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A worker employed for a certain period of time is known as a ... a) permanent worker b) temporary worker
temporary worker
What is the difference between own and borrowed money?
Own money is capital an owner invests into a business from his own sources. Borrowed money is capital that is obtained from external sources.
Why is it risky to invest borrowed money rather than use your own money in your business?
Borrowed money must be paid back to the investor.
What are the 4 Factors of Production?
Capital, Entrepreneurship, Land (Natural Resources), Labour
Name two inputs in the production process of fried chicken
Answers will vary
What remuneration does the owner get for providing capital?
Profit
What remuneration does a bank get for providing start-up capital?
Interest
What remuneration do shareholders get for providing capital?
Dividends
True or False: A person who is well-educated and has a diploma or degree in a certain skill is seen as semi-skilled labour.
False
What do we call the act that states what workers' rights are?
The Basic Conditions of Employment act.
A worker employed with the assumption that they will be staying with the business for a long period of time is named a ... a) White-collar worker b) Permanent worker c) Skilled laabour
Permanent worker
What is a blue-collar worker?
A person who does physical work, usually works in a manufacturing organisation.
Which factor of production bring all the other factors together?
Entrepreneurship
What is the remuneration for labour?
salaries and wages
What is unskilled labour?
A worker with very little, if any, education training.
True or False: The following are characteristics of a good Entrepreneur- confident, hardworking, enjoy challenges, determined, enjoy taking risks and creative.
True
