Business Studies HBEL 7

You are working in a manufacturing plant where a new technology is being implemented to improve production efficiency. Tell us, which of these factors of production will direct the entire production process?

• Labour

• Capital

• Entrepreneur

• Land

The reselling of imported goods by one country to another without transforming the goods in any way can best be termed as

• Import

• Export

• Entrepot

• Seaport

Which of the following is NOT considered an aid to trade?

• Banking services

• Transportation facilities

• Communication tools

• Manufacturing processes

________ is the process of creating and transformation of raw materials into finished goods and services to meet human’s need.

• Creation

• Provision

• Production

• Reduction

It is true that a sole proprietorship business may be small or large in size but the most important thing is that

• the factors of production are numerous

• the factors of production are own by one person

• the factors of production are unlimited

• the factors of production are conspicuous

What is the purpose of banking in trade?

• To facilitate the movement of goods from producers to consumers

• To provide coverage for potential losses or damages during transit

• To regulate the exchange of goods and services between businesses

• To solve the problem of payment and facilitates exchange between buyers and sellers of goods and services.

Which of the following is an example of domestic trade?

• Buying groceries from a local supermarket

• Selling handmade crafts via the international market

• Purchasing books from an online bookstore

• Making and receiving phone calls

Which of the following is not a disadvantage of a sole proprietorship?

• It requires small capital to establish

• The capital is usually limited

• Lack of expertise

• Risk bearing

The partnership business law was inherited from the ____________ in the year ___________

• American Law, 1890

• British Law, 1960

• Nigeria Law, 1960

• British Law, 1890

A trader who buys goods from the wholesalers in small quantities can be referred to as

• Consumer

• Retailer

• Wholesaler

• Producer