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Business Form 1 - Term 1 Test 2

Total questions: 15

Worksheet time: 31mins

Name
Class
Date
1.

Concerned with finished goods

a)

Service Business

b)

Private Sector Business

c)

Secondary Sector of the Economy

2.

The money made after cost of goods has been subtracted

a)

Profit

b)

Fixed Capital

c)

A need

3.

Buildings and Machinery

a)

Profit

b)

Fixed Capital

c)

Land

4.

An Ipad

a)

A goods business

b)

A want

c)

A need

5.

A doctor’s surgery

a)

Land

b)

Labour

c)

Service Business

6.

One of the 4 Factors of Production

a)

Private Sector Business

b)

Labour

c)

Service Business

d)

Fixed Capital

7.

Required as a fundamental input for the business for example, having an Operations Manager

a)

Service Business

b)

Profit

c)

A need

d)

Labour

8.

Companies that are not owned by the Government

a)

Service Business

b)

Private Sector Business

c)

A goods business

9.

Clothing stores are an example of this

a)

Labour

b)

Land

c)

A goods business

d)

Service Business

10.

Water is an example of

a)

A want

b)

A need

c)

Profit

d)

Labour

11.

James makes and sells pies. James pays $0.75 for ingredients for each pie and he pays $0.28 per pie to the worker in the kitchen who helps him make the pies.

He pays rent of $500 per month, and all his other expenses including electricity, transport and advertising together total $350 per month.

James makes and sells 1250 pies per month, and sells each pie for $3.20.


How much does James pay for ingredients to make all 1250 pies? Only put the final answer in. Do not leave any spaces in your answer

(a)  

12.

James makes and sells pies. James pays $0.75 for ingredients for each pie and he pays $0.28 per pie to the worker in the kitchen who helps him make the pies.

He pays rent of $500 per month, and all his other expenses including electricity, transport and advertising together total $350 per month.

James makes and sells 1250 pies per month, and sells each pie for $3.20.


Calculate Jame’s total costs per month

(a)  

13.

James makes and sells pies. James pays $0.75 for ingredients for each pie and he pays $0.28 per pie to the worker in the kitchen who helps him make the pies.

He pays rent of $500 per month, and all his other expenses including electricity, transport and advertising together total $350 per month.

James makes and sells 1250 pies per month, and sells each pie for $3.20.


Calculate Jame’s revenue per month

(a)  

14.

James makes and sells pies. James pays $0.75 for ingredients for each pie and he pays $0.28 per pie to the worker in the kitchen who helps him make the pies.

He pays rent of $500 per month, and all his other expenses including electricity, transport and advertising together total $350 per month.

James makes and sells 1250 pies per month, and sells each pie for $3.20.


What is Jame’s profit per month

(a)  

15.

James' business is successful

a)

True

b)

False