Free Printable 11TH COMMERCE FORMATIVE TEST 1

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11TH COMMERCE FORMATIVE TEST 1

Total questions: 20

Worksheet time: 40mins

Name

Class

Date

People who are part owners of a company are known as...

Stakeholders

Shareholders

Customers

People

Someone who starts, operates and assumes the risk of a business is known as an...

Investor

Interest person

Entrepreneur

Business inventor

A business that is owned and operated by a single person is known as a...

Partnership

Sole trader

Private company

Public company

An entrepreneur is someone who:

is an employee of a business enterprise

takes the risk of starting and managing a business venture

works for the government to provide public services

just provides capital to a business start-up.

Economic Activities =

Business + Profession

Business + Employment

Business + Profession + Employment

Name the two broad categories of business activities.

Trade and commerce

trade and industry

industry and commerce

none of these

(a) is a sector that involves firms that supply a service to consumers and other businesses.

Give an example of businesses within the primary sector.

(a)

Private sector Enterprises , Public Sector Enterprises and Joint Sector Enterprises are classification of commercial organisation on the basis of _________

Motive

Ownership

Registration

None of these

10.

Public Sector Enterprises are owned by ?

Central Government

State Government

Village Panchayats

Both A and B

11.

Big Bazaar is an example of ?

Private Sector Enterprises

Public Sector Enterprises

Joint Sector Enterprises

None of these

12.

I need rubber to make shoes to sell to consumers. Put the sequence in order using the following terms.
1. Consumer
2. Extractor
3. Retailer
4. Manufactorer

4,3,2,1

2,4,3,1

1,2,3,4

3,2,1,4

13.

Select 2 right answers.

Business: an organization or economic system where _____ and _______ are exchanged for one another or for money.

Goods

Words

Services

Sales

14.

The aim of setting up an organization is to make the business...

Efficient

Competitive

Value-based

All of the above

15.

Which of the following is the definition for sole proprietorship

business investment that involves renting or leasing another successful business model

unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm; most common form of business organization in the United States

unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm

form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contracts, and to sue and be sued

16.

Advantages of this business type are that the owner is their own boss and gets to keep all the profits.

Partnership

Sole Proprietorship

Corporation

Franchise

17.

A partnership in which all partners assume full personal liability for debts of the firm

limited partnership

trading partnership

non-trading partnership

general partnership

18.

Ownership represented by stock

Sole Proprietorship

Partnership

Corporation

19.

Which of the following is NOT one of the six basic activities that all businesses perform?

raising capital

buying goods and services

conserving resources

generating ideas

20.

A retailer is an example of a(n)

extractor

producer

intermediary

service business

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11TH COMMERCE FORMATIVE TEST 1

Total questions: 20

Worksheet time: 40mins

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