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WorksheetsIB Business Management - 1.1 What is a Business? - Quiz
Total questions: 12
Worksheet time: 4mins
Which of the following best defines a business?
An organization that maximizes shareholder wealth
An organization that combines resources to provide goods and services to satisfy needs and wants
A company that only produces physical goods for profit
An entity that provides public services without seeking a profit
Which of the following best describes the difference between goods and services?
Goods are intangible, services are tangible
Goods are tangible, services are intangible
Both goods and services are always physical products
Services always require machines, goods do not
Why do businesses exist?
To provide employment only
To satisfy the needs and wants of society
To reduce government involvement in the economy
To compete with non-profit organizations
A company that develops smartphone software belongs to which sector?
Primary
Secondary
Tertiary
Quaternary
A farmer growing organic vegetables is operating in which sector?
Primary
Secondary
Tertiary
Quaternary
Which of the following activities takes place in the secondary sector?
Mining for coal
Providing legal advice
Building cars in a factory
Developing new mobile apps
A business consultancy providing advice to startups would be classified under:
Primary sector
Secondary sector
Tertiary sector
Quaternary sector
Which of the following is NOT typically a role of an entrepreneur?
Taking business risks
Combining resources to produce goods and services
Guaranteeing profits for shareholders
Innovating new products or services
Elon Musk launching Tesla to promote sustainable transportation is an example of:
Intrapreneurship
Entrepreneurship
Primary production
Quaternary activity
Which of these is most strongly associated with successful entrepreneurs?
Risk avoidance
Reliance on government funding
Vision and innovation
Working in the tertiary sector
Which of the following is a challenge commonly faced by startups?
Lack of experience and management skills
Easy access to finance
Strong customer loyalty
Guaranteed government subsidies
Which of the following is a financial challenge faced by new businesses?
Cash flow problems
Access to innovative technology
Niche market opportunities
Strong motivation of founders
