N5 Understanding Business

The Factors of Production are

• Capital, Enterprise, Land and Labour

• Primary, Secondary and Tertiary

• Political, Economic, Social

• Private, Public and Third

A durable good can be used more than once

• True

• False

The Sectors of Industry are

• Private, Public and Third

• Capital, Enterprise, Land and Labour

• Primary, Secondary and Tertiary

• Political, Economic, Social, Technological, Environmental and Competitive

The Sectors of the Economy are

• Primary, Secondary, Tertiary

• Capital, Enterprise, Land & Labour

• Private, Public & Third

What are the consequences of poor customer service?

• Bad reputation

• Customers will not return

• Sales will increase

A Sole Trader is in which Sector of the Economy?

• Public

• Private

• Third

• Primary

A sole Trader has

• Limited Liability

• Unlimited Liability

A Sole Trader is owned and controlled by

• Shareholders and Board of Directors

• Shareholders

• The Sole Trader

A Partnership has

• Limited Liability

• Unlimited Liability

How many people can own a Partnership?

• 1

• 2-40

• 2-20

• Unlimited