What is a mission statement for a business?
- A document outlining the legal structure of the company
- A statement describing the company's long-term goals and purpose
- A financial statement detailing the company's profits and losses
- A marketing plan for a new product
Which is an example of external expansion?
- Opening a new store
- Increasing production capabilities
- Buying a competitor
- Opening an online store
What is a business's primary objective?
- Maximising profits
- Providing employment
- Minimising costs
- Maximising market share
Improving efficiency by investing in new machines and processes is called…
- Purchasing economies of scale
- Technical economies of scale
- Service economies of scale
- Production economies of scale
"Bulk-buying" is an example of…
- Purchasing economies of scale
- Technical economies of scale
- Service economies of scale
- Production economies of scale
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 "the physical or natural resources used in production"?
- Land
- Labour
- Capital
- Enterprise
Which of the four factors of production could be described as "the entrepreneur founding the business"?
- Land
- Labour
- Capital
- Enterprise
What is meant by a "business aim"?
- A specific target
- A positive net profit
- An overall direction of the business
- Improved revenue
A business purchasing a competitor is an example of...
- Conglomerate integration
- Forward vertical integration
- Backward vertical integration
- Horizontal integration
