System that allocates resources

Person or business that creates goods

Situation where buyers and sellers meet

Money and resources used to start a business

Physical and mental work of a person

What is electronic transfer?

Use of computer network for payments

Business transactions through the internet

What is a sole trader?

Person who owns and manages a business

What is a partnership?

Association of 2 to 20 partners

What are the types of partners in a partnership?

Ordinary, Sleeping, Limited Liability

What are the disadvantages of cooperatives?

The membership may not have the expertise necessary to build the organization.

What documents must be submitted to the Registrar of Companies for a Private Limited Company?

Statements of Authorized, Registered or normal capital

What does the Memorandum of association govern?

The company’s relationship with the outside world.

The internal running of the company.

What are the characteristics of Private Limited companies?

Capital is obtained from private individuals.

Limited liability shareholders have limited liabilities.

The company must be registered with the Registrar of Companies.

Membership is between two (2) to (50) fifty persons.

The word limited must be included in the name.

What are the advantages of a Public Limited Company?

There is continuity of the business.

Shareholders have limited liability.

The company has a separate legal identity.

These companies enjoy economies of scale.

An agreement between an established company and a franchisee.

A type of business that is owned by the government.

What are State Corporations?

Independent organizations set up by the Government to carry out a service.

Companies that are owned by private individuals.

What are the advantages of Nationalized Industries?

Ownership and control are in the hands of the State.

The company is in a better position to service the needs of the community.

Nationalization prevents private monopolies from being formed.

What are the advantages of government departments?

Consultants are usually attached to these departments to give experts advice and ensure efficiency

Major decisions are made in the interest of the citizens of the country and must meet the approval of Parliament or the Prime Minister

The large task of running the country is divided into manageable units

What are the disadvantages of government departments?

Frequent changes of government may cause programmers and policies to be discontinued

These changes can also affect staffing which may lead to inefficiency

Shortage of funds may cause some government departments not to reach their full potential

Sometimes government ministers are not experts in the subject of their departments

What are the features of firms in the private sector?

Profits are shared among shareholders or those who invest in the company

The business is funded by the owners

There is little or no government intervention or control

Owners are free to make their own decisions

What are the features of the public sector?

Aim to provide a service at the lowest possible price

Uses profits to improve the efficiency of the firm or to benefit all citizens

Usually participates in ventures that provide basic necessities

Is funded by the government through taxation

What are the three basic economic questions?

What goods and services are to be produced?

How will the goods and services be produced?

For whom are the goods and services to be produced?

What are the benefits of market economies?

Government's involvement is very limited

Competition among firms forces prices down

Producers are free to use the factors of production in any way they consider suitable

Consumers are free to spend their money in any way to give them maximum utility

What are the limitations of market economies?

The profit motive drives this economy and encourages unequal distribution of wealth

Large sums of money are spent on advertising, creating artificial demand

Monopolies develop and can exploit consumers

Social and merit goods may not be adequately provided

Understanding Business Concepts

Authored by Adlai Clarke

Business

11th Grade

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55 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the word enterprise mean?

A business

A type of trade

A financial institution

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is entrepreneurship?

Identifying innovation

Managing a business

Buying and selling

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is barter?

Exchange of goods without money

Buying and selling

A type of market

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is profit?

Money remaining after costs

Total revenue

Loss incurred

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a loss?

Opposite of profit

Total revenue

Cost of production

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does trade mean?

Buying and selling

Exchanging goods

Creating wealth

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an organization?

Group of persons using resources

A type of business

A market

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Understanding Business Concepts

What does the word enterprise mean?

What is entrepreneurship?

What is barter?

What is profit?

What is a loss?

What does trade mean?

What is an organization?

What is an economy?

What is a producer?

What is a consumer?

Access all questions and much more by creating a free account

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Popular Resources on Wayground

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