1.1 Team Quiz - BizMan

Services are ______, while goods are ______. Choose one option for each blank section.

• tangible and intangible

• intangible and tangible

• intangible and intangible

• tangible and tangible

Examples of services include: ______, ______, and ______.

• tourism

• cars

• healthcare

• furniture

• public transportation

The four factors of production are:

• Land

• Capital

• Labor

• Entrepreneurship

• Profit

Which of the following lists the four sectors of the economy?

• Agriculture, Manufacturing, Services, Information

• Extraction, Production, Distribution, Consumption

• Raw Materials, Processing, Sales, Research

• Primary, Secondary, Tertiary, Quaternary

A key aspect of being an entrepreneur is their willingness and ability to take ______ by investing in a business start-up or commercial initiative, with the hope of generating ______.

• risk, profit

• chances, loss

• opportunities, revenue

• ventures, income

Which of the following best describes a common challenge faced by both Mark Zuckerberg and Bill Gates in their entrepreneurial journeys?

• Securing initial funding for their startups

• Finding the right business partners

• Overcoming regulatory hurdles

• Being challenged on ethical decisions by the public

Which of the following is a common challenge that entrepreneurs face?

• Access to funding

• Lack of innovation

• Excessive government support

• Too many customers

• Long hours

Which of the following is a reason why people choose to start their own businesses?

• Financial independence

• Desire for a flexible schedule

• Pursuit of a passion

• Dissatisfaction with current job

• All of the above

Examples of goods are: ______, ______, and ______.

• haircut

• food

• shoes

• furniture

What is the primary focus of the tertiary sector in the economy?

• Manufacturing goods

• Providing services

• Extracting raw materials

• Conducting research