Understanding business activity

The purpose of business activity is:
A to increase sales
B to produce products to satisfy customer needs
C to reward shareholders
D to provide employment.
2 Which of the following is not a consumer need?
A Water
B Housing
C Clothing
D Holidays
3 One of the benefits of specialisation is:
A increased sales
B increased output
C increased variety of tasks for workers
D increased costs of production.
4 Added value is:
A the difference between revenue and total costs
B the difference between output and sales
C the difference between costs of raw materials and selling price
D the difference between making a profit or making a loss.
5 Which of the following is not an example of primary sector business activity?
A Forestry
B Fishing
C Oil refining
D Mining for gold
6 Tertiary sector business activity is:
A providing services to consumers only
B turning raw materials into finished goods
C the extraction of natural resources
D providing services to consumers and businesses.
7 Developing economies will usually have:
A a small primary sector
B a large tertiary sector
C a large primary sector
D no secondary sector.
8 Which of the following is not a private sector form of organisation?
A Sole trader
B Public limited company
C Franchise
D Public corporation
9 The best description of an entrepreneur is someone who:
A starts a business and always earns a lot of money
B has an idea for a business and does not take risks
C starts a business and is prepared to take financial risks
D takes financial risks and always earns high profits.
10 A business plan might be used to:
A mislead people into investing in a business
B show how much profit a business might make
C provide competitors with information about a business
D identify why a business is making losses.
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