What is the term for a legal requirement to a percentage of profits to the government?

  • Profit
  • Revenue
  • Tax
  • Dividend

Which of the following is not a factor of production?

  • Enterprise
  • Capital
  • Land
  • Law

Which of the following is a characteristic of a partnership?

  • Limited liability
  • Ease of formation
  • Double taxation
  • Dividends paid to shareholders

Which is a valid difference between public and private limited companies?

  • Shareholders may receive dividends
  • Shares can be bought and sold
  • Owners have limited liability
  • Share ownership is restricted

Which of the following sectors includes businesses involved in agriculture, fishing, and mining?

  • Primary sector
  • Secondary sector
  • Tertiary sector
  • Quaternary sector

Which type of costs change, depending on the company's output?

  • Variable costs
  • Moveable costs
  • Surplus costs
  • Fixed costs

Which expansion activity is classed as "internal"?

  • Buying a competitor
  • Being acquired by a larger competitor
  • Conglomerate integration
  • Opening a new store

A business purchasing a supplier is…

  • Conglomerate integration
  • Forward vertical integration
  • Backward vertical integration
  • Horizontal integration

Which of the following is not a potential benefit of franchising?

  • Rapid growth of business
  • Increased brand awareness
  • Low risk
  • Lower taxation

Which of the four factors of production could be described as " the financial resources used to produce goods and services"?

  • Land
  • Labour
  • Capital
  • Enterprise