WorksheetsYEAR 7 EASTER TERM BUSINESS STUDIES REVISION BOOK
Total questions: 80
Worksheet time: 42mins
The 4 factors of production are (a) (b) (c) (d)
Entrepreneur
Person who started the business
Capital
Items used to CREATE products.
Labor
People and all their skills, labor
Land
Refers to the gift of nature
4
Factors of Production
An Entrepreneur is a person who takes a risk to...
get famous
earn a profit
create a product
find what they are looking for in life
Which is not an example of skilled labour?
Accountant
Doctor
Manager
Farm worker
Gold and oil can be seen as:
Natural resources
Labour
Capital
Entrepreneurship
Identify the correct factor of production.
Individuals with great ideas and willing to take risks.
Natural resources
Labour
Capital
Entrepreneurship
Identify the correct factor of production.
Machinery and factories are?
Natural resources
Labour
Capital
Entrepreneurship
Identify the correct factor of production.
Water, wood and fish are?
Natural resources
Labour
Capital
Entrepreneurship
Identify the correct factor of production.
Any person working will be seen as?
Natural resources
Labour
Capital
Entrepreneurship
When we look at tools and money invested in a business, it can be classified as which factor of production?
Natural resources
Labour
Capital
Entrepreneurship
Land / Natural resources will earn?
Profit
Wages
Rent
Interest
Entrepreneurship will earn?
Profit
Wages
Rent
Interest
Capital will earn?
Profit
Wages
Rent
Interest
Workers who have specialized training or
a learned skill-set to perform the work can be classified as?
Skilled labour
Semi-skilled labour
Unskilled labour
Cheap labour
Land includes...
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
Labor refers to...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
the tools, equipment, and factories used in production of goods and services.
The "gifts of nature" or natural resources not created by human effort.
Capital refers to...
The "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
Entrepreneurs are...
people with all their efforts and abilities
individuals who risk starting a new business or bring a product to market.
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
A bridge engineer is involved in ____ occupation.
Manufacturing
Constructive
Extractive
Commercial
______is what a person does in order to earn a living
Teaching
Music
Occupation
Labour
______ involves all the activities concerned with enabling products to move
from the factory to the final consumers.
Extractive occupation
direct
services occupation
commercial occupation
Manufacturing occupation
Which of these best defines occupation?
Activities that people are proud
to do
Activities people like to engage in
Activities that people do for
others with
Activities or work we engage in order to earn a living
Occupation can be divided into ________________
4
3
2
7
A banker is involved in ____ occupation
extractive
manufacturing
constructive
commercial
One of the following is NOT a member of the group
Farming
Teaching
Fishing
Hunting
Mining is an example of what occupation?
Service
Manufacturing
Extractive
Constructive
Which of the following is not a factor that affects the choice of occupation?
Acquired skill
Interest
Devotion
Technology
Service occupation can be divided into ____________
8
5
4
2
Those who maintain law and order in our society are engaged in
____________
Direct services
Indirect services
Minor services
Commercial services
All of these are engaged in direct services except
Civil servants
Musicians
Farmers
Gardner
Machine/car assemblies are examples of which occupation?
Services
Extractive
Industrial
Commercial
Which sector of occupation does your Business studies teacher belong to
in the economy of the nation?
Service
Commercial
Direct services
Indirect services
This type of business is owned by two or more people.
Sole Proprietorship
Partnership
Corporation
Franchise
A business with one owner is known as a:
Company
Sole trader
Partnership
The two forms of business ownership with unlimited liability are:
Sole trader
Public company
Partnership
Private company
Advantages of a sole trader are:
Limited liability
The owner makes all the decisions
The owner takes all the profit
Can raise substantial capital
Advantages of a partnership are:
The partners split the profit
Unlimited liability
Raise more capital than a sole trader
Share the workload
Which of the following best describes the term limited liability? If the business fails:
Personal possessions of the owner can be taken to pay any debts
The owner is personally liable for all the debts of the business
There is no limit on the amount the owner has to pay to settle debts
The owner only loses the amount invested in the business
the potential for conflict between partners
What term is defined as an enterprise that produces goods or services, usually to make a profit?
business organization
unlimited liability
stock
vertical merger
How many persons can form a partnership?
