National 5 Business Management Questions and Correct Answers
1. Business ANSWER An organisation that provides goods and services
2. Needs ANSWER Basic requirements for survival -- the goods and services a person must have (food, water, etc)
3. Wants ANSWER Goods that are purchased to add comfort or pleasure to life
4. Durable Good ANSWER Items with lasting value, the purchase of which is considered a form of savings
5. Non-Durable Good ANSWER goods that last a short period of time, such as food, light bulbs, and sneakers
6. Service ANSWER intangible things of value (haircuts, maid service, laundry, education, etc.)
7. Land ANSWER Any natural resource provided by nature and used in the production process
8. Labour ANSWER productive work (especially physical work done for wages)
9. Capital ANSWER Man made resources used to make a product
10. Enterprise ANSWER Combining the Factors of Production
11. Factors of Production ANSWER Land, Labour, Capital and Enterprise
12. Added Value ANSWER The increase in worth of a product or service as a result of a particular activity.
13. Primary Sector ANSWER The part of the economy that produces raw materials; examples include agriculture,
fishing,
mining, and forestry.
14. Secondary Sector ANSWER The portion of the economy concerned with manufacturing useful products
through processing, transforming, and assembling raw materials.
15. Tertiary Sector ANSWER the part of the economy that involves services rather than goods
16. Sectors of Industry ANSWER Primary, Secondary & Tertiary
17. Sole Trader ANSWER a business owned by a single person
18. Partnership ANSWER A business in which two or more persons combine their assets and skills
19. Private Limited Company ANSWER A business organization owned by shareholders with limited liability
but
whose shares cannot be bought or sold to the general public.
20. Public Limited Company ANSWER a business with limited liability whose shares are available to the
general public to buy on the stock market
21. Private Sector ANSWER Comprises businesses owned and controlled by individuals or groups of individuals
22. Public Sector ANSWER Comprises organisations accountable to and controlled by central or local government
(the
state)
23. Third Sector ANSWER The Not For Profit Sector
24. Dividend ANSWER A payment from profits by a company's Board of Director's to shareholders.
1/
10
, National 5 Business Management Questions and Correct Answers
25. Unlimited Liability ANSWER The owner is personally and fully responsible for all losses and debts of the
business
26. Social Enterprise ANSWER A business that is set up to help society rather than to make a profit.
2/
10
1. Business ANSWER An organisation that provides goods and services
2. Needs ANSWER Basic requirements for survival -- the goods and services a person must have (food, water, etc)
3. Wants ANSWER Goods that are purchased to add comfort or pleasure to life
4. Durable Good ANSWER Items with lasting value, the purchase of which is considered a form of savings
5. Non-Durable Good ANSWER goods that last a short period of time, such as food, light bulbs, and sneakers
6. Service ANSWER intangible things of value (haircuts, maid service, laundry, education, etc.)
7. Land ANSWER Any natural resource provided by nature and used in the production process
8. Labour ANSWER productive work (especially physical work done for wages)
9. Capital ANSWER Man made resources used to make a product
10. Enterprise ANSWER Combining the Factors of Production
11. Factors of Production ANSWER Land, Labour, Capital and Enterprise
12. Added Value ANSWER The increase in worth of a product or service as a result of a particular activity.
13. Primary Sector ANSWER The part of the economy that produces raw materials; examples include agriculture,
fishing,
mining, and forestry.
14. Secondary Sector ANSWER The portion of the economy concerned with manufacturing useful products
through processing, transforming, and assembling raw materials.
15. Tertiary Sector ANSWER the part of the economy that involves services rather than goods
16. Sectors of Industry ANSWER Primary, Secondary & Tertiary
17. Sole Trader ANSWER a business owned by a single person
18. Partnership ANSWER A business in which two or more persons combine their assets and skills
19. Private Limited Company ANSWER A business organization owned by shareholders with limited liability
but
whose shares cannot be bought or sold to the general public.
20. Public Limited Company ANSWER a business with limited liability whose shares are available to the
general public to buy on the stock market
21. Private Sector ANSWER Comprises businesses owned and controlled by individuals or groups of individuals
22. Public Sector ANSWER Comprises organisations accountable to and controlled by central or local government
(the
state)
23. Third Sector ANSWER The Not For Profit Sector
24. Dividend ANSWER A payment from profits by a company's Board of Director's to shareholders.
1/
10
, National 5 Business Management Questions and Correct Answers
25. Unlimited Liability ANSWER The owner is personally and fully responsible for all losses and debts of the
business
26. Social Enterprise ANSWER A business that is set up to help society rather than to make a profit.
2/
10
