NEW
Font size
WorksheetsFourth Form T1 - End of Term MC - Dec 2021
Total questions: 60
Worksheet time: 3600secs
The following are characteristics of the business except:
Exchange of goods and services
profit is the main objective
business skills for success
profit is not the main objective
The following are characteristics of money except:
Limited supply
over supply
divisibility
durability
Representative money is money backed by:
the citizens
the government and the banks
nobody
the foreigners
Fiat money is money where the value is determined by
a government decree or law
metal
barter
customers
The following are functions of money except:
store of value
medium of exchange
unit of account
loans
The following are instruments of exchange except:
credit cards
debit cards
money order
commodities
The sole proprietorship form of organization is one that is owned by:
one person
the government
a group of investors
a mixture of public and private companies
Joint stock corporations are companies that are owned by:
the government
persons or investors
voluntary organizations
cooperatives
The following are some advantages of a public joint stock company except:
capital
efficiency
economies of scale
offering loans
The following are some advantages of a private joint stock company except:
flexibility
limited liability
life span
unlimited liability
A public or state-owned corporation is owned by:
the government
the private sector
credit unions
cooperatives
The market economy is one where:
decisions are made by the government
decisions are made by the private sector
decisions are made by both governments and private individuals
decisions are made based on tradition
The mixed economy is one where:
decisions are made by the government
decisions are made by the private sector
decisions are made both by the government and the private individuals
decisions are made based on traditions
The planned economy is one where:
decisions are made by the government
decisions are made by the private sector
decisions are made by both the government and the private individuals
decisions are made based on traditions
The traditional economy is one where:
decisions are made by the government
decisions are made by the private sector
decisions are made both by the government and private individuals
decisions are made based on traditions
Which of the following exemplifies a a barter economy?
goods and services are exchanged for money payments
goods are not traded because there is no double coincidence of wants
goods and services are exchanged for other goods
a commodit such as cowrie shells serves as means of payment
Which of the following is part of the public sector of the economy?
A public corporation
A public company
A co-operative
A franchise
Which of the following types of business does not have limited liability?
A public company
A private company
A limited partnership
A sole trader
Which of the following functions of business is responsible for the motivation and employment of people in the workplace?
Production management
Research and development
Human resource management
Marketing
The term 'stakeholder' refers to someone who
Reads about business activity and takes an interest in business
Has a personal interest in the decisions make by an organization
Is thinking about setting up a business of their own
Wnats to find out more about how businesses are formed
Who are the owners of a public company?
The individuals who originally set up the company
The board of directors fo the company
The shareholders of the company
The family who own the company
Making payments by means of a cell phone is referred to as payment by:
M-money
Barter
Bill of exchange
Telephonic money order
The process of transferring a business from the private sector to the public sector is referred to as:
Privatization
Public sectorization
Nationalization
Sale to the public
Where a bank account is set up to siphon off the proceeds from criminal activity this is described as
Money laundering
Electronic funds transfer
A bank draft
Ethical behaviour
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
Which of the following is an example of an internal stakeholder in business?
Supplier
Competitor
Shareholder
Government
The greatest economic problem that economies face is the problem of:
Choice
Scarcity
Greed
Barter
Which of 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 'stakeholder'?
An individual business or group that has shares in a business
An individual business or group that monitors how well a business performs
An 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 (see attached image)
I and IV
I and III
II and III
IV only
Which of the following is nota main functional area of most medium to large-sized manufacturing businesses?
Production
Risk Management
Human Resources
Accounting
In the functional organizational structure the business is divided into:
Teams
Boundaries
Departments
Systems
All of the following are functions of management EXCEPT:
Planning
Organizing
Legislating
Delegating
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
Which of the following is not directly related to EFT?
debit card
credit card
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
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
Money laundering is best describes as
disguising the origins of money
the way accountants balance the books
discounts given to preferred customers
pricing products incorrectly
Which of the following makes an ethical contribution by business to the environment
using non-biodegrabable packaging
using renewable energy sources
advertising hazardous products
employing only vehicles using diesel fuel
Which of the following would be included in a business' 'code of ethics'?
'You have a responsibility to treat fellow workers with respect'
'You are responsible for paying national insurance contributions'
'We accept responsibility for your safety while you are visiting our premises'
none of these
Which of the following best describes ethical business behaviour
obeying the law
paying taxes
doing the right thing
accepting lower profits
Which of the following functions of management gives the subordinate the authority to oversee a task given to them?
co-ordination
organization
delegation
control
One of the claimed advantages of a free market economic system is that
It meets the basic needs of all the population through the price mechanism
The state continues to provide essential goods and services
There is no risk of wasteful competition
The profit motive provides an incentive for business to increase efficiency
In which department of a business would you MOST likely find a sales person
Finance
Marketing
Production
Personnel
One of the main functions of the Personnel Department is to
Order stocks
Recruit staff
Arrange loans
Arrange stock displays
Which of the following (see the attached image) are functions of management
II, III and IV only
I, II and III only
I, II and IV only
I and IV only
The best definition for the 'span of control' in an organization structure is
The number of people that a manager is responsible for
The number of levels of management
The amount of control that a manager has over a worker
The number of managers that a worker has
If the chain of command in a business increases then:
Communication is likely to improve between workers and managers
There will be fewer managers employed
Each worker is likely to be delegated more authority
Communication is likely to be less effective between managers and workers
Specialization means
Dividing work into separate tasks and becoming skilled at one of these
Operating a system of self-sufficiency
Dividing consumers into different groups and selling products to them
Employing labour and not capital to produce goods and services
One of the functions of money is
To give everyone what they want
To act as a medium of exchange
To allow barter to take place
To allow governments to collect tax revenue
One of the differences between a sole trader and a private limited company is:
A sole trader business has no employees
A sole trader business has no shareholders
A sole trader business has one customer
Only a sole trader business offers limited liability to its owner
Which of the following (see the attached image) are claimed to be benefits of a franchised business?
I, II and IV only
I and III only
II, III and IV only
I, III and IV only
Which of the following is a function of money?
to reduce poverty
to be a measure of value
to allow business to make a profit
to allow workers to receive payment
