Font size
WorksheetsSection 1 Biz
Total questions: 26
Worksheet time: 15mins
A (a) is something that is essential for survival.
A (a) is something that is nice to have but is not essential for surviving.
Which of these options is considered a need?
Socks
Wallet
Necklace
Phone
Which of these is considered a want?
Socks
Shelter
Milk
Car
(a) is when there is a limited amount of resources and an unlimited amount of wants.
LeeRoy Jenkins bursts into a room so that he can play video games faster. What is his opportunity cost?
Walking
The wall he broke
The video game he is playing
His mom's anger
Which of the following are factors of production?
Capital
Theories
Entrepreneurship
Land
Labor
Which one is an example of capital?
Milk
Milking machine
Farmer
Formula of milk
Which of the following is considered to be entrepreneurship?
Cocoa bean
Chocolate
An oven
The recipe for chocolate
Which of the following is considered to be land?
Ore
Pick axe
A sword's blueprint
A miner
Which of the following is considered to be labor?
Trees
Papermill
The design of the paper
Lumberjack
How many sectors of economic activity are there?
1
2
3
4
5
The ___________ sector of economic activity is where raw materials are gathered.
Primary
Secondary
Tertiary
Quaternary
The ___________ sector of economic activity is where raw materials are combined into components and products.
Primary
Secondary
Tertiary
Quaternary
The ___________ sector of economic activity is where services are provided by using products and materials.
Primary
Secondary
Tertiary
Quaternary
The ___________ sector of economic activity is where information services are provided to individuals and other businesses.
Primary
Secondary
Tertiary
Quaternary
An entrepreneur is someone who takes the _____________ risk of starting up their own business.
informational
legal
financial
physical
emotional
Which of the following is NOT a characteristic of an entrepreneur?
Hard working
Optimistic
Dependent
Innovative
Independent
A ____________ owns and controls a business by themself. They get to keep all of the profits but they also have to pay back all of the debt by themself.
Sole Proprietor
Partnership
LLC
C-Corp
Franchise
A ____________ can have between 2 - 100 owners. The owners share the responsibility for the business amongst themselves.
Sole Proprietor
Partnership
LLC
C-Corp
Franchise
A ____________ allows the owners to control the business but the responsibility for the business only extends to the amount of money that is invested.
Sole Proprietor
Partnership
LLC
C-Corp
Franchise
A ____________ is allowed to sell its shares either publicly or privately. Each owner is only responsible for the money they personally invested.
Sole Proprietor
Partnership
LLC
C-Corp
Franchise
A ____________ is when two businesses agree to join together for a project. They both get to keep some of the profit and they both share responsibility for the debt.
Merger
Takeover
Joint venture
S-Corp
Partnership
Which of the following is not a type of internal growth?
Sponsorship
Opening new locations
Advertising
New product development
Merger
External growth is when
two companies merge
one businesses buys another one
a mother company brings a small company under its umbrella
a business advertises its new products
a business opens a new location
A stakeholder is
someone who is holding a medium-rare steak
a person who kills vampires
someone who is affected by a business decision
a yard worker who is starting new construction
