1 IB Business Management: 1.1
Introduction to Business Management
Practice Exam With Questions And
Correct Verified Answers | Latest
Update 2026 | 100% Assured Success |
Brand New Version | Already Graded
A+!!!!!!!!!
Quaternary Sector - CORRECTANSWER A subset of the tertiary sector and involves service jobs
concerned with research and development, management and administration, and processing
and disseminating information.
Intrapreneurship - CORRECTANSWER The act of behaving like an entrepreneur while working
within a large organization where freedom and financial support is given to create new
products, services, systems, etc.
Consumer Goods - CORRECTANSWER The physical and tangible goods sold to the general
public. They include cars and washing machines, which are referred to as durable consumer
goods. Non-durable consumer goods include food, drinks and sweets that can only be used
once
, Consumer Services - CORRECTANSWER Non-tangible products that are sold to the general
public and include hotel accommodation, insurance services and train journeys
Capital Goods - CORRECTANSWER Physical goods that are used by an industry to aid in the
production of other goods and services, such as machines and commercial vehicles
Factors of Production - CORRECTANSWER Resources needed by businesses to produce goods or
services
The Factors of Production - CORRECTANSWER Land, Labour, Capital and Enterprise
Land - CORRECTANSWER Natural resources that can be found on the planet. This includes
renewable and non-renewable natural resources such as water, wood, fish and physical land
itself
Labour - CORRECTANSWER The physical and mental human effort used in the production
process
Capital - CORRECTANSWER The finance needed to set up a business and pay for its continued
operations or expansion. Also includes the man-made goods used in the production process
(capital goods)
Enterprise - CORRECTANSWER Risk taking individuals who combine the other factors of
production into a unit that is capable of producing goods and services. It provides a managing,
decision-making and coordinating role
Business Functions - CORRECTANSWER Marketing, Finance, Human Resource Management and
Operations Management
Introduction to Business Management
Practice Exam With Questions And
Correct Verified Answers | Latest
Update 2026 | 100% Assured Success |
Brand New Version | Already Graded
A+!!!!!!!!!
Quaternary Sector - CORRECTANSWER A subset of the tertiary sector and involves service jobs
concerned with research and development, management and administration, and processing
and disseminating information.
Intrapreneurship - CORRECTANSWER The act of behaving like an entrepreneur while working
within a large organization where freedom and financial support is given to create new
products, services, systems, etc.
Consumer Goods - CORRECTANSWER The physical and tangible goods sold to the general
public. They include cars and washing machines, which are referred to as durable consumer
goods. Non-durable consumer goods include food, drinks and sweets that can only be used
once
, Consumer Services - CORRECTANSWER Non-tangible products that are sold to the general
public and include hotel accommodation, insurance services and train journeys
Capital Goods - CORRECTANSWER Physical goods that are used by an industry to aid in the
production of other goods and services, such as machines and commercial vehicles
Factors of Production - CORRECTANSWER Resources needed by businesses to produce goods or
services
The Factors of Production - CORRECTANSWER Land, Labour, Capital and Enterprise
Land - CORRECTANSWER Natural resources that can be found on the planet. This includes
renewable and non-renewable natural resources such as water, wood, fish and physical land
itself
Labour - CORRECTANSWER The physical and mental human effort used in the production
process
Capital - CORRECTANSWER The finance needed to set up a business and pay for its continued
operations or expansion. Also includes the man-made goods used in the production process
(capital goods)
Enterprise - CORRECTANSWER Risk taking individuals who combine the other factors of
production into a unit that is capable of producing goods and services. It provides a managing,
decision-making and coordinating role
Business Functions - CORRECTANSWER Marketing, Finance, Human Resource Management and
Operations Management
