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1Which of the following best defines a business?

A An organization that produces goods or services for profit B A government agency that regulates trade C A non‑profit charity that helps the poor D A group of people who only consume goods

2What is the primary purpose of a market in a free‑market economy?

A To set fixed prices for all products B To match buyers with sellers C To control the amount of production D To provide employment for the government

3Which factor most directly influences the satisfaction of human wants?

A Availability of natural resources B Consumer income levels C Number of factories in a country D Length of school holidays

4In the production process, which of the following is a primary input?

A Advertising B Labor C Profit D Brand name

5Which of these is a characteristic of a sole trader?

A Limited liability for debts B Owned by many shareholders C Managed by a single individual D Required to hold annual general meetings

6Which document is normally used to record daily office transactions?

A Balance sheet B Cash book C Income tax return D Business plan

7What does the term ‘entrepreneur’ refer to?

A A person who works for a large corporation B A person who starts and manages a new business C A government official who regulates trade D A consumer who buys many products

8Which of the following is an example of a primary need?

A Smartphone B Education C Food D Clothing fashion

9Which external factor is part of the business environment?

A Company’s profit margin B Employee skills C Government tax policy D Office layout

10In a typical office, which department is mainly responsible for handling letters and telephone calls?

A Finance B Human Resources C Reception/Secretarial D Production