WorksheetsGrade 12 Commerce Assessment 1
Total questions: 61
Worksheet time: 36mins
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
Select 2 right answers.
Business: an organization or economic system where _____ and _______ are exchanged for one another or for money.
Goods
Words
Services
Sales
Which are the best examples of assets?
motor vehicle, creditors, fixtures and fittings, cash in the bank
Accrued expenses, inventory, debtors
motor vehicle, inventory, fixtures and fittings
motor vehicle, debtors, fixtures and fittings, overdraft
2.Financial market facilities business firms
To rise funds
To recruit workers
To make more sales
To minimize funds requirement
5.__________is an institution or arrangement that facilitates the exchange of financial instruments.
Financial market
Capital market
Organised sector
Unorganised sector
Which of the following definition describes collecting data about a brand and the markets
Target Market
Market Research
Segmentation
Branding
Which TWO brands listed are DIRECT competitors
Amazon & Walmart
Lowes & Home Depot
Wayfair & Sam's
Amazon & Home Depot
If you decide to buy a shirt, but you can't find your SIZE, which part of the 4P's has failed?
Place
Product
Price
Promotion
A Target Market is a the specific group of people that a brand focuses on when promoting
True
False
Effective advertisng uses various types of persuasion
True
Never
False
When approved
Advertising is part of the marketing function called
distribution
financing
promotion
selling
The exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same.
Infringement
Copyright
Advertising Agency
Logo
Which of the following best describes market segmentation?
Dividing a large market into a smaller groups based on similarities
Selling goods for less than their production cost to maximize sales
Maintaining long-term ties with customers to encourage repeat sales
Selling products over the internet
Which of the following is NOT a factor of production?
land
labour
entrepreneur
capital
Risk
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
Human wants are infinite. True or False?
True
False
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
The tag or term 'PLC' is usually associated with which type of business organization?
(a)
The process of transferring public sector resources to the private sector is called...
(a)
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
You are unable to work for three months and need help paying your expenses while you’re out of work.
Health Insurance
Disability Insurance
Long-Term Care Insurance
Renters Insurance (Liability or Property)
Homeowners Insurance (Liability or Property)
You are having a baby and need medical care.
Health Insurance
Disability Insurance
Long-Term Care Insurance
Renters Insurance (Liability or Property)
Homeowners Insurance (Liability or Property)
You lose control of your car and it rolls. Your car can’t be repaired, so you need to purchase a new car.
Health Insurance
Disability Insurance
Life Insurance
Automobile Insurance (Liability or Property)
Homeowners Insurance (Liability or Property)
The house you own is destroyed by a tornado and you need to rebuild.
Health Insurance
Disability Insurance
Life Insurance
Automobile Insurance (Liability or Property)
Homeowners Insurance (Liability or Property)
The total cost of buying insurance, usually per year
Premium
coverage
deductible
policy
What is the main purpose of insurance?
to follow the law
to get weathly
For investment purposes
To reduce risk
This type of insurance should pay for damages if a tree that goes through your roof.
Product
Health
Homeowners
Life
The people who need this the most generally have kids, and always have someone relying on their income
Product Insurance
Auto insurance
Life Insurance
Health insurance
Another name for this type of insurance is a warranty
Product insurance
Health insurance
Life Insurance
Home Insurance
When applying for insurance you must fill out a ...
Claim Form
Proposal Form
Application Form
Utmost Good Faith means..
That you must tell half of the truth when applying for insurance.
That you must be honest about all material facts when applying for insurance.
Make up all of the material facts on your application form.
Insurable Interest means...
You can only insure something that you own and will suffer financially from its loss.
You can insure your neighbours home.
You can insure anything you want.
What type of account holds money that is guaranteed for a specific rate of interest for a specified amount of time?
Certificate of deposit
Line of credit
Checking
Savings
John has misplaced his debit card, but needs to mail a payment for his electricity bill. What other form of payment can he use?
Check
ATM card
Credit card
Debit card
What type of account holds money that a customer does not plan to spend immediately?
Money market
Savings
Line of credit
Checking
What type of account is used regularly and handles day-to-day transactions?
Money market
Savings
Line of credit
Checking
Which type of account is also a type of loan, which the customer has access to for a set amount of time?
Money market
Line of credit
Checking
Savings
This financial institution helps everyday customers and small businesses with everyday transactions.
Online bank
Commercial bank
Credit union
If Ryan purchases a sandwich, he is using money as:
a medium of exchange
a unit of measure
a store of value
What is interest?
A fee paid to use someone else's money
A fee paid to save someone else's money
A fee paid to give away someone else's money
A fee paid to invest someone else's money
What are the two primary functions of a bank?
Granting loans and issuing money orders
Accepting deposits and granting loans
Handling foreign currency exchange and issuing traveler's checks
Accepting deposits an issuing certified checks
Which of these is NOT a purpose of the Federal Reserve System (the central bank)?
Implement policies concerning the availability of money and its cost
Supervise all banks
Provide financial services to other banks
Provide day to day financial assistance to customers and small businesses
Something physical to back a loan like a house or property is called what?
Line of Credit
Savings
Collateral
Checking
Explain the term distribution.
The action of making or manufacturing from components or raw materials, or the process of being so manufactured.
A person who sets up a business or businesses, taking on financial risks in the hope of profit.
Distribution refers to storing and moving products to the customers, often through intermediaries such as wholesalers and retailers, and it also includes transportation, which involves the physical movement of goods.
To treat or work out in often laborious detail labor the obvious
Explain the term, channel of distribution.
The action or fact of maintaining or supporting oneself, especially at a minimal level.
A person or business that sells goods to the public in relatively small quantities for use or consumption rather than for resale.
A distribution channel is a chain of businesses or intermediaries through which a good or service passes until it reaches the final buyer or the end consumer
Retail is the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit.
Who is a manufacturer or Producer?
A person or company that makes goods for sale.
A person or company that sells goods in large quantities at low prices, typically to retailers.
Work, especially physical work.
Is the movement of humans, animals and goods from one location to another.
what is a wholesaler?
A person or company that sells goods in large quantities at low prices, typically to retailers
A person or business that sells goods to the public in relatively small quantities for use or consumption rather than for resale.
A person who purchases goods and services for personal use.
A person or company that transports or receives goods by sea, land, or air.
what is retailing?
A film producer is a person who oversees film production. Either employed by a production company or working independently, producers plan and coordinate various aspects of film production, such as selecting the script; coordinating writing, directing, and editing; and arranging financing.
Retail is the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit.
A thing or person that is the result of an action or process
A wholesaler is essentially a middleman between a manufacturer and a retail establishment. Wholesalers obtain large quantities of products at a lower price
what is a consumer?
A person or company that transports or receives goods by sea, land, or air.
A person that consumes food.
A person or company that sells goods in large quantities at low prices, typically to retailers.
A person who purchases goods and services for personal use..
E-commerce is a latest technology related with
Commerce
Computer
Both Commerce and computer
buying and selling
Indemnity means
Share the loss
Increase the loss
Compensate the loss
If Ryan purchases a sandwich, he is using money as:
a medium of exchange
a unit of measure
a store of value
