N5 Understanding Business - Revision

Which of the following has limited liability?

• Sole Trader

• Partnership

• Private Limited Company

• Charity

A partnership is owned and controlled by a minimum of ? partners

Which of these is NOT a stakeholder?

• Customer

• Government

• Employee

• Competitor

• Supplier

External factors include Political Social Technologial and Environmental. Name either of the other external factors.

Which sector of the economy contains charities and voluntary organisations?

• Private

• Public

• Third

Which sector of industry is where manufacturing occurs?

Land, labour, capital and enterprise are known as the factors of ?

Which of the following is not a justification for providing good customer service?

• Customers are likely to return

• Customers are less likely to complain

• It costs a lot of money to train staff

• Customers will recommend you to friends

Which of the following is a non-durable good?

• Packet of crisps

• Car

• Laptop

• Pair of trainers

An entrepreneur provides which factor of production?

• Land

• Labour

• Capital

• Enterprise