Business
Understanding Business Fundamentals
Test your knowledge of essential business concepts with our engaging quiz! Whether you're a student, a professional, or just someone interested in the world of business, this quiz covers key aspects, from goods and services to production methods.
Challenge yourself with questions like:
- What are Goods?
- What is tertiary production?
- Why set up a business?
What is a business?
A business is any organisation that makes goods or provides services.
A business that provides a service.
A company that sells burgers.
What are Goods?
Physical products such as burgers or cars.
Things you buy.
Non-physical items such as hairdressing
What are services?
Physical products such as burgers or cars.
Non-physical items such as hairdressing.
An online website.
Where do Businesses buy their products?
Consumers
Suppliers
Customers
Who is the individual that uses the product?
Consumer
Supplier
Customer
What is primary production?
this is the manufacturing and assembly process. It involves converting raw materials into components, for example, making plastics from oil. It also involves assembling the product, eg building houses, bridges and roads.
This refers to the commercial services that support the production and distribution process, eg insurance, transport, advertising, warehousing and other services such as teaching and health care.
This involves acquiring raw materials. For example, metals and coal have to be mined, oil drilled from the ground, rubber tapped from trees, foodstuffs farmed and fish trawled. This is sometimes known as extractive production.
What is secondary production?
This is the manufacturing and assembly process. It involves converting raw materials into components, for example, making plastics from oil. It also involves assembling the product, eg building houses, bridges and roads.
This involves acquiring raw materials. For example, metals and coal have to be mined, oil drilled from the ground, rubber tapped from trees, foodstuffs farmed and fish trawled. This is sometimes known as extractive production.
This refers to the commercial services that support the production and distribution process, eg insurance, transport, advertising, warehousing and other services such as teaching and health care.
What is tertiary production?
This refers to the commercial services that support the production and distribution process, eg insurance, transport, advertising, warehousing and other services such as teaching and health care.
This involves acquiring raw materials. For example, metals and coal have to be mined, oil drilled from the ground, rubber tapped from trees, foodstuffs farmed and fish trawled. This is sometimes known as extractive production.
This is the manufacturing and assembly process. It involves converting raw materials into components, for example, making plastics from oil. It also involves assembling the product, eg building houses, bridges and roads.
Why set up a business?
Making a profit. A business does this by selling items at a price that more than covers the costs of production. Owners keep the profit as a reward for risk-taking and enterprise.
The satisfaction that comes from setting up a successful business and being independent.
Being able to make a difference by offering a service to the community such as a charity shop or hospice.
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