Business Environment Quiz

To survive and prosper in a dynamic business environment, what must a business be?

• Flexible

• Independent

• Inadequate

• Intolerable

Which one of the following is factual, definable and objective data systematically gathered by researchers?

• Quality data

• Qualitative data

• Quantitative data

• Quantum data

Which of the following is a measurement of the extent of a change from one period of time to another?

• Percentage

• Percentage change

• Average

• Mean

Which of the following refers to consumer goods?

• Goods sold to the final consumer for their own personal use

• Goods sold by businesses to other businesses primarily for the purpose of reworking

• Goods imported from abroad

• Goods exported abroad

Which of the following best approximates the expected lifespan of a consumer durable good?

• Less than 1 year

• At least 1 year

• At least 2 years

• At least 3 years

Which of the following best describes commercial services?

• Services provided by a business to a business, as opposed to an individual

• Physical goods provided by a business to a business, as opposed to an individual

• Direct work, of any description, by the service provider for a private individual

• Direct work, of any description, by the service provider for a business

With regard to the public sector of the economy, which of the following is untrue?

• It is not primarily driven by the desire to maximise profits

• It is managed and controlled by national government

• It is not owned by private individuals

• It is owned by national government

There are four factors of production: land, labour, capital and the entrepreneur. Which is the only factor not dependent on human intervention for its primary existence?

• Land

• Labour

• Capital

• Entrepreneur

Which of the following is not a characteristic of an entrepreneur?

• Being a risk-taker

• Being risk-averse

• Being innovative

• Being confident

Business risks are offset only by which one of the following?

• Financial reward

• Non-financial reward

• Both financial and non-financial rewards

• None of the above