INTRODUCTION TO BUSINESS PRACTICE

In __________, the factors of production are most often controlled by business owners and investors.

• communism

• socialism

• capitalism

• islamic economy

Which of then followings is not categorised as business resources?

• financial resources

• human resources

• intellectual resources

• natural resources

Brand, patents and copyrights are the examples of _______.

• intellectual resources

• financial resources

• natural resources

• human resources

One of the disadvantages of corporation is _______.

• double taxation

• unlimited liability

• lack of continuity

• lack of money

_________ is types of business that solely owned by one individual.

• partnership

• sole-proprietorship

• private limited company

• public limited company

In a  _________, the government plays a comprehensive role in almost all economic activities, such as production, distribution, and consumption of a nation.

• islamic economy

• mixed economy

• capitalism economy

• socialism economy

Customs, beliefs, literacy rate, educational levels, lifestyle and values is called as _________.

• social environment

• economic environment

• legal environment

• technological environment

There are _______ steps in making ethical decisions.

• four

• five

• six

• seven

The ability to produce a specific product more efficiently than any other nation is called

 __________.

• absolute advantage

• comparative advantage

• basic advantage

• extra advantage

Revenue tariffs is imposed solely to ___________.

• increase export

• reduce import

• protect a domestic industry from competitors

• generate income for the government