YNet StudyHub

1Which of the following best describes a business?

A An organization that produces goods or services for profit B A group of people who volunteer their time C A government department D A school that teaches commerce

2The main purpose of a market is to:

A Provide entertainment B Facilitate the exchange of goods and services C Regulate prices D Offer loans to businesses

3Which factor is NOT a part of the business environment?

A Economic conditions B Technological changes C Employee salaries D Legal regulations

4When a consumer’s need is satisfied by a product, this is called:

A Demand B Supply C Consumption D Production

5Which of the following is a primary need?

A Smartphone B Clothing C Luxury car D Vacation

6In the production process, the term ‘raw material’ refers to:

A Finished goods ready for sale B Materials used to make a product C Money invested in the business D Employees’ skills

7Which of these is an example of a service?

A A wooden chair B A bakery’s bread C Hair cutting D A smartphone

8The main function of a filing system in an office is to:

A Decorate the workplace B Store and retrieve documents efficiently C Increase employee salaries D Produce goods

9Which of the following is a characteristic of a good business record?

A It is vague and incomplete B It is accurate and up‑to‑date C It is written in a foreign language D It is stored only on paper

10A small change in the price of a product that leads to a large change in the quantity demanded is known as:

A Inelastic demand B Elastic demand C Fixed cost D Marginal cost