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WorksheetsBusiness Studies Definition Quiz
Total questions: 12
Worksheet time: 12mins
Name
Class
Date
1.
This refers to the taking of risks in establishing a business.
a)
Enterprise
b)
Barter
c)
Trade
2.
The system within a country which determines the production, exchange and consumption of goods and services.
a)
Barter
b)
Economy
c)
Organization
3.
Any individual or organization which uses goods and services.
a)
Business
b)
Producer
c)
Consumer
4.
Tangible products which have been produced. e.g. car, rice, clothing etc.
a)
Goods
b)
Business
c)
Barter
5.
Any place where buyers and sellers meet to engage in trade. It is also referred
to as the demand for a product.
a)
Organization
b)
Market
c)
Business
6.
Capital
a)
Money which is used in the organization to acquire assets.
b)
Money which is used to pay bills in an organization
c)
Money which is used for foreign exchange
7.
Credit Card
a)
Payment for goods through access of consumer’s credit bank account
b)
Credit payment represented on paper to be taken from consumer’s credit bank account.
c)
Credit company pays for goods/services while consumer makes payments to credit company
8.
Specialization
a)
The act of combining all the other factors of production (land, labour and capital) with the aim of establishing a profitable venture for the production of goods and services.
b)
A social arrangement which pursues collective goals such as the production of goods and services
c)
This is the division of labour into specific tasks. A whole process is divided into several task.
9.
Profit
a)
Any final good used for some purpose.
b)
The situation which exist when total sales are not enough to cover all expenses.
c)
The surplus funds which remain after all expenses have been covered.
10.
Labour
a)
The surplus funds which remain after all expenses have been covered.
b)
Any place where buyers and sellers meet to engage in trade.
c)
This is the physical and mental contribution of individuals to the creation of goods and services
11.
Commodity
a)
Any final good used for some purpose.
b)
The voluntary trade of goods and services.
c)
Any individual or organisation which uses goods and services.
12.
Entrepreneurship
a)
Any individual or organisation which uses goods and services.
b)
The act of combining all the other factors of production (land, labour and capital) with the aim of establishing a profitable venture for the production of goods and services.
c)
A social arrangement which pursues collective goals such as the production of goods and services.
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