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WorksheetsP.O.B. Sections 1-3
Total questions: 50
Worksheet time: 28mins
Which of the following BEST describes 'direct production'?
Producing goods for export
Producing an adequate amount of goods to satisfy the family, with a surplus for trade
Producing an adequate amount of goods to satisfy the family, with no surplus for trade
Enterprises that are critical to the survival of the economy of the country
All of the following are examples of internal stakeholders EXCEPT
Manager
Employees
Competitors
Board of Directors
ALL of the following territories have a mixed economic system EXCEPT
Saint Lucia
Cuba
Dominica
Grenada
All of the following are functions of the Board of Directors EXCEPT:
To develop strategic goals
To make decisions as to how business profits and capital should be invested.
To make decisions as to what resources are necessary for business activities.
To handle customer complaints
Which of the following reasons why companies engage in joint ventures?
I. To spread the risk of the business activity
II. To help dilute the cultures and values of the host country
III. Provides greater access to new markets
IV. Provides greater access to capital to finance the project
I, II, III
I, III, IV
II, III, IV
All of the above
Which of the following is an example of an internal stakeholder in business?
Supplier
Competitor
Shareholder/Owner
Government
The greatest economics problem that economies face is the problem of:
Choice
Scarcity
Greed
Barter
Which of the following best defines a conglomerate?
A multinational company
A company with many subsidiaries
An international company with many subsidiaries
A company with subsidiaries in different industry sectors
Which of the following BEST describes the concept of 'stakeholder'?
An individual, business or group that has shares in a business
An individual, business or group that monitors how well a business performs
Any individual, business or group that has a vested interest in how well a business performs
An individual, business or group that establishes a business
Which of the following are generally examples of private sector business organizations.
I. Franchise and state corporation
II. Partnerships and conglomerates
III. Multi-nationals and joint ventures
IV. Statutory bodies and nationalized industries
I and IV
I and III
II and III
IV only
Which of the following are reasons why government may nationalizes an industry?
I. To prevent the formation of a private monopoly
II. To encourage multi-nationals to invest
III. To protect consumers from abuse
IV. To promote job security
I, II, and IV
All of the above
II, III, and IV
I, III, and IV
Which of the following is not a main functional area of most medium to large-sized manufacturing businesses?
Production
Risk Management
Human Resources
Accounting
All of the following are examples of external stakeholders management is responsible to EXCEPT:
Consumers
Employees
Government
Society
All of the following are functions of management EXCEPT:
Planning
Organizing
Legislating
Delegating
In the functional organizational structure, the business is divided into:
Teams
Boundaries
Departments
Systems
All of the following are examples of personal needs which are satisfied through employment (as outlined by the Maslow Model) EXCEPT:
Physiological
Security
Motivational
Self-actualization
Which of the following are BENEFITS of teamwork?
I. Greater bonds of friendship are formed
II. Some members do less work
III. Better decisions may be made
IV. Shared learning
I, II and III
I, III and IV
II, III and IV
All of the above
Which of the following is NOT a characteristic of a good leader?
Purely extrinsically motivated
Never biased
Always consistent
Generally flexible
A leader who largely gives employees the leeway to make decisions on their own is said to use a style of leadership that is:
Democratic
Transformational
Free-rein
Participative
A leader who drives change within an organization is said to be:
Democratic
Transformational
Free-rein
Participative
Which of the following BEST describes MIS?
An integrated system designed to collect quantitative data put into the system across the functional areas of a business
An integrated system designed to collect and retrieve quantitative data put into the system across the functional areas of a business
An integrated system designed to collect, process, analyse, and retrieve quantitative data put into the system across the functional areas of a business
An integrated system designed to collect, process, analyse, and retrieve financial data put into the system across the functional areas of a business
Which of the following shows the possibility of a resolution of conflict?
I. Arbitration
II. Collective bargaining
III. Negotiation
IV. Picketing
I and II
I and III
I, II and III
I, II and IV
Which of the following are strategies used by management to gain the upper hand during periods of conflict?
