WorksheetsProduction and Productivity
Total questions: 59
Worksheet time: 2hrs 38mins
The process of converting input (raw materials) into output (goods and services).
Production
Productivity
The amount of output that can be produced based on the given level of input.
Production
Productivity
What are the factors of production?
Primary, Secondary, Tertiary
Land, Labour, Capital, Enterprise
Subsistence, Domestic, Surplus
What are the levels of production?
Primary, Secondary, Tertiary
Land, Labour, Capital, Enterprise
Subsistence, Domestic, Surplus
What are the types of production?
Primary, Secondary, Tertiary
Land, Labour, Capital, Enterprise
Subsistence, Domestic, Surplus
The mental and physical contribution of people to the production process is referred to as
Land
Labour
Capital
Enterprise
A volume of output that is produced locally and where surplus is used within the local community is described as production at the
Surplus
Level
Domestic
Level
Subsistence
Level
Frugal
Level
Transferring raw materials into finished goods is known as
Tertiary
Production
Secondary
Production
Primary
Production
Domestic
Production
Which TWO are examples of Tertiary Production?
Banking
Mining
Fishing
Car Factory
Hairdressing
A country which has a domestic production level only means citizens can experience low standards of living.
TRUE
FALSE
A country which has a surplus level of production can export to other countries.
TRUE
FASLE
The citizens at the subsistence level are very wealthy.
TRUE
FALSE
Export Production allows a country to earn foreign exchange.
TRUE
FALSE
The groups and services sold to other countries are called...
Exports
Imports
Working
Capital
Fixed
Capital
When a country buys products from another country they are called...
Exports
Imports
Working
Capital
Fixed
Capital
...is money invested in business premises, machinery, tools, vehicles and other capital equipment with long productive lives.
Fixed Capital
Working Capital
Expenditure
Expansion
...is money used to buy stocks of materials and components for use in production and day-to-day operating costs.
Fixed Capital
Working Capital
Expenditure
Expansion
Venture capitalists are individuals and organisations that help to finance new and innovative businesses considered to have exceptional profit potential and growth.
TRUE
FALSE
Select TWO Fixed Capital characteristics:
invested in
long-term assets
used up relatively quickly in business operations
high risks but intentionally high rewards
invested in a business for
a long period
of time
a source of finance for business start-up and growth
Select TWO Working Capital characteristics:
invested in
long-term assets
used up relatively quickly in business operations
used in the
day-to-day operations of the business
money raised by a company from the sale of shares to shareholders
a source of finance for business start-up and growth
Select TWO Venture Capital characteristics:
invested in
long-term assets
used up relatively quickly in business operations
used in the
day-to-day operations of the business
money raised by a company from the sale of shares to shareholders
a source of finance for business start-up and growth
Which of the following BEST describes cottage industries?
people in rural areas building their own homes
people making products in their homes
people setting up small factories in their backyards
people making products only to export
Which of the following is NOT a characteristic of Cottage Industries?
They are
home-based
They reply on using lots of machinery
Their scale of production is small
They produce hand-made products
They often use local materials
Cottage industries create employment in local communities for people with specialised skills, especially in traditional craft areas.
Advantage
Disadvantage
In cottage industries, work can be combined with other household or family activities.
Advantage
Disadvantage
Cottage industries' production often takes place in communities located away from the main consumer markets in urban areas.
Advantage
Disadvantage
Government support may be required to grow cottage industries and improve quality.
Advantage
Disadvantage
A small business usually had its own premises separate from the owner's home, unlike a cottage industry.
TRUE
FALSE
Small businesses increase unemployment in local communications.
TRUE
FALSE
Which is NOT an advantage of a Small business?
They can be easily set up
They respond quickly to market
changes
They are innovative and introduce new products
They find it difficult to raise financial capital
They provide local opportunities for employment
Small businesses often lack the skills they need to be successful.
TRUE
FALSE
Barter is a system of exchange. Which statement does NOT reflect the barter system?
