Evie N
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A quiz about business in the real world. Chapter 1.1 of the GCSE Business SPEC.

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Evie N
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The Purpose & Nature of Business (1.1)

Question 1 of 15

1

Select two best reasons as to why somebody would start a business:

Select one or more of the following:

  • Because they cannot get a job working for somebody

  • Because they know somebody else in a business and want to compete

  • To impress a possible love interest

  • To make profit

Explanation

Question 2 of 15

1

A car is an example of a

Drag and drop to complete the text.

    good
    service

Explanation

Question 3 of 15

1

A doctor would be an example of a

Drag and drop to complete the text.

    service
    good

Explanation

Question 4 of 15

1

The four factors of production are:
- Land
- Labour
- Capital
- Enterprise

Select one of the following:

  • True
  • False

Explanation

Question 5 of 15

1

is the art of bringing together the factors of production in order to produce a good or service.

Drag and drop to complete the text.

    Enterprise
    Land
    Capital
    Labour

Explanation

Question 6 of 15

1

What is the non-monetary opportunity cost of attending college?

Select one of the following:

  • Money spent for tuition

  • Saving for a car

  • Getting a job

  • Less time to spend with friends

Explanation

Question 7 of 15

1

What is the definition of opportunity cost?

Select one of the following:

  • All the choices you could have made but didn't

  • The next best alternative that you give up

  • The chance that you will lose your money

  • The money you spend to buy something

Explanation

Question 8 of 15

1

You 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?

Select one of the following:

  • Your cash

  • The soda

  • Both the magazine and the soda

  • The magazine

Explanation

Question 9 of 15

1

A famous economic saying is, "there is no such thing as a free lunch". What does this statement mean?

Select one of the following:

  • You must always pay for lunch

  • Everything has a cost

  • Never accept a free lunch

  • None of these options

Explanation

Question 10 of 15

1

Who determines your opportunity cost?

Select one of the following:

  • Your friends

  • Your teachers

  • You

  • Your parents

Explanation

Question 11 of 15

1

Fill the blank space to complete the text.

The sector is the first stage of production. It produces raw materials for other businesses and sectors to use. An example would be farming.

Explanation

Question 12 of 15

1

Fill the blank space to complete the text.

The sector takes raw materials and makes them into manufactured goods and products. An example would be a food processing plant.

Explanation

Question 13 of 15

1

Fill the blank space to complete the text.

The sector is also known as the service sector. It involves the selling of goods or providing a service.

Explanation

Question 14 of 15

3

Fill the blank spaces to complete the text.

Pestle stands for:
P -
E -
S -
T -
L -
E -

Explanation

Question 15 of 15

1

An example of a political factor that could influence a business would be:

Select one of the following:

  • A change in taxes

  • A change in Prime Minister

  • A change in party running the country

  • A change in constituencies

Explanation

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