Business

Private enterprise is run MAINLY to

• create profit

• reduce inflation

• provide jobs for more people

• distribute goods and services fairly

The MAIN role of the human resource

department of an organization is to

• produce magazines highlighting

  outstanding workers

• promote recreational activities for

  workers

• assist employees in understanding

  industrial relations

• recruit qualified employees

A system involving the exchange of goods depending on the ‘double coincidence of wants’ is known as

• equal exchange

• specialization

• barter

• money

A post-dated cheque is one which is dated

• for payment at a future date

• no later than six months ago

• by the bank on the day the cheque

  is presented for payment

• to agree with the date of the document requesting payment

Which of the following practices are characteristic of a free economy?

I. Private ownership of assets

II. Central planning

III. Price-fixing

IV. Freedom of contract

• I and IV only

• I and III only

• II and III only

• II and IV only

Which of the following responsibilities must be assumed by the management of a company?

I. Producing goods of a marketable quality

II. Maximizing efficiency and creating

surpluses

III. Determining dividends to be paid to

shareholders

• I, II and III

• I and II only

• II and III only

• I and III only

The primary role of the Human Resource Department of a firm is to

• seek training opportunities for employees

• represent employees in industrial relations

• recruit, train and motivate workers

• discipline employees who breach regulations

Which of the following is a regulatory issue for the entrepreneur?

• Using a credit card to transact

  business

• Offering hire purchase options to

  customers

• Advertising the business locally and

  regionally

• Paying national insurance to the

  government

The workers in a large organization are dissatisfied with the working conditions. The trade union representatives’ first likely action will be to

• encourage the workers to take strike

  action

• encourage employees to adopt go-

  slow tactics

• have discussions with the personnel

  officer

• request a meeting with the Board of Directors

Which of the following pieces of information should be included in a feasibility study?

I. An overview of the business

II. The growth potential of the business

III. The profitability of the business

• I and II only

• I, II and III

• II and III only

• I and III only