1) Which type of business organization would likely be best for Dulip's forestry and furniture business if he wants to involve his sons and protect personal assets? a) Sole Trader b) Partnership c) Private Limited Company d) Public Limited Company 2) Which sector does Dulip's forestry business belong to? a) Primary Sector b) Secondary Sector c) Tertiary Sector d) Quaternary Sector 3) Why might Farah's business be classified in the tertiary sector? a) She manufactures goods. b) She provides services such as dressmaking classes. c) She extracts natural resources. d) She processes raw materials into finished goods. 4) If Farah wanted to minimize her financial risk, which of the following should she consider? a) Operating as a sole trader b) Forming a partnership c) Registering as a private limited company d) Operating as a public limited company 5) Which factor of production is most critical for Dulip’s forestry business? a) Labour b) Capital c) Land d) Enterprise 6) Why would Dulip need to establish good relations with his bank? a) To acquire equipment at discounted prices b) To obtain a loan for purchasing the forest c) To market his products d) To recruit employees 7) Which business function should Farah prioritize first to ensure her shop’s success? a) Human Resources b) Marketing c) Operations Management d) Finance 8) In which sector would Farah’s business operate if she decides to open a dress manufacturing unit? a) Primary Sector b) Secondary Sector c) Tertiary Sector d) Quaternary Sector 9) Which of the following is a disadvantage Dulip might face if he chooses to remain a sole trader? a) Limited liability b) Greater access to capital c) Unlimited liability d) Ease of raising finance 10) Which of the following scenarios best illustrates the concept of ‘enterprise’? a) Dulip’s decision to expand into furniture making b) Farah’s hiring of an accountant c) Dulip’s purchase of a sawmill d) Farah’s investment in marketing her shop 11) Which of the following best explains the term ‘capital’ in Dulip's context? a) The workers employed in his business b) The natural resources he uses c) The equipment and finances needed to start and run the business d) The land he plans to buy for the forest 12) Which of the following would best help Farah distinguish her business in the market? a) Offering cheaper prices than competitors b) Hiring more employees than necessary c) Offering dressmaking lessons along with selling finished dresses d) Selling similar products as her competitors 13) Why might Dulip consider changing his business structure to a private limited company? a) To take on more personal liability b) To allow his sons to inherit the business easily c) To avoid formal registration processes d) To minimize his management responsibilities 14) How would industrialization affect Dulip’s forestry business if he decides to expand into manufacturing? a) It would increase his reliance on imported raw materials. b) It would decrease the need for skilled labor. c) It would increase competition from other manufacturers. d) It would decrease the cost of production. 15) Which of the following would be a primary sector activity related to Farah's business? a) Cutting and preparing fabrics b) Designing new dress patterns c) Growing cotton for fabric d) Offering tailoring services 16) How would the secondary sector’s decline impact Dulip’s potential furniture manufacturing expansion? a) Lower competition from foreign manufacturers b) Higher difficulty in finding skilled labor c) Increased government support for manufacturing businesses d) Easier access to raw materials 17) What impact would Dulip’s choice to expand into furniture making have on his capital needs? a) Reduced need for financing b) Increased need for specialized equipment and facilities c) Less reliance on external investors d) Simplified financial management 18) Why might a recession be an ideal time for Farah to start her business? a) Higher consumer spending b) Lower competition in the market c) Increased availability of skilled labor d) Easier access to bank loans 19) Why might Dulip’s decision to plant two trees for every one cut be considered an enterprise strategy? a) It focuses on short-term profit maximization. b) It aims to meet environmental sustainability goals. c) It reduces operational costs. d) It eliminates competition. 20) If Farah wants to limit her exposure to business risks, which legal structure should she consider? a) Sole Trader b) Partnership c) Private Limited Company d) Public Limited Company

AO2 (Application and Analysis) Test

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