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Understanding Business NAT 5 Flashcards | StudBud
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Understanding Business NAT 5
Understanding Business NAT 5
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National 5 business quiz
Flashcards
8 cards
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Practice quiz
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Questions
8
Answers
1
What is a good
something you can see/touch
something you experience
a nice person
money invested into the business
2
Which is a sector of the economy
Primary
Secondary
Third
Public
3
Who combines the factors of production
Your Teacher
The Prime Minister
An entrepreneur
An inventor
4
Which is NOT a Public Oragnisation
The NHS
The BBC
Royal Mail
5
Which 2 are external factors
Political & Finance
Management & Employees
Technological & Management
Environmental & Political
6
What type of business has limited liability
Private Limited
Partnership
Sole trader
7
An advantage of a sole trader is
owner keeps all profit
unlimited liability
limited liability
shared responsibility
8
What is the legal document used when setting up a Partnership
Deed of Partnership
A contract
A business buddy
A legal cooperation
