Form 4 POB Review - Term II

An ADVANTAGE of being a Sole Trader is

• the business is easy to set up

• the owner has unlimited liability

Pizza Hut is an example of a

• partnership

• franchise

A good way to describe BARTER is

• bargaining for quality goods at cheaper prices

• the exchange of goods for goods

Characteristics of a good leader are :

(select all that apply)

• being flexible

• willing to take risks

• never being biased

• making all decisions by himself

A Democratic leader

• includes workers in the decision-making process

• does NOT include workers in the decision-making process

A MIXED economy is one which consists of

• more than one political party

• both public and private enterprise

Examples of Collateral are:

(select all that apply)

• jewelry

• clothes

• vehicles

• land

The 4 major Functional Areas (departments) of a business are:

Production, Personnel (Human Resources), Marketing and F______

The first step in establishing a business is

• Conceptualization

• Looking for workers

• Writing a Business Plan

The functions of management are:

(select all that apply)

• planning

• organizing

• motivating

• striking