SMALL BUSINESS
TRUE/FALSE
Starting up a small business exposes the owner to high personal financial risk.
TRUE
Home-based, Small scale, Manual labour are all:
What are: FEATURE OF COTTAGE INDUSTRIES
The process of combining units of inputs (natural, man-made and human resources)
to create output (goods and services) capable of satisfying human needs and wants.
WHAT IS PRODUCTION
This is protection against something that will happen.
WHAT IS ASSURANCE
Aluminum comes from which industry?
WHAT IS BAUXITE INDUSTRY
THREE MAIN FUNCTIONS OF SMALL BUSINESSES
WHAT IS:
1. Create employment
2. Provide services that large firms are not willing to produce
3. Niche markets
When an industry depends on the output from an industry which is at the earlier stage of production
WHAT IS BACKWARD LINKAGE
Labour is divided into:
WHAT IS: SKILLED, SEMI-SKILLED AND UNSKILLED
The monthly payments to be made by the customer/firm.
WHAT IS PREMIUM
Three types of capital
WHAT IS FIXED, WORKING AND VENTURE CAPITAL
This is a business arrangement with 2 or more parties agreeing to pool their resources for the purpose of accomplishing a specific task.
WHAT IS A JOINT VENTURE
Bottled jam, Craft items, wooden furniture are:
WHAT ARE EXAMPLES OF COTTAGE INDUSTRIES
Calculate the productivity of 200 watches produced by 10 employees.
WHAT IS 20 WATCHES PER EMPLOYEE
This is the principle of restoring the person who has suffered to the position that he was at immediately before the loss.
WHAT IS INDEMNITY
Subsistence, Domestics, Surplus and Export are called:
WHAT ARE LEVELS OF PRODUCTION
Amazon acquired whole foods for a total of $13.7 billion deal.
WHAT IS TAKEOVER/AQUISITION
When the products of an industry become the raw material of another industry.
WHAT IS FORWARD LINKAGE
Two types of "natural resources"
WHAT ARE: RENEWABLE AND NON-RENEWABLE RESOURCES
TRUE/FALSE
THERE ARE TWO TYPES OF INSURANCE
TRUE
LIFE AND NON-LIFE INSURANCE
This is the second stage of production.
WHAT IS SECONDARY PRODUCTION
Small firms often lack the capacity to produce beyond the requirements of the domestic market.
WHAT IS POTENTIAL FOR EXPORT
Linkages can encourage large-scale production as the surplus production can be sold on overseas market, thus earning foreign exchange.
WHAT IS A BENEFIT OF LINKAGE INDUSTRIES
This refers to all the persons who have reached the age for work as stipulated by law and who are employed or unemployed.
WHAT IS LABOUR FORCE
Money paid takes the place of the article damaged, which will now be owned by the insurance company.
WHAT IS SUBROGATION
This refers to the benefits that one particular firm receive arising out of large scale production.
WHAT IS INTERNAL ECONOMIES OF SCALE