HIGHER BUSINESS MANAGEMENT (FULL
COURSE) EXAM WITH COMPLETE
QUESTIONS AND ANSWERS [ GRADED
A+]
Business - ✔️✔️Any organisation working towards a set of objectives
Goods - ✔️✔️Things we can see and touch
Durable Goods - ✔️✔️Things we can use again and again
Non-durable goods - ✔️✔️Things we can use only once
Service - ✔️✔️A thing that is done for us
©morren2025/2026.Year published 2026.
,Wants - ✔️✔️Non-essential things we would like to have
Needs - ✔️✔️Essential things for survival
Land - ✔️✔️An economic term meaning natural resources which businesses
use
Labour - ✔️✔️An economic term meaning the workforce of a business
Capital - ✔️✔️An economic term meaning factories, machines, vehicles,
tools etc that a business owns or controls
Enterprise - ✔️✔️This is the business ideas that an entrepreneur or owner
has on how to use land, labour and capital in their business
©morren2025/2026.Year published 2026.
,Entrepreneur - ✔️✔️The person who develops a business idea and combines
the factors of production (land, labour, capital and enterprise). They take
the risk of losing their initial investment if the business idea fails.
Factors of Production - ✔️✔️Land, Labour, Capital and Enterprise
Cycle of Business - ✔️✔️The constant process of producing goods and
services
Primary Sector - ✔️✔️Businesses involved in extracting natural resources
Secondary Sector - ✔️✔️Businesses involved in manufacturing &
construction
Tertiary Sector - ✔️✔️Businesses involved in providing services
De-industrialisation - ✔️✔️The process of manufacturing decline
©morren2025/2026.Year published 2026.
, Sole Trader - ✔️✔️a business owned by a single person
Partnership - ✔️✔️a business owned by two or more people
Public Limited Company - ✔️✔️a buisness witth limited liabilty whose shares
are availible to the general public to buy on the stock market
Private Limited Company - ✔️✔️a company whose shares are not bought
and sold on the stock market and can only pass to another person with the
agreement of other shareholders
Franchise - ✔️✔️the right to use a specific business's name and sell its
products or services in a given territory.
Public Corporation - ✔️✔️An organisation created by an Act of Parliament
©morren2025/2026.Year published 2026.
COURSE) EXAM WITH COMPLETE
QUESTIONS AND ANSWERS [ GRADED
A+]
Business - ✔️✔️Any organisation working towards a set of objectives
Goods - ✔️✔️Things we can see and touch
Durable Goods - ✔️✔️Things we can use again and again
Non-durable goods - ✔️✔️Things we can use only once
Service - ✔️✔️A thing that is done for us
©morren2025/2026.Year published 2026.
,Wants - ✔️✔️Non-essential things we would like to have
Needs - ✔️✔️Essential things for survival
Land - ✔️✔️An economic term meaning natural resources which businesses
use
Labour - ✔️✔️An economic term meaning the workforce of a business
Capital - ✔️✔️An economic term meaning factories, machines, vehicles,
tools etc that a business owns or controls
Enterprise - ✔️✔️This is the business ideas that an entrepreneur or owner
has on how to use land, labour and capital in their business
©morren2025/2026.Year published 2026.
,Entrepreneur - ✔️✔️The person who develops a business idea and combines
the factors of production (land, labour, capital and enterprise). They take
the risk of losing their initial investment if the business idea fails.
Factors of Production - ✔️✔️Land, Labour, Capital and Enterprise
Cycle of Business - ✔️✔️The constant process of producing goods and
services
Primary Sector - ✔️✔️Businesses involved in extracting natural resources
Secondary Sector - ✔️✔️Businesses involved in manufacturing &
construction
Tertiary Sector - ✔️✔️Businesses involved in providing services
De-industrialisation - ✔️✔️The process of manufacturing decline
©morren2025/2026.Year published 2026.
, Sole Trader - ✔️✔️a business owned by a single person
Partnership - ✔️✔️a business owned by two or more people
Public Limited Company - ✔️✔️a buisness witth limited liabilty whose shares
are availible to the general public to buy on the stock market
Private Limited Company - ✔️✔️a company whose shares are not bought
and sold on the stock market and can only pass to another person with the
agreement of other shareholders
Franchise - ✔️✔️the right to use a specific business's name and sell its
products or services in a given territory.
Public Corporation - ✔️✔️An organisation created by an Act of Parliament
©morren2025/2026.Year published 2026.
