WorksheetsBusiness Activity Quiz
Total questions: 28
Worksheet time: 14mins
What are goods or services that are essential for living called?
Needs
Scarcity
Wants
Opportunity Cost
What is the economic problem of having unlimited wants but not enough products?
Opportunity Cost
Division of Labour
Scarcity
Specialization
Which of the following is NOT one of the four factors of production?
Labour
Land
Capital
Technology
What is the term for the benefit that must be given up to achieve something else?
Added Value
Opportunity Cost
Specialization
Division of Labour
What is the advantage of specialization in production?
Increased boredom
Higher costs
Decreased quality
Increased efficiency
What is the primary sector of the economy focused on?
Extracting natural resources
Retail
Services
Manufacturing
What is the goal of businesses in the private sector?
Job creation
Service for all citizens
Efficiency
Profit
What is a disadvantage of the public sector?
Profit motive
Job creation
No competition
High efficiency
What is the process of selling public sector businesses to private sector called?
Nationalization
Privatization
Acquisition
Merger
Which characteristic is NOT typical of successful entrepreneurs?
Hard working
Risk averse
Creative
Self-confident
What is included in a business plan?
Marketing strategies
Customer feedback
Products and services
Employee salaries
What is one reason governments support new businesses?
To reduce competition
To create jobs
To increase taxes
To control prices
What is a common method of measuring the size of a business?
Number of customers
Value of output
Brand reputation
Market share
What is a potential problem of business growth?
Higher profits
High costs of expansion
Better status
Increased control
What type of integration occurs when two businesses in the same industry merge?
Vertical integration
Horizontal integration
Joint venture
Conglomerate merger
What is a reason some businesses remain small?
Large customer base
High market demand
Lack of competition
Owner's objective
What is a common reason for business failure?
Strong competition
High profits
Effective communication
Poor management
What is the term for the difference between the selling price and the cost to produce a product?
Opportunity Cost
Added Value
Scarcity
Specialization
What is the secondary sector focused on?
Retailing products
Extracting resources
Providing services
Manufacturing goods
What is one disadvantage of division of labour?
Higher quality products
Reduced costs
Increased efficiency
Boredom among workers
What is the goal of the public sector?
Job reduction
Profit
Service for all citizens
Market control
What is a joint venture?
A merger of two large companies
A partnership for a new project
A government-owned business
A type of privatization
What is backward vertical integration?
Merging with a competitor
Merging with a service provider
Merging with a retailer
Merging with a supplier
What is one reason for de-industrialization?
Higher demand for manufacturing
Increased factory costs
Government support
Technological advancements
What is the term for the number of workers available to make products?
Labour
Capital
Land
Enterprise
What is the main objective of private sector businesses?
Profit
Service
Job creation
Community support
What is one advantage of privatization?
Increased government control
Higher efficiency
Lower competition
Job security
What is the term for the resources that are extracted from the earth?
Capital
Enterprise
Land
Labour
