BUSINESS MANAGMENT EXAMS (LATEST 2026/2027) | COMPLETE
ACTUAL EXAM | QUESTIONS & 100% VERIFIED CORRECT ANSWERS
| OBJECTIVE ASSESSMENT | PRE ASSESSMENT INCLUDED |
GUARANTEED A+ | BRAND NEW UPDATE!
Quaternary Sector - ANSWER A subset of the tertiary sector and involves
service jobs concerned with research and development, management and
administration, and processing and disseminating information.
Intrapreneurship - ANSWER The act of behaving like an entrepreneur while
working within a large organization where freedom and financial support is given
to create new products, services, systems, etc.
Consumer Goods - ANSWER The physical and tangible goods sold to the
general public. They include cars and washing machines, which are referred to as
durable consumer goods. Non-durable consumer goods include food, drinks and
sweets that can only be used once
Consumer Services - ANSWER Non-tangible products that are sold to the
general public and include hotel accommodation, insurance services and train
journeys
Capital Goods - ANSWER Physical goods that are used by an industry to aid
in the production of other goods and services, such as machines and commercial
vehicles
Factors of Production - ANSWER Resources needed by businesses to produce
goods or services
, The Factors of Production - ANSWER Land, Labour, Capital and Enterprise
Land - ANSWER Natural resources that can be found on the planet. This
includes renewable and non-renewable natural resources such as water, wood, fish
and physical land itself
Labour - ANSWER The physical and mental human effort used in the
production process
Capital - ANSWER The finance needed to set up a business and pay for its
continued operations or expansion. Also includes the man-made goods used in the
production process (capital goods)
Enterprise - ANSWER Risk taking individuals who combine the other factors
of production into a unit that is capable of producing goods and services. It
provides a managing, decision-making and coordinating role
Business Functions - ANSWER Marketing, Finance, Human Resource
Management and Operations Management
Marketing - ANSWER The commercial processes involved in creating and
designing, promoting and selling and distributing a product or service
Finance - ANSWER The management of money and credit and banking and
investments
, Human Resource Management - ANSWER The process of determining
human resource needs and then recruiting, selecting, developing, motivating,
evaluating, compensating, and scheduling employees to achieve organisational
objectives
Operations Management - ANSWER The management of processes used to
design, supply, produce, and deliver goods and services to customers
Primary Sector Business Activity - ANSWER Firms engaged in farming,
fishing, oil extraction and all other industries that extract natural resources so that
they can be used and processed by other firms
Secondary Sector Business Activity - ANSWER Firms that manufacture and
process products from natural resources, including computers, brewing, baking,
clothing and construction
Tertiary Sector Business Activity - ANSWER Firms that provide services or
products to consumers and other businesses, such as retailing, transport, insurance,
banking, hotels, tourism and telecommunications
Businesses - ANSWER Organizations that are involved in the production of
goods and/or the provision of services
Division of Labour - ANSWER The specialization of workers in the provision
of goods and/or services by breaking a job down into particular roles or
components that are repeated by the same workers
, Entrepreneurs - ANSWER People who manage, organise and plan the other
three factors of production. They are risk takers who exploit business opportunities
in return for profit
Industrialization - ANSWER The process experienced by a country that moves
away from primary production towards manufacturing as its principal sector for
national output and employment
Opportunity Cost - ANSWER Cost measured in terms of the next best
alternative forgone when a choice is being made
Private Sector - ANSWER The part of the economy under the control of
private individuals and businesses, rather than the government. Examples may
include sole traders, partnerships and companies
Public Sector - ANSWER The part of the economy that is under control of the
government. examples may include state health and education services, the
emergency services and roading infrastructure
Structural Change - ANSWER A shift in the relative share of national output
and employment that is attributed to each business sector; i.e. primary, secondary
and tertiary sectors
Value Added - ANSWER Is the difference between a product's price and the
total cost of the inputs that went into making it. It is the extra worth created in the
production process
ACTUAL EXAM | QUESTIONS & 100% VERIFIED CORRECT ANSWERS
| OBJECTIVE ASSESSMENT | PRE ASSESSMENT INCLUDED |
GUARANTEED A+ | BRAND NEW UPDATE!
