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Cottage Industry and Small Business Module Review

Total questions: 20

Worksheet time: 14mins

Name
Class
Date
1.

Benefits of growth to the firms that originate from the organisation itself

a)

Internal economies of scale

b)

External economies of scale

c)

Internal diseconomies of scale

d)

External diseconomies of scale

2.

Disadvantages of growth to the firms that originate from the organisation itself usually carry up the cost of production

a)

Internal economies of scale

b)

External economies of scale

c)

Internal diseconomies of scale

d)

External diseconomies of scale

3.

Select all the internal economies of scale

a)

Marketing

b)

Human Resource

c)

Technical

d)

Financial

4.

Larger firms can attract and afford more skilled and qualified leaders ________

a)

Marketing

b)

Managerial

c)

Technical

d)

Financial

5.

A business that is owned by a private individual and has a relatively low number of employees and sales

a)

Cottage industry

b)

Micro Industry

c)

Small Business

d)

Macro Business

6.

A business or manufacturing activity carried on in people's homes

a)

Cottage industry

b)

Micro Industry

c)

Small Business

d)

Macro Business

7.

The lowest level of production necessary for survival

a)

Subsistence Production

b)

Domestic Production

c)

Tertiary Production

d)

Export Production

8.

Level of output that is sufficient to satisfy the needs of households within the national economy

a)

Subsistence Production

b)

Domestic Production

c)

Tertiary Production

d)

Export Production

9.

Extractive industries based on natural resources

a)

Primary Production

b)

Secondary Production

c)

Tertiary Production

d)

Export Production

10.

Processing, manufacturing, construction, assembling

a)

Primary Production

b)

Secondary Production

c)

Tertiary Production

d)

Export Production

11.

Owners can have more personal ties with customers

a)

Small Businesses

b)

Large Businesses

12.

Tend to experience economies of scale

a)

Small Businesses

b)

Large Businesses

13.

Physical expansion or opening other outlets

a)

Internal growth

b)

External growth

14.

Check all the correct answers below: SportsMAx and SSFL teaming up to stream local school football in the Caribbean

a)

Joint Ventures

b)

Mergers

c)

Acquisitions

d)

External Growth

e)

Internal Growth

15.

Check all the correct answers below: VIACOM and CBS coming together to form VIACOMCBS.Inc

a)

Joint Ventures

b)

Mergers

c)

Acquisitions

d)

External Growth

e)

Internal Growth

16.

Check all the correct answers below: Disney purchasing ABC, ESPN and PIXAR:

a)

Joint Ventures

b)

Mergers

c)

Acquisitions

d)

External Growth

e)

Internal Growth

17.

A business grants the licence to use its brand and reproduce its product.

a)

Joint Ventures

b)

Mergers

c)

Acquisitions

d)

Franchising

18.

Sandals hotel and West Indies Cricket Board coming together to promote the Caribbean

a)

Joint Venture

b)

Merger

c)

Acquisition

d)

Franchising

19.

All of the following are features of cottage industries except

a)

The firm uses simple tools and equipment

b)

Usually a one-person business

c)

Mass produce designer products

d)

Uses local raw material

20.

Which of the following is not one one of the key features of a cottage industry?

a)

Carried out in persons homes

b)

Typically use traditional or small scales technology

c)

Often use local raw material

d)

Usually hire employees from the community