Quiz
The Purpose & Nature of Business (1.1)
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Questions in this quiz (15)
1Select two best reasons as to why somebody would start a business:
- ABecause they cannot get a job working for somebody
- BBecause they know somebody else in a business and want to compete
- CTo impress a possible love interest
- DTo make profit
2A car is an example of a [blank_start]good[blank_end]
- Agood
- Bservice
3A doctor would be an example of a [blank_start]service[blank_end]
- Aservice
- Bgood
4The four factors of production are:
- Land
- Labour
- Capital
- Enterprise- ATrue
- BFalse
5[blank_start]Enterprise[blank_end] is the art of bringing together the factors of production in order to produce a good or service.
- AEnterprise
- BLand
- CCapital
- DLabour
6What is the non-monetary opportunity cost of attending college?
- AMoney spent for tuition
- BSaving for a car
- CGetting a job
- DLess time to spend with friends
7What is the definition of opportunity cost?
- AAll the choices you could have made but didn't
- BThe next best alternative that you give up
- CThe chance that you will lose your money
- DThe money you spend to buy something
8You can purchase one of the following: a candy bar, a soda or a magazine. You rank your choices as:
1) The candy bar
2) The magazine
3) The soda
What is the opportunity cost of buying the candy bar?- AYour cash
- BThe soda
- CBoth the magazine and the soda
- DThe magazine
9A famous economic saying is, "there is no such thing as a free lunch". What does this statement mean?
- AYou must always pay for lunch
- BEverything has a cost
- CNever accept a free lunch
- DNone of these options
10Who determines your opportunity cost?
- AYour friends
- BYour teachers
- CYou
- DYour parents
11The [blank_start]primary[blank_end] sector is the first stage of production. It produces raw materials for other businesses and sectors to use. An example would be farming.
- Aprimary
12The [blank_start]secondary[blank_end] sector takes raw materials and makes them into manufactured goods and products. An example would be a food processing plant.
- Asecondary
13The [blank_start]tertiary[blank_end] sector is also known as the service sector. It involves the selling of goods or providing a service.
- Atertiary
14Pestle stands for:
P - [blank_start]Political[blank_end]
E - [blank_start]Economic[blank_end]
S - [blank_start]Social[blank_end]
T - [blank_start]Technological[blank_end]
L - [blank_start]Legal[blank_end]
E - [blank_start]Environmental[blank_end]- APolitical
- BEconomic
- CSocial
- DTechnological
- ELegal
- FEnvironmental
15An example of a political factor that could influence a business would be:
- AA change in taxes
- BA change in Prime Minister
- CA change in party running the country
- DA change in constituencies
Information
- Description
- A quiz about business in the real world. Chapter 1.1 of the GCSE Business SPEC.
- Author
- Evie N
- Language
- English
- Views
- 261
- History
- Created on 22 Oct 2018 · updated on 23 Oct 2018
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