Quick Quiz 1.docx Prior learning assessment

Quick Quiz 1 Prior learning assessment

1. Q.1 Complete the following passage.
People have (needs/wants) such as food, clothing and shelter,
and ( needs/wants)  such as handbags, smartphones and cars. 
The ( role of businesses/role of customers )  is to satisfy
these ( never-ending/finite )  needs and wants.
Q2. Business enterprises undertake many activities to provide goods and
services demanded by customers, with _____________ being one of the most
important.
A. research C. innovation
B. production D. development
Q3. Businesses complete a significant number of coordinated activities and
functions.
 _____________ refers to those activities undertaken by the business that combine
the resources to create products that satisfy customers’ needs and wants.
A. Management C. Marketing
B. Production D. Financial planning
Q4. The monetary value of all the finished products in Australia during one year
is called _____________.
A. profit C. product goods
B. total goods D. gross domestic product
Q5. _____________ can be defined as the organised effort of individuals to
produce and sell, for a profit, the products that satisfy individuals’ needs and
wants.
A. A business C. Services
B. Goods D. Production