Quaternary Sector - ANSWER A subset of the tertiary sector and involves
service jobs concerned with research and development, management and
administration, and processing and disseminating information.
Intrapreneurship - ANSWER The act of behaving like an entrepreneur while
working within a large organization where freedom and financial support is given
to create new products, services, systems, etc.
Consumer Goods - ANSWER The physical and tangible goods sold to the
general public. They include cars and washing machines, which are referred to as
durable consumer goods. Non-durable consumer goods include food, drinks and
sweets that can only be used once
Consumer Services - ANSWER Non-tangible products that are sold to the
general public and include hotel accommodation, insurance services and train
journeys
Capital Goods - ANSWER Physical goods that are used by an industry to aid
in the production of other goods and services, such as machines and commercial
vehicles
Factors of Production - ANSWER Resources needed by businesses to produce
goods or services
, The Factors of Production - ANSWER Land, Labour, Capital and Enterprise
Land - ANSWER Natural resources that can be found on the planet. This
includes renewable and non-renewable natural resources such as water, wood, fish
and physical land itself
Labour - ANSWER The physical and mental human effort used in the
production process
Capital - ANSWER The finance needed to set up a business and pay for its
continued operations or expansion. Also includes the man-made goods used in the
production process (capital goods)
Enterprise - ANSWER Risk taking individuals who combine the other factors
of production into a unit that is capable of producing goods and services. It
provides a managing, decision-making and coordinating role
Business Functions - ANSWER Marketing, Finance, Human Resource
Management and Operations Management
Marketing - ANSWER The commercial processes involved in creating and
designing, promoting and selling and distributing a product or service
Finance - ANSWER The management of money and credit and banking and
investments
, Human Resource Management - ANSWER The process of determining
human resource needs and then recruiting, selecting, developing, motivating,
evaluating, compensating, and scheduling employees to achieve organisational
objectives
Operations Management - ANSWER The management of processes used to
design, supply, produce, and deliver goods and services to customers
Primary Sector Business Activity - ANSWER Firms engaged in farming,
fishing, oil extraction and all other industries that extract natural resources so that
they can be used and processed by other firms
Secondary Sector Business Activity - ANSWER Firms that manufacture and
process products from natural resources, including computers, brewing, baking,
clothing and construction
Tertiary Sector Business Activity - ANSWER Firms that provide services or
products to consumers and other businesses, such as retailing, transport, insurance,
banking, hotels, tourism and telecommunications
Businesses - ANSWER Organizations that are involved in the production of
goods and/or the provision of services
Division of Labour - ANSWER The specialization of workers in the provision
of goods and/or services by breaking a job down into particular roles or
components that are repeated by the same workers
, Entrepreneurs - ANSWER People who manage, organise and plan the other
three factors of production. They are risk takers who exploit business opportunities
in return for profit
Industrialization - ANSWER The process experienced by a country that moves
away from primary production towards manufacturing as its principal sector for
national output and employment
Opportunity Cost - ANSWER Cost measured in terms of the next best
alternative forgone when a choice is being made
Private Sector - ANSWER The part of the economy under the control of
private individuals and businesses, rather than the government. Examples may
include sole traders, partnerships and companies
Public Sector - ANSWER The part of the economy that is under control of the
government. examples may include state health and education services, the
emergency services and roading infrastructure
Structural Change - ANSWER A shift in the relative share of national output
and employment that is attributed to each business sector; i.e. primary, secondary
and tertiary sectors
Value Added - ANSWER Is the difference between a product's price and the
total cost of the inputs that went into making it. It is the extra worth created in the
production process
