1) What is a business? a) When you sell a product or service b) When you buy a coffee c) When you finish a homework d) When you meet the needs of customers. e) I don't know f) When you satisfy a need with a product or service 2) What is the meaning of Goods a) Products you can touch b) When you buy a car c) When you go to the cinema d) Products you can't touch e) When you go to the school f) When you buy a phone 3) What is the meaning of Services a) Are intangible products b) When you go to the restaurant c) When you go on vacations d) Products you can touch e) I don't know f) When you buy a soda 4) Goods and services differ in four ways. a) Intangible,Inseparable,Perishable,Variable b) Touchable,Inseparable, c) Perishable,Variable d) Inseparable,Grateful e) Eternal,Variable f) Invariable,Inseparable 5) Factors of production a) Land, labour,capital,entrepreneurship b) Land, leadership, capital c) Land, money,gold d) Perishable, eternal e) I don't know f) Exams, homeworks, capital 6) Funtional areas a) MKT,HR,Finance and accounts,Operations management b) Human resources and Marketing c) Finance and accounts and operations d) I don't know e) When you combine a product and clients f) Products and services 7) Is the function that handles all aspects relate to the workforce. a) Human resources b) Marketing c) Finance and accounts d) Operations e) I don't know f) Legal aspects 8) Refers to the responsibility for ensuring that the business has sufficient funds in order to conduct its daily operations a) Finance and accounts b) Marketing c) Human resources d) Operations e) Equity f) Financial records 9) Are the people or other businesses that purchase goods and services.  a) Customers b) Client c) Company d) Marketplace e) Restaurant f) Wal-Mart 10) Is the process of producing a particular good or service that is worth more than the cost of the resources used to produce it. a) Customers b) Adding value c) Teachers d) Food services e) An exam f) Marketing 11) Refears to the reason that made an enterprise a) Etymology b) Factors of production c) Services d) Goods e) Workforce f) Core business 12) Are the people who use goods and services. They are not necessarily the customers though. a) Consumers b) Client c) Customers d) A business e) Factors of production f) Definition 13) Refers to business activity involved with the extraction of natural resources. a) The primary sector b) The secondary sector c) The tertiary sector d) The quaternary sector e) Marketing f) Natural resources 14) Refers to business activity involved with the manufacturing or construction of finished products. a) The primary sector b) The secondary sector c) The tertiary sector d) The quaternary sector e) Marketing f) Natural resources 15) Refers business activity that involves providing services to customers. a) The primary sector b) The tertiary sector c) The quaternary sector d) The secondary sector e) Oil and food f) When you go to the movies 16) Refers to business activity involving the creation or sharing of knowledge and information. a) When you buy a new phone b) When you go to the school c) The primary sector d) The quaternary sector e) The secondary sector f) The tertiary sector 17) What is being an entrepreneur. a) Described as visionaries b) Is both willing and able to take calculated risks by investing in a business start-up or commercial initiative. c) Someone who always take risks in order to have a product or service d) When you sell a producto or service e) When you cook something new f) When you buy a new producto or service 18) He can see market changes and trends before they actually happen or materialise, or even set the trends themselves. a) A visionary b) Consumers c) Clients d) New company e) Bussiness plan f) Cash flow 19) Bill Gates has top 10 characteristics of successful entrepreneurs. What is the most important for IB students a) Have Energy b) Have a bad influence c) Work Hard d) Don't procrastinate e) Have a sense of humor f) Ask for advice

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