WorksheetsASSESSMENT 1
Total questions: 30
Worksheet time: 24mins
Which of the following is NOT a factor of production?
land
labour
entrepreneur
capital
Risk
The term which indicates that an organization is a legal entity is called..........
corroborated
franchise
incorporation
enterprise
Which of the following is a consumer good?
tools
delivery van
tractor
smartphone
market research
The organization which often provides health care, education, policing, fire service and environmental services is called.......
private enterprises
social enterprises
public enterprise
none of the above
An individual or group that has an interest in the operation of a business is called......
owner
stakeholder
customer
financier
Which of these is designed to satisfy a need?
potato crisps
cricket bat
bread
smartphone
External factors that might likely cause the business environment to change include all BUT the following.
strength of the competiton
workers motivation
the economic climate
government legislation
population trends
Which of the following is not a producer good?
smartphone
tools
tractor
sugar cane
Human wants are infinite. True or False?
True
False
Which of the following might be a reason for setting business objectives?
Employees need something to work towards.
Owners need motivation to keep the business afloat.
It makes it easier to assess objectives.
all of the above
undecided
Name ONE financial objective of a business.
(a)
Name ONE non-financial objective of a business.
(a)
What does the acronym 'SMART' meaning when discussing objectives?
(a)
Name the four roles played by entrepreneurs.
innovators, risk takers, deliberators and motivators
deliberators, decision makers, legislators and innovators
innovators, decision makers, risk takers and organizers
financiers, legislators, educators and moderators
The simplest form of business organisation is
(a)
One disadvantage of partnerships is
easy to set up
any partner's decision is legally binding
shared responsibility
Partners can specialise in their area of expertise
none of the above
A business structure in which a business allows another operator to trade under their name is called (a)
Limited liability shareholders are not legally responsible for the debts of a company according to how many shares they own. True or false?
true
false
Name one of the important documents needed to be submitted to the registrar of companies before a limited company can be formed.
(a)
The minimum number of members required for the setting up of a limited company is (a)
The tag or term 'PLC' is usually associated with which type of business organization?
(a)
Khan Sugar Mills Ltd operates as a private limited company and made a profit of PKR 543.5 million in 2015. Three of the brothers own majority of the business but in 2001, FarmVent took a stake in exchange for funding. Some of the senior managers also own a small stake. Who controls Khan Sugar Mills Ltd?
(a)
What is meant by the term 'Multinational'?
Which document would be issued to a limited company giving it permission to trade?
memorandum of association
articles of association
certification of incorporation
prospectus
Selling shares to the public for the first time to raise capital for a company is called a:
flotation
prospectus
joint venture
venture capital
Some reasons against the public ownership of businesses include:
to avoid wasteful duplication
maintain control of strategic industries
to save jobs
fill the gaps left by the private sector
cost to government
The process of transferring public sector resources to the private sector is called...
(a)
Privatization can take the form of:
sale of public corporation
deregulation
contracting out
all of the above
An industry where efficiency is improved if there is only one operator is called
segmented industry
saturated industry
natural monopoly
oligopoly
Which of the following is a feature of a public corporation/
it s owned by the board of directors
it is funded by the government
it aims to maximize profits
it is not accountable to anyone
