1.1 What is a business?

Question 1

Capital is a type of (input, process output)

Answer 1

Input

Question 2

Land and Labour are examples of (input, processes, outputs)

Answer 2

Inputs

Question 3

The four departments of a business fall under (inputs, processes, outputs)

Answer 3

Processes

Question 4

Goods and Services fall under (inputs, procesess, outputs)

Answer 4

Outputs

Question 5

What department manages the workforce?

Answer 5

Human Resources

Question 6

Which department handles appraisals and dismissals?

Answer 6

Human Resources

Question 7

Which department manages the organisation’s money?

Answer 7

Finance

Question 8

Which department handles the compliance with legal requirements?

Answer 8

Finance

Question 9

Which department generally deals with the customer?

Answer 9

Marketing

Question 10

Which department advertises and promotes the business?

Answer 10

Marketing

Question 11

Which department is responsible for actually making the product?

Answer 11

Operations Management

Question 12

Which department provides the services?

Answer 12

Operations Management

Question 13

What sector extracts raw materials?

Answer 13

Primary Sector

Question 14

What role does the primary sector serve?

Answer 14

Raw Material Extraction

Question 15

Fishing, farming and construction are examples of what two sectors?

Answer 15

Primary and Secondary

Question 16

What sector handles manufacturing?

Answer 16

Secondary

Question 17

What purpose does the secondary sector serve?

Answer 17

Manufacturing

Question 18

What sector handles services?

Answer 18

Tertiary Sector

Question 19

What is the difference between goods and services?

Answer 19

They are in two different sectors

Question 20

Healthcare and Farming are examples of what two sectors?

Answer 20

Primary and Tertiary

Question 21

What purpose does the tertiary sector serve?

Answer 21

Services

Question 22

What part of the economy is handled by the quarternary sector?

Answer 22

Knowledge

Question 23

Quarternary sector is a ___ of the tertiary sector.

Answer 23

Sub-part

Question 24

ICT and Textiles are examples of what two sectors?

Answer 24

Quarternary and Secondary

Question 25

What is the first process in the chain of production?

Answer 25

Extraction

Question 26

What is the final process in the chain of production?

Answer 26

Consuming

Question 27

What is the second process in the chain of production?

Answer 27

Manufacturing

Question 28

What is the third process in the chain of production?

Answer 28

Providing Services

Question 29

What acronym is commonly used to show why businesses exist?

Answer 29

GET CASH

Question 30

What does G stand for in the context of business opportunities?

Answer 30

Growth

Question 31

What does E stand for in the context of business opportunities?

Answer 31

Earnings

Question 32

What does T stand for in the context of business opportunities?

Answer 32

Transference and Inheritance

Question 33

What does C stand for in the context of business opportunities?

Answer 33

Challenge

Question 34

What does A stand for in the context of business opportunities?

Answer 34

Autonomy

Question 35

What does S stand for in the context of business opportunities?

Answer 35

Security

Question 36

What does H stand for in the context of business opportunities?

Answer 36

Hobbies

Question 37

What resources do businesses combine to create goods and services?

Answer 37

Land, Labour, Capital, Enterprise

Question 38

Examples of Goods

Answer 38

Producer and Consumer Goods

Question 39

Examples of Services

Answer 39

Tangible and Intangible Services