Worksheets4th Form POB Test
Total questions: 50
Worksheet time: 26mins
Subsistence economy involves
paying for goods of only high quality
Accumulating wealth
Producing goods and service only for survival
investing for future goals
The exchange of goods and services without the use of money ______.
service
consumer
producer
barter
What problem did people have in the time before money?
It was difficult to get what they wanted and needed.
The mall was too crowded
The exchange of goods and services is made more efficient by:
Barters
Money
Governments
Some combination of government transfer and barter
perishable goods can lose its value.
True
False
Double coincidence of wants is an issue associated with the system of
barter
sale
transfer
donations
Which of the following is an essential feature of the barter system?
Double coincidence of wants
existence of money
exchange of goods for money
Availability of product
Which of the following is an essential feature of the barter system?
Double coincidence of wants
existence of money
exchange of goods for money
Availability of product
Money has what if it can be broken down into smaller units so it can be used as needed?
Divisibility
Portability
Scarcity
Durability
Easily transferred from one person to another, to make the exchange of money for goods/services easier
Durability
Divisibility
Portability
Scarcity
Money has what if it doesn't deteriorate when it is being handled?
Scarcity
Divisibility
Durability
Portability
Money or other items generally accepted as payment for goods and services.
Measure of value
Medium of exchange
Scarcity
Store of Value
What are the functions of money?
Unit of account
Store of Value
Medium of Exchange
Store of Bank Notes
Measure of Value
The function of money which allows people to preserve value for future use.
Store of value
Divisibility
Portability
Measure of value
Which of the following statements explain why a barter system restricts exchange?
There must be a coincidence of wants
It is difficult to divide certain commodities
The commodities used are not homogeneous
A rate of exchange must be determined
Party ordering that payment made.
Drawer
Drawee
Payee
Maker
Which of the following is a part of the public sector of the economy?
A public Corporation
A public company
A co-operative
A franchise
Who are the owners of a public company?
The individuals who originally set up the company
The board of directors of the company
The shareholders of the company
The family who own the company
The role of a compliance officer mainly includes:
making sure that a company meets legal standard and requirements
looking after the welfare of the employees of a company
ensuring that information technology staff are trained in new applications.
Providing information about an organisation and its activities
Making payment by means of a cellphone is referred to as payment by:
Telephonic money order
Bill of exchange
Barter
M-money
Where a bank account is set up to siphon off the proceed from criminal activity this is described as:
Electronic funds transfer
Money laundering
A bank draft
Ethical behaviour
Sole Traders have
Unlimited Liability
Limited Liability
Partnerships have
Limited Liability
Unlimited Liability
How many People can be in a Partnership?
Unlimited
2 only
Between 2 & 20
Between 2 & 10
Goods and services are produced mainly because:
there is a demand and use for them
there are too many producer
there are too many consumer
credit is easily obtained
What is the maximum number of shareholders a private limited company can have?
2
10
20
50
Franchisor and Franchisee are the same company
True
False
Which of the following is a disadvantage to the franchisor?
May loose local variety and choice
Regular payments to franchisor
looses Independence in running the business
if badly run, the brand will suffer
In my country my job is the same one that my family has done over the past 200 years.
Traditional
Command
Market
Mixed
In my country, the government makes all the economic decisions.
Traditional
Command
Market
Mixed
__________ : when people want or need more of something than there is.
Scarcity
Profit
Opportunity Cost
Tax
Which of the following functional areas of a business is most likely to be responsible for recruiting new staff?
Business support services
Finance
Human resources
Operations management
Which of the following functional areas is most likely to be responsible for sourcing raw materials?
Finance
Operations management
purchasing department
Sales
Which of the following functional areas of a business is most likely to be responsible for producing a radio advertisement to raise awareness of its new product?
Customer service
Marketing
Operations
Sales
The human resources function of a large organisation is most likely to support the finance function by:
purchasing a new accounts package
recruiting an additional employee
updating its supplier database
using social media to encourage more sales
