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WorksheetsY9 Quiz Time
Total questions: 28
Worksheet time: 19mins
The insurance industry forms part of the..... sector
Primary
Secondary
Tertiary
Informal
What is a sole trader?
A person who is the exclusive owner of a business.
Two people who own a business.
A group of people who own a business
Start up costs are...
the amount of money spent setting up a business
money spent on a regular basis to keep a business running
Fixed Costs + Variable Costs
costs which change with output
What is an operating cost?
Something a business pays before the company starts
Something the company receives
Something the company pays for their day to day running
Something the company cant afford
Which 3 of these are costs?
Fixed
Variable
Operating
Revenue
What is a variable cost?
A cost which does not change
A cost which they must pay even if they produce nothing
A cost which changes the more or less the business produces
A cost the business pays when they start
If a business's costs exceeds it sales revenue, it will experience a ........?
loan
profit
loss
debt
Which 3 of the following costs would be considered as expenses?
Rent
Utility bills
Materials
Tax
Expenses are...
The cost of producing a product, otherwise called direct costs
Other costs that are not related to producing the product, otherwise known as indirect costs
Cost that do not change with output
Running costs
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.
Unlimited liability means?
The owner is personally liable to cover business debts and any costs the business can not cover
The owner(s) do not have to cover all business costs personally in the case of them being sued or going into debt
A corporation is not responsible for taking care of lawsuits
A sole Proprietorship will have enough money and coverage to pay any and all debts