A direct exchange of goods for goods
A moneyless system of exchange
A system of indirect production
A system of exchange involving the exchange of goods and services for an establish medium of exchange or currency.
Select the 3 main features of e-commerce:
Enables the use of electronic fund transfer
Knowledge management
Service can be available anywhere and anytime with internet access
Facilitates improved inventory management
Cheaper maintenance and online tax fees
E-commerce is specifically:
a business using electronic media to conduct business
the electronic process of selling goods
the process of buying and selling products using the internet
the process of electronic funds transfer
Which of the following defines the term 'public company?'
A company owned by the state or government
A company owned by 2 to 50 shareholders
A company whose shares are traded on the stock exchange
A public sector profit making entity
A key disadvantage of a franchise agreement is:
The franchisor gains recognition in a new market
The franchisee can use an internationally known name
The franchisee cannot introduce new products outside of the agreement in the place of business
The franchisor gains from royalty
A major function of the Government in the business activities is:
to buy goods and services
to set up the legal framework for business operations
To compete with the businesses
To train the business employees
The duty to pay for work done is a key function of which stakeholder group?
Employees
Employers
Shareholders
Society
Tax evasion, money laundering and insider trading are specifically:
Unethical practices
Misrepresentation
Corrupt practices
Illegal practices
Deciding on a performance management system, compensation packages and recruitment and selection are key elements of:
Production function
Marketing and sales function
Human resource function
Finance function
Ensuring that responsibilities are defined and departments are allocated are key elements of:
Planning
Organizing
Directing
Controlling
Which of the following is NOT a key form of written communication in organizations?
Memorandum
Annual report
Minutes of meetings
Speeches
The use of graphic representation and pictures to communicate a message is specifically
Written communication
Electronic communication
Oral communication
Visual communication
A major disadvantage of engaging in teamwork is:
Pooling of ideas
Conflict as a result of personality differences
Creative problem solving
Shared leadership
Which of the following statements most appropriately defines marketing?
The promoting goods and services
Identifying, anticipating and satisfying consumer requirements
The distribution of goods and services
The selling of goods and services
The art of attracting the attention and interest of the target market to the product offering is BEST described as:
Transporting
Product Innovation
Place
Promotion
The type of advertisement that aims at educating the consumer about a good, service or issue is referred to as:
Information advertising
Competitive advertising
Persuasive advertising
Defensive advertising
The firm's strategy of charging a relatively high introductory price for a product with the aim of securing a large profit margin is termed:
Differential pricing
Market skimming pricing
Price discrimination
Market orientated pricing
The process of promoting an organization's corporate image is BEST described as:
Advertising
Sales promotion
Personal selling
Public relations
An organization structure that reflects the chain of command from top to bottom of the organization and the authority flow shows
Staff relationships
Line relationships
Responsibility
Authority
Esteem needs can be met by the organization by providing
Pension and gratuity benefits
Job contracts
Health benefits
Promotion and status
According to Herberg's theory of motivation, workers are motivated or satisfied on the job when which of the following factors are present?
Salary
Good working conditions
Achievement
Good inter personal relations
An organization representing worker's interests on a collective level is a:
Manufacturer's Association
Trade Union
Credit Union
Co-operative
George allows his subordinates to make decisions on getting the task done. He does not interfere in the work process except when needed. George is displaying:
Democratic leadership
Autocratic leadership
Transformational leadership
Laissez faire leadership
In a crisis situation, a leader may have to tell and instruct workers on what needs to be done. He or she displays:
A lissez faire leadership style
A transformational leadership style
A participative leadership style
An authoritarian leadership style
Security used to offset a lender's risk is termed:
Collateral
Savings
Venture Capital
Shares
A written description of the ey areas of a proposed business venture is called a/an:
Operational plan
Production plan
Financial plan
Business plan
Sources of information already published can be used for market research by companies. This is termed:
Primary sources
Secondary sources
Qualitative sources
Quantitative source
A document that outlines the transactions of a business, the money paid and the outstanding balance is called:
A bid
A statement of account
A credit note
A pro forma invoce
