Business Studies Practice Questions

A target market is a group of _______ that the _______ has decided to aim its marketing efforts and ultimately its merchandise towards.

• Companies, Business
• Companies, Research
• Customer, Business
• Business, Customer

All partnerships must be 50 - 50?

• True

• False

Items that can be seen and touched are known as...

• Goods

• Services

People who are part owners of a company are known as...

• Stakeholders

• Shareholders

• Customers

• People

Someone who starts, operates and assumes the risk of a business is known as an...

• Investor

• Interest person

• Entrepreneur

• Business inventor

A business with less than 20 employees can be classified as a...

• Small business

• Medium business

• Large business

• extra small business

A business that is owned and operated by a single person is known as a...

• Partnership

• Sole trader

• Private company

• Public company

The owner of a business being responsible for all debts is known as....

• Limited liability

• Unlimited liability

What is meant by Efficiency??

• Completing a task in time

• Completing a task with minimum resources

• Completing a task in minimum time however the cost may be more

• All are correct

Poverty is the condition where by people cannot afford basic needs like food, clean water and shelter.

• True

• False

• maybe

• all of the above