Fourth Form T1 - End of Term MC - Dec 2021

The following are characteristics of the business except:

• Exchange of goods and services

• profit is the main objective

• business skills for success

• profit is not the main objective

The following are characteristics of money except:

• Limited supply

• over supply

• divisibility

• durability

Representative money is money backed by:

• the citizens

• the government and the banks

• nobody

• the foreigners

Fiat money is money where the value is determined by

• a government decree or law

• metal

• barter

• customers

The following are functions of money except:

• store of value

• medium of exchange

• unit of account

• loans

The following are instruments of exchange except:

• credit cards

• debit cards

• money order

• commodities

The sole proprietorship form of organization is one that is owned by:

• one person

• the government

• a group of investors

• a mixture of public and private companies

Joint stock corporations are companies that are owned by:

• the government

• persons or investors

• voluntary organizations

• cooperatives

The following are some advantages of a public joint stock company except:

• capital

• efficiency

• economies of scale

• offering loans

The following are some advantages of a private joint stock company except:

• flexibility

• limited liability

• life span

• unlimited liability