Which type of costs stay the same, regardless of company output?
- Variable costs
- Static costs
- Constant costs
- Fixed costs
Which of the following sectors includes businesses involved in agriculture, fishing, and mining?
- Primary sector
- Secondary sector
- Tertiary sector
- Quaternary sector
Which of the four factors of production could be described as "human effort, skills, or expertise"?
- Land
- Labour
- Capital
- Enterprise
Which of the following is an example of a variable cost for a business?
- Rent for office space
- Employee salaries
- Insurance premiums
- Raw materials
Which of the following is a service?
- Paying a shopkeeper for an ice cream
- Paying a barber for a haircut
- Buying groceries from a supermarket
- Buying a new mobile phone
What is meant by "diseconomies of scale"?
- Unit costs increase as production increases
- Unit costs decrease as production increases
- Unit costs stay the same as production decreases
- Unit costs stay the same as production increaes
Which type of business organisation offers limited liability to its owners
- Sole trader
- Partnership
- Public limited company
- Freelance worker
Which of the following is a common feature of a not-for-profit organisation?
- The primary goal is to maximise profits
- All staff are volunteers, so there are no wages to pay
- Surpluses are reinvested into the organisation's mission
- Not subject to any government regulations
What is meant by a "business aim"?
- A specific target
- A positive net profit
- An overall direction of the business
- Improved revenue
What is a key feature of a sole trader business?
- Limited liability
- Separate legal entity
- Unlimited liability
- Perpetual succession