1
2-30
up to 25
2-20
A sole proprietor may enjoy all of the following except____
All Profits
Unlimited Liability
Small start up cost
Quick decision making
Which of the following information is NOT included in the partnership deed?
The names of partners
The location of the business
The number of family members each partner has.
Th duration of the partnership
Identify 2 Disadvantages of a partnership form of business
Conflict may arise among partners
Some partners may be left out of the profit sharing.
Some partners may be unfairly burdened within the partnership
There is continuity if one partner dies
Unlimited liability means
the business is closed down because of too much debt
the owners' personal possessions can be used to cover the firm's debts
the bank will refuse to give loans to the business
the business will struggle to attract investors
What are 3 of the benefits of being a sole trader?
Easy to establish
Keep all the profit
Get to make all the decisions
Unlimited liability
What is a Cooperative?
A person, partnership, or corporation engaged in commerce, manufacturing, or a service; profit seeking enterprise or concern.
A form of business organization that is owned and run jointly by its members, who share the profits or benefits.
A form of business organization in which the owners have shares in a separate legal entity that itself can own assets and borrow money.
A form of business organization similar to a partnership but offering its owners the advantage of limited financial liability.
Which partner doesnot contribute capital but still has unlimited liability?
Secret
Nominal
Active
Sleeping
Who , as a partner has unlimited liability?
Active and Secret partners
Nominal Partners and sleeping partners
All of the above
Only a option
To start a partnership business, what should be the minimum number of partners?
2
10
4
20
In partnership, partners liabilities are
Unlimited
Limited to the capital of the business
Limited
Both A and C
(a) partner only lends his name and reputation for the benefit of the firm.
The sleeping partner is also known as (a) Partner.
A Public Limited Liability Company is owned by a minimum of ____ shareholders
2
10
7
50
Which of the following can sell shares on the stock exchange?
partnership
sole proprietorship
cooperative society
public limited liability company
___ is a written agreement which governs the affairs of the partners
partnership deal
partnership deed
partnership agreement
partnership disclaimer
The quality of being truthful and straightforward in words and actions is known as what?
Integrity
Honesty
Love
Disregard
The feeling of happiness and satisfaction with whatever one has is known as...?
Contentment
Fair play
Joy
Integrity
The act of being honest and fair in our dealings and being upright in our actions is known as...?
Contentment
Fair play
Integrity
Probity
The act of being honest and possessing strong moral principles is known as...?
Integrity
Contentment
Fairplay
Probity
The quality of showing complete honesty is known as what?
Probity
Contentment
Fair play
Uprightness
The act of behaving in a moral way and possessing a character worthy of emulation is known as .....?
Uprightness
Contentment
Probity
Joy
Honesty is the best _______________
Policy
Rule
Thing
word
A consumer is -------------------
a person sells goods and services for personal use
a person who purchases goods and services for personal consumption and use.
a person who sells and buys goods and services for personal use
---------------- is a group of people living together in an organized communities with laws and traditions controlling the way that people relate.
Student
Market
Society
Company
What are the consequences of lack of consumer education?
Leads to consumers entering into false agreement with the producers.
It makes consumers ignorant about products in the market.
It can make producers to supply poor quality products.
It makes the consumers top know their rights
Choose the needs for Consumer Education
It does not enable consumers to know their rights.
It does not allow consumers to make their choice from a range of products.
it enables consumers to produce goods and services.
It enables consumers to know the right products to buy.
A market is a place where ---------- and ---------------- come in contact in order to engage in exchange of goods and --------.
(a)
Why is consumer education important
it provides the consumer with information
it confuses the consumer
it makes the consumer buy more goods
it makes the consumer buy less goods
A market can be ---------- or ----------------
spiritual or online
social or physical
physical or economical
online or physical
