REVISION WORKSHEET UT-1 SEM1

TOPIC: UNDERSTANDING BUSINESS ACTIVITY

1.Define the following terms:
a) Business activity
b) Economic problems
c)Opportunity cost
d) Revenue
e) Start up capital

f) Collateral
g) Objective
h) CSR
i) Stakeholders

2.What do you mean by factors of production?

Explain giving an example of each.
3.What do you mean by Primary sector? State one
importance of this sector.
4.Who is an entrepreneur? What are the qualities
of a successful entrepreneur?
5.Who is a sole trader? What are the benefits and
disadvantages of sole proprietorship?
6.Differentiate between Private limited company
and Public limited company.
7.What are the various business objectives?
8.Why some business grow and others remain
small?
j)