Business Studies: The Purpose Of Business Activity Quiz

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  • 1/7 Questions

    What is the definition of: WANT

    • A Want is something like food or clothing
    • A Want is a good or a service essential for living.
    • A Want is a good or a service which people would like to have,
    • A Want is none of the answer above
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About This Quiz

This tes is base on the IGCSE book for year 10, and to find the answer you need to look inisde the book on the first unit:
Unit 1: Purpose of the business activity.

Business Studies: The Purpose Of Business Activity Quiz - Quiz

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  • 2. 

    What is the definition of a: STAKE HOLDER

    • A Stake Holder is someone that work in the business has a worker.

    • A Stake Holder is any person or group with a direct interest in the performance and activities

    Correct Answer
    A. A Stake Holder is any person or group with a direct interest in the performance and activities
    Explanation
    A stakeholder is someone who has a direct interest in the performance and activities of a business. They can be individuals or groups who are affected by or can affect the decisions and outcomes of the business. Stakeholders can include employees, customers, shareholders, suppliers, government agencies, and the local community. They have a stake in the success and well-being of the business and can influence its operations, strategies, and overall success.

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  • 3. 

    What is the definition of: NEED

    • A Need is a good or a service essential for living.

    • A Need is a good or a service which people would like to have, but which is not to essential for living. People's wants are unlimited

    • A Nedd is a good or a service essential for living.

    • A Need is none of the answer above

    Correct Answer
    A. A Need is a good or a service essential for living.
    Explanation
    A need is a good or a service essential for living. This means that it is something that is necessary for survival or basic well-being. It is not just something that people would like to have, but something that they must have in order to meet their basic needs. People's wants may be unlimited, but needs are limited to those things that are necessary for survival and basic functioning.

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  • 4. 

    What is the business term for money?

    • Dosh

    • Capital

    • Interest

    • Wonga

    Correct Answer
    A. Capital
    Explanation
    Capital is the correct answer because in business, capital refers to the financial resources or assets that a company uses to fund its operations and invest in its growth. It can include cash, equipment, buildings, and other tangible or intangible assets that have value. Capital is essential for businesses to start, operate, and expand, and it represents the financial foundation of a company.

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  • 5. 

    What is a: SCARCITY

    • A Scarcity is the next best alternative given up by choosing another item

    • A Scarcity is the lack of sufficent products to fukfil the total wants of the population.

    • A Scarcity is those resources needed to produce goods or services

    • A Scarcity is none of the answer above

    Correct Answer
    A. A Scarcity is the lack of sufficent products to fukfil the total wants of the population.
    Explanation
    The correct answer states that scarcity is the lack of sufficient products to fulfill the total wants of the population. This means that there is a limited availability of resources or goods compared to the unlimited wants or needs of people. Scarcity occurs when there is not enough supply to meet the demand, leading to competition and choices about how resources should be allocated.

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  • 6. 

     Property owned by a company, regarded as having value and available to meet debts, commitments, or legacies.  

    • Liabilities

    • Assets

    • Capital

    • Balance Sheet

    Correct Answer
    A. Assets
    Explanation
    Assets are property owned by a company that have value and are available to meet debts, commitments, or legacies. This can include tangible assets such as buildings, equipment, and inventory, as well as intangible assets such as patents, trademarks, and goodwill. Assets are an important component of a company's balance sheet and can be used to generate revenue or provide a source of collateral.

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  • 7. 

    Which of these is a diagnostic tool?

    • Asset Sheet

    • Liability Sheet

    • Balance Sheet

    • Capital Sheet

    Correct Answer
    A. Balance Sheet
    Explanation
    A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time. It shows the company's assets, liabilities, and shareholders' equity, providing valuable information about its financial health and performance. By analyzing the balance sheet, stakeholders can assess the company's liquidity, solvency, and overall financial stability. Therefore, a balance sheet is considered a diagnostic tool as it helps in evaluating the financial condition of a company.

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  • Jul 30, 2024
    Quiz Edited by
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  • Dec 15, 2011
    Quiz Created by
    Irvindelbrah
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