1) Which of the following is NOT an example of a service? a) A gym membership b) Buying clothes c) Going to the dentist d) Getting a haircut 2) Which of the following is NOT an example of a want? a) Jewellery b) Designer clothes c) Newest iPhone d) Water 3) What is a disadvantage of being self-employed and being your own boss? a) You get to keep all the profits for yourself b) You might have to work long hours c) You get to make all the decisions d) You can choose the time that you start in the morning 4) What is a sole trader? a) A business which is owned and controlled by 2 people b) A business that only has one person working for it c) A business which is owned and controlled by one person d) A business that only sells one thing 5) What best describes the term “profit”? a) The price a business will charge for its products b) Satisfying needs and wants of customers c) When a business makes more money than it spends d) Having a good business idea 6) What is a business? a) A product that is sold which a customer can use and hold b) An entity that organises people and resources to produce a good or provide a service which satisfy customers’ needs and wants c) A person that sells things to other people d) Luxury items that are not essential to survive 7) What is a need? a) Something that a business does for customers b) Something that is not essential to survive c) When a business exchanges its products for money d) Something essential for survival 8) What is a service? a) Products made and sold by a business that you can touch (are tangible) and use, such as a book or an iPad b) Something that the business does for a customer, that we can’t touch or hold (intangible), such as getting your nails done c) When you buy luxury items that we would like to have but do not need to survive d) Any time a business sells a product to satisfy needs and wants

S2 Intro to Business

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