Lesson 1.1.1
1.1.1 Enterprise Quiz: OCR Business, Unit 1
20 questions
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Lesson 1.1.1, Enterprise: 20 multiple choice questions for the OCR Business (H431), Unit 1: Introduction to Business, written with Revision Ninja.
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The 20 questions
-
Which factor of production includes natural resources used to create goods and services?
- Capital
- Enterprise
- Land
- Labour
-
What reward is earned by the enterprise factor of production for taking business risks?
- Interest
- Rent
- Profit
- Wages
-
An individual who sets up a new business, taking on financial risk, is known as what?
- Franchisee
- Entrepreneur
- Director
- Manager
-
Which business sector involves extracting raw materials directly from the Earth?
- Public sector
- Primary sector
- Tertiary sector
- Secondary sector
-
A business manufacturing cars from raw steel operates in which economic sector?
- Quaternary sector
- Primary sector
- Secondary sector
- Tertiary sector
-
Which sector consists of businesses that provide services to consumers and other businesses?
- State sector
- Secondary sector
- Primary sector
- Tertiary sector
-
Organisations owned and run by the government to provide public services belong to which sector?
- Primary sector
- Third sector
- Private sector
- Public sector
-
Charities and non-profit voluntary organisations are classified as belonging to which sector?
- Private sector
- Public sector
- Third sector
- Primary sector
-
A business operating retail stores exclusively within one city operates in which market type?
- Global market
- National market
- Local market
- Primary market
-
What type of business produces and sells goods or services in multiple countries worldwide?
- Franchisee
- Multinational
- Partnership
- Sole trader
-
Which legal structure leaves the owner personally responsible for all debts of the business?
- Incorporation
- Unlimited liability
- Limited partnership
- Limited liability
-
What protects shareholders from losing more money than they originally invested in a company?
- Joint liability
- Limited liability
- Unlimited liability
- Personal guarantee
-
An unincorporated business owned and operated by just one individual is called a what?
- Sole trader
- Private limited company
- Partnership
- Franchise
-
Which business structure allows members to have limited liability while operating like a traditional partnership?
- Unincorporated association
- Limited liability partnership
- Sole trader
- Public limited company
-
Shares of which type of business structure can be bought and sold by the general public?
- Sole trader
- Private limited company
- Partnership
- Public limited company
-
Shares in a private limited company (Ltd) can only be sold under what condition?
- On stock exchanges
- Without any restrictions
- To government agencies
- With shareholder approval
-
An independent business owner who buys the right to use an established brand name is a what?
- Franchisee
- Entrepreneur
- Franchisor
- Shareholder
-
What is the main commercial benefit for a franchisor when expanding through franchising?
- Complete operational control
- Lower total revenue
- Unlimited financial liability
- Rapid capital expansion
-
A hair salon buying scissors and chairs for staff to use is investing in which factor?
- Labour
- Enterprise
- Land
- Capital
-
What key risk does a franchisee face when buying into an established franchise network?
- Unlimited debt liability
- Brand reputation damage
- Difficulty finding suppliers
- Lack of ideas
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