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WorksheetsS1 Understanding Business (2)
Total questions: 15
Worksheet time: 8mins
What is the definition of a need?
A need is something that humans must have to survive
A luxury item that humans have but are not essential to survive
Durable goods are made to last a long time. True or False?
True
False
Select two examples of durable goods ?
Coffee
Washing Machine
Bread
Car
Non durable goods last a limited period of time. True or False?
True
False
What are 2 examples of a non durable good ?
Car
Fruit
Bread
Fridge
What are The Factors of Production?
Land
Labour
Capital
Enterprise
Land
Labour
Buildings
Enterprise
Land
People
Capital
Enterprise
What is the definition of the term entrepreneur?
A entrepreneur is a person who has an business idea and has the drive and courage to take it forward
A entrepreneur is a person who invest money in someone else’s business
Labour is the workers and their knowledge, effort and skills to make products. True of False?
True
False
Land is the natural resources businesses use, extracted from the ground. What is an example of this ?
Tractor
Oil
Bread
What is enterprise?
The knowledge, skills and ideas of the entrepreneur
The knowledge, skills and ideas of the employees
Entrepreneurs are confident and motivated. Are these qualities or skills ?
Qualities
Skills
How many people own a Sole Trader?
1
2
3
4
Which of the following are advantages of a Sole Trader?
Can keep all the profits for themselves
Can make all the decisions without conflict
More people to share the workload
Plenty of expertise
How many partners can a partnership have ?
1-3
2-20
1-20
2-4
What are 2 disadvantages of a partnership?
There may be disagreements between partners
Profits have to be shared
One person makes all the decisions
They are is no one to share the workload
