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Principles of Business End of Year Test

Total questions: 40

Worksheet time: 1hrs 20mins

Name
Class
Date
1.
Someone who receives money if an insured person dies
a)
claim
b)
beneficiary
c)
dependent
d)
employee benefits
2.
A formal request to an insurance company asking for a payment when the policyholder has an acciden, illness or injury
a)
emergency savings
b)
coverage
c)
claim
d)
employee benefits
3.
Provides payment to replace earnings during times when workers cannot work due to illness or injury
a)
disability insurance
b)
dependent
c)
emergency savings
d)
beneficiary
4.
Insurance that protects your family against financial loss due to your death is
a)
coinsurance
b)
disability insurance
c)
life insurance
d)
comprehensive insurance
5.
Gwen receives a bill from her auto insurance company, and she sends a check to the company to make sure her policy is not canceled. The cost of her policy is called the:
a)
Co-insurance clause
b)
Premium
c)
Deductible
d)
Exclusion
6.
The amount you pay for an insurance policy.
a)
Rider
b)
Premium
c)
Deductible
d)
Co-Pay
7.
A garbage truck driver is an example of which Factor of Production?
a)
labor
b)
land
c)
entrepreneurship
d)
capital
8.
Iron, minerals, coal and plants are examples of which productive resource?
a)
land
b)
labor
c)
entrepreneurship
d)
capital
9.

Which of the following is not a type of capital?

a)

Fixed capital

b)

Production capital

c)

Working capital

d)

Venture capital

10.

__________refers to the capital needed to pay for the day to day operation of a business. Working capital is needed in order to buy stocks and raw materials as well as to pay wages and bills

a)

Fixed capital

b)

Working capital

c)

Production capital

d)

Venture capital

11.

Which of the following does not belong?

a)

Primary Production

b)

Secondary Production

c)

Subsistence Production

d)

Tertiary Production

12.

_______ involves providing sufficient goods to meet the needs of people within the country. This level of production involves the quantity that is produced locally by the whole nation using its available resources. Thus, it does not include any imports from foreign countries. The economy is dependent on what it produces.

a)

Domestic Production

b)

Subsistence Production

c)

Surplus Production

d)

Export Production

13.

Governments offer subsidies to businesses to

a)

force them to pay corporation tax

b)

reduce costs and ultimately price

c)

increases costs and ultimately price

d)

increase the price of imported goods

14.

Which of the following commodity is a product of the manufacturing industry?

a)

A car

b)

Goal

c)

Lumber

d)

A house

15.

In the Caribbean, many people are hired for sugarcane farming and very little equipment is used. This industry can BEST be described as

a)

labour intensive

b)

capital intensive

c)

having low capital input

d)

having high capital input

16.
Which of the following best describes a target market?
a)
Close competitors of a business
b)
The people who buy a business's products
c)
Groups that do not buy a business's products
d)
The individuals at whom a business's marketing strategies are aimed
17.
Tangible products that we use to satisfy our wants and needs
a)
Goods
b)
Services
c)
Marketing
d)
Tangible
18.
How/where a product will be distributed
a)
Price
b)
Place
c)
Promotion
d)
Product
19.
Setting and communicating the value of products and services. Setting the cost at the right level.
a)
Price
b)
Place
c)
Promotion
d)
Product
20.
Any form of communication used to inform, persuade, or remind; how potential customers will be told about the product
a)
Price
b)
Place
c)
Promotion
d)
Product
21.
"Sales"  of a product includes...
a)
exchange of a commodity for money
b)
the action or business of promoting and selling products or services
c)
the action or activity of gathering information about consumers' needs and preferences
22.
The best definition of "merchandising" includes... 
a)
exchanges of a commodity for money
b)
who organizes, manages, and assumes the risks of a business 
c)
the variety of products available for sale and the display of those products in such a way that it stimulates interest and entices customers to make a purchase
23.
"Market research" is the process of gathering...
a)
raising customer awareness of a product or brand
b)
information about consumers' needs and preferences
c)
shoes
24.
What is not part of the marketing mix (the 4Ps)?
a)
Product
b)
Person
c)
Price
d)
Promotion
25.
What is a disadvantage of Television advertising?
a)
It reaches a wide audience
b)
You can differentiate different target markets
c)
It is expensive
26.
Personal contact with the customers is a form of 
a)
telemarketing
b)
personal selling
27.
All of the following are low cost advertising methods EXCEPT
a)
word of mouth
b)
business cards
c)
flyers
d)
tv commercials
28.
What are the 4 P's of the Marketing Mix?
a)
Product, Price, Payment, Promotion
b)
Price, Place, Privacy, Promotion
c)
Promotion, Podcasting, Place, Product
d)
Product, Place, Price Promotion
29.
Which term refers to the process of getting goods and services to customers?
a)
distribution
b)
production
c)
marketing
d)
financing
30.

Name the element of product mix which acts as a silent salesmen as it induces customers to buy the product.

a)

packaging

b)

branding

c)

labeling

d)

none of the above

31.

The main function of __________ is to provide information required by law.

a)

Labelling

b)

packaging

c)

Branding

d)

all the above

32.

Which of the following is not a promotional tool?

a)

Advertising

b)

Retailing

c)

Sales promotion

d)

Public relations

33.

How many stages are there in the Product life cycle?

a)

2

b)

3

c)

4

d)

5

34.

Which of the following conditions would constitute a linkage between two industries?

a)

Two firms manufacture similar goods

b)

One flrm shares the use of machinery with another flrm.

c)

Two firms are responsible for the manufacture of different kinds of goods

d)

The output of one industry of the economy becomes the input of another industry.

35.

The term 'loss leader is BEST described as a product which

a)

has no real market value

b)

the retailer is unable to locate

c)

is sold cheaply to attract customers

d)

the retailer gives away to customers

36.

Under which of the following conditions is a trade discount used?

a)

Bulk purchases

b)

Payment by cash

c)

Prompt payment

d)

First-time buyers

37.

Which of the following is NOT a terms of sale?

a)

Cash

b)

Credit

c)

Shares

d)

Hire Purchase

38.

Which of the following factors is LEAST likely to influence consumer behavior?

a)

Product price

b)

Brand loyalty

c)

Quality of goods

d)

Place of residence

39.

Tim was told by a store manager that if he purchases a Samsung TV today and pays in full he will receive a 10% discount. What type of discount will Tim receive?

a)

Trade discount

b)

Layaway

c)

Consignment

d)

Cash Discount

40.

Which of the following businesses may BEST be classified as a cottage industry?

a)

JMN Superstore, located in the rural area

b)

People's Cooperative Bank, located in Trinidad

c)

Mary's Craft Supplies, located at home

d)

Peter and John's Company, located in Jamaica

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