A mixed economy is a type of economic system that combines elements of both capitalism and socialism. What is a mixed economy?

An economic system combining capitalism and socialism

An economic system based solely on capitalism

An economic system based solely on socialism

An economic system with no government intervention

List two arguments for privatisation.

Increased efficiency and competition

Higher taxes and government control

Which of the following are arguments against privatisation?

It can lead to a loss of public accountability.

It may result in higher prices for consumers.

It encourages monopolistic practices.

It ensures better quality of services.

What are two advantages of being an entrepreneur?

Financial independence and flexibility

Job security and fixed working hours

Limited responsibility and low risk

Guaranteed success and no competition

What are two disadvantages of being an entrepreneur?

Financial risk and long working hours

Flexible schedule and independence

Limited responsibility and low stress

It is beneficial to compare business size because:

it helps in understanding market position.

List the limitations of measuring business size by the number of people employed.

It does not account for part-time workers.

It ignores the revenue generated by the business.

It overlooks the geographical spread of the business.

What are the benefits of horizontal integration in external growth?

Increased market share and reduced competition

Decreased market share and increased competition

Increased costs and reduced efficiency

Decreased costs and increased competition

Vertical integration in business growth refers to:

A strategy where a company expands its operations into different stages of production within the same industry.

A strategy where a company focuses on increasing its market share by acquiring competitors.

A strategy where a company diversifies its product offerings to enter new markets.

A strategy where a company reduces its operational costs by outsourcing production.

What are the benefits of a business operating in more than one industry?

Increased market reach and diversification

List two disadvantages caused by business growth.

Increased operational costs and complexity

Improved brand recognition and market share

Enhanced employee satisfaction and retention

Greater innovation and product development

Small businesses remain small because:

They lack access to capital and resources.

They prefer to maintain a manageable size.

They face high competition and market saturation.

They have a limited customer base.

'Limited liability' in the context of business is defined as:

A legal structure where a company's shareholders are not personally liable for the company's debts.

A situation where business owners are personally responsible for all business debts.

A type of business where liability is shared equally among all partners.

A scenario where liability is limited to the amount of capital invested.

a type of business owned and operated by one person

a partnership between two individuals

a corporation with multiple shareholders

List one advantage and one disadvantage of being a sole trader.

Advantage: Full control; Disadvantage: Unlimited liability

Advantage: Limited liability; Disadvantage: Shared profits

Advantage: Easy to raise capital; Disadvantage: Complex regulations

Advantage: Shared decision making; Disadvantage: Limited control

A partnership in business is:

a type of business organization where two or more individuals manage and operate the business.

a business owned and operated by a single individual.

a large corporation with many shareholders.

What are the contents of a partnership agreement?

Terms and conditions of the partnership

One advantage of a partnership is shared responsibility, and one disadvantage is potential conflicts. Which of the following options correctly identifies an advantage and a disadvantage of a partnership?

Shared responsibility and potential conflicts

Limited liability and easy transfer of ownership

Complete control and unlimited liability

No need for agreement and no shared profits

A Private Limited Company is a type of business entity that is privately held and has limited liability. What is a Private Limited Company?

A type of business entity that is privately held and has limited liability

A type of business entity that is publicly traded

A type of business entity with unlimited liability

A type of business entity that is owned by the government

List two advantages of a Private Limited Company.

Limited liability and separate legal entity

Unlimited liability and no separate legal entity

Limited liability and no separate legal entity

Unlimited liability and separate legal entity

List two disadvantages of a Private Limited Company.

Limited access to capital and increased regulatory requirements

Unlimited liability and lack of privacy

Easy transfer of shares and limited liability

High flexibility in management and tax benefits

A Public Limited Company is a type of business organization. What is it?

A company whose shares are publicly traded on a stock exchange

A private company owned by a small group of people

List two advantages of a Public Limited Company.

Access to capital through stock markets and limited liability for shareholders.

Complex regulatory requirements and potential loss of control.

Higher tax rates and increased public scrutiny.

Limited access to capital and unlimited liability for shareholders.

List two disadvantages of a Public Limited Company.

Complexity in formation and risk of hostile takeovers

Limited liability and ease of raising capital

Unlimited liability and difficulty in raising capital

Ease of transfer of shares and limited liability

List two advantages to the franchisor.

Increased brand recognition and revenue

Higher operational costs and risks

Limited control over franchisees

Two disadvantages to the franchisor are:

Loss of control over operations and sharing of profits

Increased brand recognition and higher profits

Complete control over franchisees and no profit sharing

Reduced risk and increased market presence

List two advantages to the franchisee.

Access to established brand and support

Two disadvantages to the franchisee are:

Limited control over business operations and high initial costs

Unlimited control over business operations and low initial costs

Limited control over business operations and low initial costs

Unlimited control over business operations and high initial costs

a partnership between two or more parties to undertake a specific project or business activity.

a legal document outlining the terms of a loan.

List two disadvantages of a Joint Venture.

Limited control and shared profits

Increased competition and high costs

Cultural clashes and limited resources

Complex management and legal issues

Business objectives are:

Goals set by a business to guide its operations and measure success.

Legal requirements that a business must follow.

The financial statements of a company.

The organizational structure of a company.

What is the formula for calculating Market Share?

Total Sales of the Company / Total Sales of the Industry

Total Revenue of the Company / Total Revenue of the Industry

Total Profit of the Company / Total Profit of the Industry

Total Assets of the Company / Total Assets of the Industry

What are the three objectives of a Social Enterprise?

To create social impact, ensure environmental sustainability, and promote community engagement

To maximize profits, create social impact, and ensure environmental sustainability

To maximize profits, promote community engagement, and ensure environmental sustainability

To create social impact, maximize profits, and promote community engagement

Unit 1: Understanding Business Activity

Authored by Mr. Bijumon P K Kuzhivilayil

Other

11th Grade

Used 3+ times

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51 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are needs in the context of business activity?

Essential requirements for operation and growth

Optional desires for luxury and comfort

Unnecessary expenses

Irrelevant factors

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define 'scarcity' in economic terms.

Scarcity refers to the limited nature of society's resources.

Scarcity is the abundance of resources in an economy.

Scarcity is the unlimited availability of resources.

Scarcity is the economic term for surplus.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

List the factors of production

Land, Labor, Capital, Entrepreneurship

Land, Labor, Money, Management

Resources, Labor, Capital, Innovation

Land, Workforce, Capital, Technology

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formula for calculating added value?

Selling Price - Cost Price

Cost Price + Profit

Selling Price + Cost Price

Profit - Cost Price

OPEN ENDED QUESTION

3 mins • 1 pt

Which sector uses the earth's natural resources to produce raw materials for other businesses?

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the importance of specialization in business?

It allows businesses to focus on their core competencies and improve efficiency.

It leads to a decrease in product quality.

It increases the number of employees needed.

It reduces the need for market research.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the advantages of specialization according to the text?

Increased efficiency and productivity

Decreased quality of work

Higher costs

Reduced innovation

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