What Do You Know About Production? Trivia Quiz
Business is centered in production, which is a process of transforming inputs into goods or services that are sent out to the market or prospective customers. According to the business classes, how well have you understood the production process and what is needed for it to go smoothly? This quiz is to test student’s ability on how much they know about production, which is a significant aspect of the business.
- 1.
What is production?
- A.
The allocation of resources
- B.
The creation of goods and services
- C.
The exchange of goods and services
Correct Answer
B. The creation of goods and services -
- 2.
What is the purpose of production?
- A.
To satisfy human wants ONLY
- B.
To satisfy human needs ONLY
- C.
To satisfy BOTH wants and needs
- D.
None of the above
Correct Answer
C. To satisfy BOTH wants and needs -
- 3.
What are the factors of production?
- A.
Primary factor, secondary factor, tertiary factor
- B.
Subsistence, domestic, export
- C.
Land, labour, capital, enterprise/entrepreneur
Correct Answer
C. Land, labour, capital, enterprise/entrepreneur -
- 4.
Which of the following is the reward for land?
- A.
Profit
- B.
Rent
- C.
Wages
- D.
Interest
Correct Answer
B. Rent -
- 5.
Which of the following is the reward for labour?
- A.
Interest
- B.
Profit
- C.
Wages/salaries
- D.
Rent
Correct Answer
C. Wages/salaries -
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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
-
Current Version
-
Mar 16, 2022Quiz Edited by
ProProfs Editorial Team -
Sep 05, 2017Quiz Created by
Karen Coleman
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