I. Use of temporary labour
II. Strike
III. Refusal to meet with trade union representatives
IV. Lock out
I, II and IV
II, III and IV
All of the above
I, III and IV
The process of utilising resources to start a business to create goods and services by assuming risk is known as:
Entrepreneur
Business
Entrepreneurship
Production
A person who identifies business opportunities and utilises creativity while assuming risks to provide goods and services for prospective customers is a/an?
Producer
Manager
Supervisor
Entrepreneur
Money is coming from sales of a company's goods and services is referred to as:
Financing
Capital
Funds
Revenue
Which of the following is advantage of a sole trader business?
Workload is shared among owners
Business can continue if owner dies
Business is easy to start and dissolve
Decision-making is collaborative
Which of the terms below best describes personal possessions of value that can be used when applying for a secured loan?
Equipment
Collateral
Financing
Assets
In which of the following departments are new products most likely to be created and released?
Legal Department
Human Resource Department
Sales and Marketing Department
Research and Development Department
All of the following sections are likely to form part of a Business Plan for a new computer retail business EXCEPT:
Executive Summary
Marketing Plan
Production Plan
Investments Portfolio
All of the following are characteristics of an entrepreneur EXCEPT:
Optimistic
Innovative
Risk averse
Resilient
Which of the following is generally NOT true about franchising?
Franchisors sell the rights to use their name and business model to other companies
Franchises often have a strong brand
Contracts between franchisor and franchisee generally dictate what the franchisee can and can't do
Franchises are always through international companies
The most suitable sources of financing for an entrepreneur who has no collateral are:
Owner's equity, loans from family, loans from micro-lending institutions
Loans from commercial banks, venture capitalists, angel funders, loans from family
Loans from family, loans from commercial banks, angel funders, credit unions
Loans from credit unions, loans from commercial banks, venture capitalists
Which of the following should be done before a business venture is set up?
I. Conduct market research to assess the level of demand for the product
II. Visit all the competitors who sell similar products or services
III. Assess how much capital will be needed to finance the business
IV. Create a business plan to understand how you intend to put your ideas into action
I, II and III
I, II and IV
I, III and IV
II, III and IV
The personal possessions that can generally be used as collateral when applying for a loan are:
I. Apparel
II. Motor vehicle
III. Furniture
IV. Property
I and III
II and IV
II and III
I and IV
If a business wants to pay the wages of each of its employees electronically it will use a:
Standing Order
Direct Debit
Electronic Funds Transfer
Bank Draft
If a bank customer wants to pay a regular fixed amount to a trader it would use a:
Standing Order
Direct Debit
Credit Transfer
Fixed Payment
One bank service which allows customers to instruct their bank to meet requests for payment from a named creditor is:
Direct Debit
Standing Order
Credit Payment
M-Money
Which one of the following is not directly related to Electronic Funds Transfer (EFT)?
Debit Cards
Credit Cards
Cheque Issue
Standing Order
Which of the following involves the use of a PIN
Debit Card
Cheque
Standing Order
Bill of Exchange
The owners of a public limited company are the:
Central Government
Shareholders
Local Government
Employees
The type of limited liability business that may restrict the right of share transfer is called a:
Public Company
Private Company
Public Corporation
Partnership
The term 'limited liability' means:
the business cannot make a loss
employees are insured against injury
shareholders are only liable for the money they invested
the company cannot be sued for liability
An enterprise that has been taken out of the private sector into the public sector is said to have been:
Nationalised
Privatised
Enterprised
Denationalised
Which of the following is likely to be a suitable form of business organization for a group of lawyers?
Sole Proprietor
Private Limited Company
Partnership
Public Limited Company
The main stakeholders of a business are its:
Customers
Employees
Suppliers
Owners/Shareholders
The legal obligation of a business to provide safe working conditions is called:
Benefits
Compliance
Employee Relations
Development
In order to recruit a specialist employee a firm creates a:
Vacancy
Compensation Agreement
Job Description
Benefits Statement
Those who transform raw materials into products are best described as:
Stakeholders
Producers
Consumers
Suppliers
Identifying new knowledge particularly contributes to:
Product Development
Employee Training
Raising New Finance
Reducing Conflicts
