Business Studies Revision quiz for JS1

Which of these actions demonstrates honesty in business?

What does fair play mean in sports and games?

• Cheating to win

• Following the rules and being respectful

• Ignoring the rules to have fun

• Only playing with friends

Which type of business organization is owned by shareholders?

• Sole proprietorship

• Partnership

• Corporation

• Cooperative

What can happen to a business if it is not honest?

• It will automatically become more successful.

• It might lose customers and damage its reputation.

• It will be able to avoid any legal issues.

• It will gain more customer loyalty.

What is bookkeeping?

• Writing books

• Recording financial transactions

• Reading books

• Selling books

Which of the following is a primary purpose of bookkeeping?

• To tell stories

• To record financial transactions accurately

• To design websites

• To advertise products

Who is considered a consumer in a market?

• Someone who sells goods

• Someone who buys goods and services

• Someone who manufactures products

• Someone who works for a company

Which of the following is a characteristic of a sole proprietorship?

• Owned by multiple people

• Limited liability

• Owned and operated by one person

• Owned by the government

Why is fair play important in competitions?

• It makes the game longer.

• It ensures everyone has an equal chance to win.

• It helps one team to always win.

• It allows players to cheat without getting caught.

What type of occupation involves providing services to others?

• Primary

• Secondary

• Tertiary

• Quaternary