Business Quiz Review

Four Factors of Production

• Land, Labor, Enterprise, Marketing

• Land, Capital, Enterprise, Marketing

• Labor, Capital, Land, Enterprise

• Marketing, Land, Enterprise, Business

Select 2 Correct Sectors of business With Definitions

• Primary - anything from earth

  Secondary - change primary into manufacturing and things

• Primary - change primary into manufacturing and things

  Secondary - anything from earth

• Tertiary - Related to IT and services within them

  Quaternary - service to people

• Tertiary - service to people

  Quaternary - Related to IT and services within them

Four Functions Of Business

• production, marketing, capital, land

• marketing, Human Resources, finance, production

• human needs, marketing, land, finance

• money, production, land, human resources

Forms of business ownership - pick two

• Sole Trader - One owner

  Partnerships - 20 owners

• corporations - entity is separate and distinct from its owners

• Sole Trader - One owner

  Partnerships - two people

• corporations - two people

What's a mission statement

• Purpose of the business , how vision statement will be achieved, medium to long term, revised periodically.

• Purpose of the business , how vision statement will be achieved, short to medium term, revised periodically.

• Purpose of the business , how vision statement will be achieved, medium to long term, revised rarely.

• Purpose of the business , how vision statement will be achieved, short to long term, revised rarely.

A ____ describes the big picture , is very long term, and has no set target.

What's a shareholder?

• a person or institution who invests money in a corporation in order to buy the company.

• a person or institution who invests money in a corporation in order to get a share of the company.

• a person who doesn't care about a business.

• a person or institution who invests money into their own business.

True or False a stakeholder is any business or person that has a direct interest in and is affected by the performance of a business.

• true

• false

The types of stakeholders are...

• shareholders, managers, employees, customers, suppliers, investors, competitors, local community, government.

• shareholders, managers, people, customers, suppliers, investors, competitors, local community, government.

• shareholders, managers, employees, customers, suppliers, buyers, competitors, local community, government.

• shareholders, managers, employees, customers, suppliers, investors, competitors, local community, restaurants.

What is added value?

• Things added to a product.

• Things added to service after it passes through different stages.

• Things added to a product as it passes through the different production stages.

• Things added to a product as it passes through the different making stages.