Question 1

Which of the following is not a function of a business?&#10;A) Marketing&#10;B) Finance&#10;C) Profit&#10;D) Human resources

Accepted Answer

Profit is not a function of a business but rather an outcome or goal. The functions of a business, such as marketing, finance, and human resources, are activities or operations carried out to achieve business objectives, including making a profit.

Question 2

Complete the sentence. A sole proprietor has &#8230;&#10;A) Unlimited liability.&#10;B) Limited Liability&#10;C) Shareholders.&#10;D) Ltd after its name

Accepted Answer

A sole proprietor has unlimited liability, meaning they are personally responsible for all the business's debts and obligations.

Question 3

Complete the sentence. A private company&#8230;&#10;A) Has unlimited liability.&#10;B) Has limited Liability&#10;C) Has plc after its name&#10;D) Is part of the public sector

Accepted Answer

b,c

Question 4

A company is owned by its managers.

Accepted Answer

A company is typically owned by its shareholders, not its managers. Managers are employed to run the company on behalf of the owners (shareholders).

Question 5

Which of the following is in the primary sector?&#10;A) farmer&#10;B) car manufacturer&#10;C) bank&#10;D) university

Accepted Answer

The primary sector involves the extraction and production of raw materials, such as farming, mining, and fishing. A farmer falls into this category as they are directly involved in producing raw materials like crops and livestock.

Question 6

Which of the following is in the tertiary sector?&#10;A) farmer&#10;B) car manufacturer&#10;C) bank&#10;D) Oil refining

Accepted Answer

The tertiary sector includes services such as banking, healthcare, and education. A bank falls under this category as it provides financial services rather than producing goods.

Question 7

Most business activity is in the service sector. This means the UK business is mainly operating in the primary sector.

Accepted Answer

The service sector, not the primary sector, is where most business activity occurs, indicating that the UK's economy is predominantly focused on services such as finance, education, and healthcare rather than agriculture, mining, and fishing which are part of the primary sector.

Question 8

Which of the following is not in the micro environment of business?&#10;A) suppliers&#10;B) customers&#10;C) competitors&#10;D) new legislation

Accepted Answer

New legislation is part of the macro environment, as it involves external factors that affect all businesses and industries, rather than the immediate environment of a specific business.

Question 9

Which of the following is not in the macro environment of business?&#10;A) Economic change&#10;B) Legal change&#10;C) Supplier change&#10;D) Technological change

Accepted Answer

Supplier change is considered a part of the microenvironment of a business, as it directly relates to the immediate environment a company operates within, including its relationships with suppliers, customers, and competitors. The macro environment, on the other hand, includes broader forces like economic, legal, and technological changes that affect all businesses in an industry or region.

Question 10

According to Mintzberg the roles of a manager are informational, __________ and decision maker.

Accepted Answer

The answer of According to Mintzberg the roles of a...

Question 11

A model is meant to represent reality precisely.

Accepted Answer

The answer of A model is meant to represent reality...

Question 12

The provision of education is part of the tertiary sector of the economy.

Accepted Answer

The answer of The provision of education is part of...

Deck 1: What Is a Business?