Business and Economics Quiz

What is the primary goal of a business?

• To make a profit through providing goods or services

• To employ as many people as possible

• To spend money on advertising

• To compete with other businesses

Which of the following is an example of a service?

• A laptop computer

• A haircut at a salon

• A loaf of bread

• A new smartphone

In business, what is the term for something people must have to survive?

• A luxury item

• A want

• A need

• A preference

Which factor of production refers to natural resources used in creating goods?

• Enterprise

• Capital

• Labour

• Land

What is the reward for the factor of production 'labour'?

• Interest

• Profit

• Wages

• Rent

Which of these is an example of capital in business?

• The business owner's skills

• Factory machinery

• The monthly rent payment

• Employee salaries

What do we call someone who combines all factors of production and takes risks?

• A manager

• A supervisor

• An employee

• An entrepreneur

Which of these is considered a 'want' rather than a 'need'?

• Designer clothing

• Clean water

• Basic shelter

• Fresh air

What reward does the owner of land typically receive?

• Wages

• Interest

• Profit

• Rent

What is the reward for the factor of production 'capital'?

• Profit

• Interest

• Wages

• Rent