IB Business 1.1 MCQ

Which of the following activities is not a tertiary sector activity? A. Gold mining B. Healthcare C. Education D. Retail

A

Which of the following activities would most likely be considered a quaternary sector activity? A. Data mining B. Legal counselling C. T ourism D. Catering

A

Which of the following would typically not be found in the business plan for a start- up? A. Balance sheet B. Product outline C. Marketing D. Finances

A

Which of the sectors below is most likely to create the least value added? A. Primary sector B. Secondary sector C. T ertiary sector D. Quaternary sector

A

Which of the following is not one of the four factors of production? A. Land B. Machinery C. Capital D. Enterprise

B. Machinery

Goods are __________ items, generally produced by the __________ and/or _________ sectors of an economy. A. Tangible, secondary, tertiary B. Tangible, primary, secondary C. Physical, primary, quaternary D. Intangible, secondary, services

B. Tangible, primary, secondary

Which business function is in charge of all aspects of the production process, quality management and conducting research and development? A. Marketing B. Finance and accounts C. Operations D. Human resources

C. Operations

Which of the following activities is not a quaternary sector activity? A. Financial planning B. Travel blogging C. Consulting D. Public transportation

D

Which business function handles staffing duties such as recruitment, personnel training, performance appraisals and dismissals? A. Marketing B. Finance and accounts C. Operations management D. Human resources

D. Human resources

Product A has a cost per unit of $438 and a selling price of $617. Product B cpu $460 and sp $912. Product C has a cpu $750 and sp of $1050. Product D has cpu of $179 and sp $325. Which product's production process added the most value?

Product B

As an economy develops, it will shift from being a predominantly ___________ economy, to a predominantly _________ economy, and eventually into an economy that derives the majority of its income from the _________ sector. A. Primary sector, secondary sector, tertiary B. Primary sector, agricultural, secondary C. Tertiary sector, secondary sector, primary D. Secondary sector, tertiary sector, primary

A

Which of the following activities is not a secondary sector activity? A. Transportation B. Bridge construction C. Aircraft manufacturing D. Brewing beers

A

Which business function is in charge of identifying customer requirements and promoting a firm's products? A. Marketing B. Finance and accounts C. Operations D. Human resources

A. Marketing

An economy which derives the majority of its national income from the tertiary or quaternary sectors is likely to be __________, while an economy that derives the majority of its income from the secondary sector is likely to be _____________. A. Developing, developed B. Developed, developing C. Developed, less economically developed countries D. Developing, less economically developed countries

B

When an individual employee in a large multinational company is highly innovative, he/she is called a(n) ____________. A. Entrepreneur B. Intrapreneur C. Creative director D. Platform developer

B

Which of the following activities is not a primary sector activity? A. Farming B. Vehicle assembly C. Mining D. Fishing

B

Those who use a product or service are called ____________, and those who only buy it, but not necessarily use it, are called ____________. A. Buyers, sellers B. Consumers, customers C. Consumers, vendors D. Customers, consumers

B. Consumers, customers

Which business function is involved with handling money/funds, making payments and preparing income statements, balance sheets and cash flow statements? A. Marketing B. Finance and accounts C. Operations D. Human resources

B. Finance and accounts

The activity by which an individual takes financial risks in a business venture is called ____________. A. Innovation B. Intrapreneurship C. Entrepreneurship D. Chief executive

C

Which of the following is not likely to be an obstacle facing a business start-up? A. Lack of funds B. Lack of high-quality staff C. Low production costs D. Marketing issues

C

Which sector of the economy provides services to other businesses? A. Primary sector B. Secondary sector C. T ertiary sector D. Quaternary sector

C

An iPhone selling for $649 costs $280 to produce. What is the value added in the production process? A. $280 B. $349 C. $369 D. $649

C. $369

Money is an example of which of the following factors of production? A. Enterprise B. Labour C. Capital D. Land

C. Capital

Which business functions involves researching the wants and needs of customers? A. Operations management B. Human resource management C. Finance D. Marketing

D