WorksheetsF3-T3-END OF TERM EXAM
Total questions: 25
Worksheet time: 25mins
Subsistence economy involves
paying for goods of only high quality
Accumulating wealth
Producing goods and service only for survival
investing for future goals
Money has what if it doesn't deteriorate or fall apart when it is being handled?
Scarcity
Divisibility
Durability
Portability
Money is generally accepted as payment for goods and services. Which function of money is this?
Measure of value
Medium of exchange
Scarcity
Store of Value
Money should be durable, divisible, portable, acceptable. These are examples of?
functions of money
Types of money
Early man's money
characteristics of money
What is a surplus?
More than is needed, extra
Less than is needed
Just enough
Focusing on one task or skill repeatedly and becoming an expert in it
Imports
Exports
Specialization
Globalization
Example of activities done by early man to satisfy their needs
Banking
Teaching
Fishing
Exchanging money
These are what we can survive without, but would like to have, they are not necessary for survival
Needs
Goods
Services
Wants
What solved the problem of barter?
Early man
Double coincidence of wants
Money
Surplus goods
An advantage of specialization is:
Workers become experts or more skilled in their area
Workers get bored doing the same thing repeatedly
Workers lose skills in other areas
The job does not get done faster
A disadvantage of specialization is:
Workers become experts or more skilled in their area
Workers get bored doing the same thing repeatedly
Workers become more efficient
The job gets done faster
Which is not a function of money?
A means of exchange
A measure of value
A way to pay early
A store of value
Which is the most important characteristic of money?
It must be durable
It must be portable
It must be divisible
It must be acceptable
What is E-Commerce?
Trade
Exchange of goods and services
Buying &selling goods and services by using internet
Purchasing and selling
A disadvantage of e-commerce is
Consumers have 24-hour access to stores
There is more variety of goods available
Stores do not have to pay rent for a physical space
Security issues and the risk of identity theft of consumers
A business with one owner is known as a:
Company
Sole trader
Partnership
Advantages of a sole trader are:
Limited liability
The owner makes all the decisions
The owner takes all the profit
Can raise substantial capital
Which of the following best describes the term limited liability? If the business fails:
Personal possessions of the owner can be taken to pay any debts
The owner is personally liable for all the debts of the business
There is no limit on the amount the owner has to pay to settle debts
The owner only loses the amount invested in the business, not personal assets
Which of the following is a drawback or disadvantage for an entrepreneur setting up a business as a sole proprietorship?
Profit is shared
Financial accounts are kept private
Limited liability
Unlimited liability
Which form of business would a hairdresser or barber most likely operate?
Partnership
Sole proprietorship
Private limited company
Public limited company
When a business is a legal entity separate from its owners, it is
Sole trader
Unincorporated
Incorporated
None of these
Sole trader businesses are:
Incorporated
Unincorporated
A sole trader always must work on their own and cannot hire employees
True
False
If a business has to repay debts and has limited liability, this means that the owners of the business:
Can only lose what they invested or put into the business
Can lose the business assets and personal assets as well
Can sue the business if unhappy
None of these
