gives art supplies to consumers.
Coach provides lessons for different sports.
Ms. Miller writes books.
