1) What is an entrepreneur? a) Someone who invests in other people's business b) Someone who starts and runs their own business c) Someone who works for a large organisation d) Someone who studies the economy 2) What is the main aim of most private sector businesses? a) To help the government b) To reduce costs for others c) To make a profit d) To support charities 3) Who is a Stakeholders? a) A person who only owns company shares  b) Anyone interested in or affected by a business c) Only the business owner  d) a government employee 4) What is the difference between goods and services? a) Goods are intangible; Services are tangible  b) Goods are tangible; Services and intangible  c) Goods are always expensive; Services are always cheap  d) Goods are for businesses only; Services are for consumers only 5) What are the factors of production? a) Land, Labour, Capital, Enterprise b) Private, Public, Third c) Primary, Secondary, Tertiary 6) What are the sectors of economy?  a) Land, Labour, Capital, Enterprise  b) Private, Public, Third  c) Primary, Secondary, Tertiary 7) What are the sectors of industry?  a) Land, Labour, Capital, Enterprise b) Private, Public, Third c) Primary, Secondary, Tertiary 8) What is customer service? a) The process of producing goods b) How a business looks after its consumers before, during and after a purchase c) The method used to advertise products d) The way a business pays its employees 9) What is the minimum objective of all businesses? a) Survival b) Customer satisfaction c) To increase market share  d) To be socially responsible 10) Which of the following is an example of an external stakeholders? a) Customers b) Employees c) Managers d) shareholders

Understanding Business Recap

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