Business and Economics Quiz

What is the primary objective of a business?

• Employment

• Profit-making

• Charity

• Education

Which of the following is NOT a factor of production?

• Land

• Labour

• Capital

• Technology

Who is known as the father of economics?

• Karl Marx

• Adam Smith

• Alfred Marshall

• Amartya Sen

What does GDP stand for?

• Gross Domestic Product

• General Data Processing

• Government Development Plan

• Goods Distribution Policy

In which sector of the economy does farming fall?

• Primary

• Secondary

• Tertiary

• Quaternary

What is the meaning of 'Entrepreneurship'?

• Buying and selling products

• Providing loans

• Starting and managing a new business

• Working for someone else

Which of these is an example of a service?

• Wheat

• Furniture

• Teaching

• Car

What is bookkeeping?

• Writing stories

• Recording financial transactions

• Keeping appointment books

• Doing mathematics

Which document is used to open a bank account?

• Resume

• Address proof

• Invitation letter

• Newspaper

Which type of business organization is owned by a single person?

• Partnership

• Company

• Sole proprietorship

• Cooperative society