Fundamental Business Concepts Quiz
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Questions and Answers

Which functional area of a business is responsible for identifying and meeting the needs and wants of customers?

  • Finance
  • Human Resources
  • Marketing (correct)
  • Operations Management

    • Which sector of an economy involves the extraction, harvesting, and conversion of natural resources?

  • Primary Sector (correct)
  • Secondary Sector
  • Quaternary Sector
  • Tertiary Sector

    • Which functional area of a business is responsible for workforce planning, recruitment, and training?

  • Finance
  • Operations Management
  • Human Resources (correct)
  • Marketing

    • Which functional area of a business is responsible for converting raw materials into finished goods or providing services to customers?

    <p>Operations Management</p> Signup and view all the answers

    Which sector involves businesses specializing in providing services to the general population?

    <p>Tertiary Sector</p> Signup and view all the answers

    What is the role of an entrepreneur?

    <p>Taking financial risks</p> Signup and view all the answers

    What is a characteristic of entrepreneurs?

    <p>Having a vision for the business</p> Signup and view all the answers

    What can be an opportunity for starting a business?

    <p>Autonomy in decision-making</p> Signup and view all the answers

    What is a challenge for starting a business?

    <p>Legalities</p> Signup and view all the answers

    What is the role of the Quaternary Sector?

    <p>Providing intellectual, knowledge-based activities</p> Signup and view all the answers

    What does the chain of production do?

    <p>Tracks the stages of item's production</p> Signup and view all the answers

    What is a source of revenue for entrepreneurs?

    <p>Sales</p> Signup and view all the answers

    What is one of the characteristics of entrepreneurship?

    <p>Rewarding with profit</p> Signup and view all the answers

    What is the primary focus of the Secondary Sector?

    <p>Manufacturing or construction of products</p> Signup and view all the answers

    What is an opportunity for entrepreneurs who own their businesses?

    <p>Capital growth</p> Signup and view all the answers

    What is one of the challenges for starting a business?

    <p>High production costs</p> Signup and view all the answers

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