WorksheetsJonathan Grant High School End of Term Business Basics Exam
Total questions: 50
Worksheet time: 3hrs 24mins
A system or organization where goods and services are exchanged for money is know as?
Barter
Trade
Economy
Business
The vendors that set up their stalls outside the school gate with all the goodies you enjoy purchasing, can be considered as a/an?
Economist
Owner
Business
Entrepreneur
Which explanation below CORRECTLY defines specialization?
A system where the production of many goods are focused on so as to achieve maximum productivity.
A system where a limited amount of goods is produced because of monetary limitations.
A system where there is a concentrated productive effort on producing a limited variety of goods.
A system where there is excess cash used only to produce one type of good.
This is the mean by which countries and governments distribute resources and trade goods and services.
Economic Systems
Cooperate Business
Welfare Commission
Market
An intangible benefit is called a ____
Good
Commodity
Service
Market
What is the best definition of a business?
A person who sets up a business or businesses, taking on financial risks in the hope of profit.
Organization or economic system where goods and services are exchanged for one another or for money.
Are the means by which countries and governments distribute resources and trade goods and services
A method of production where a business, area or economy focuses on the production of a limited scope of products or services to gain greater degrees of profit
This type of business is owned and operated by one person.
Partnership
Sole Proprietorship
Corporation
Franchise
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
Sole Proprietorship
Partenership
Corporation
Franchise
A formal arrangement by two or more parties to manage and operate a business and share its profits.
Company
Cooperation
Partnership
Public Limited
Which of the following would be considered a consumer?
A person who makes a product
A person who advertises a product
A person who buys a product
A person who uses a product
Bob is shopping at the mall and goes to the checkout counter to pay for his shoes. What function of money is Bob engaging in?
Medium of Exchange
Portability
Divisibility
Store of Value
The fact that money can be stored or saved, must keep its value, and must be non-perishable describes what function of money?
Acceptability
Unit of Measure
Medium of Exchange
Store of Value
Penny can choose to carry $100 in several different denominations. This describes which characteristic of money?
Store of Money
Medium of Exchange
Divisibility
Portability
What does it mean when we say that money must be durable?
It must be able to be divided or broken down
It must be recognizable.
It must be able to be carried and used easily.
It must be made to last.
The __________concept states that businesses should be treated as if they will continue to stay in business.
Going concern
Business entity
Matching concept
Expense concept
The accounting principles that states companies and owners should be accounted for separately is called ___________.
Going concern
Business entity concept
Matching concept
Expense concept
Which of the following is a disadvantage of of the barter system?
I. The rate of exchange
II. Storage of wealth
III. Acquisition of goods
I and II
Only III
Only I and III
I, II and III
Select the CORRECT form of the accounting equation below
Asset = Capital - Liability
Capital = Liability + Assets
Liability = Assets + Capital
Capital = Assets - Liability
Which of the following would you consider to be an entrepreneur?
The manager of a coconut estate
The bank manager
The proprietor of a shop
A consumer in a department store
What should be in the section labelled "A" ?
(a)
What should be in the section labelled "B" ?
(a)
What should be in the section labelled "C" ?
(a)
What should be in the section labelled "D" ?
(a)
What should be in the section labelled "E" ?
(a)
What should be in the section labelled "F" ?
(a)
What should be in the section labelled "G" ?
(a)
What should be in the section labelled "H" ?
(a)
What should be in the section labelled "I" ?
(a)
Is this balance sheet balanced?
(a)
A financial statement that reports assets, liabilities, and owner's equity on a specific date, is called a?
(a)
Calculate "A"
(a)
Calculate "B"
(a)
Calculate "C"
(a)
Calculate "D"
(a)
Calculate "E"
(a)
Latoya started a jewellry business with $30,000 in her bank account. She had always wanted to go into business on her own and as such risked and invested her time and money to do so. Sharon was her best customer, as she always bought from her to resell from her own business. Sharon absolutely loved the jewellry Latoya sold and even bought some for herself to wear.
What term would you use to describe Latoya?
(a)
Latoya started a jewellry business with $30,000 in her bank account. She had always wanted to go into business on her own and as such risked and invested her time and money to do so. Sharon was her best customer, as she always bought from her to resell from her own business. Sharon absolutely loved the jewellry Latoya sold and even bought some for herself to wear.
Apart from "customer" , what other role would Sharon play in the scenario above?
(a)
What is it called when societies or governments organize and distribute available resources, services, and goods across a geographic region or country.
(a)
The accounting system where every transaction is recorded in two accounts: a debit to one account and a credit to another, is called what?
(a)
A system involving the exchange of goods and services for other goods and services is known as?
Money
Trade
Stock Exchange
Barter
Match the Economic Systems in the table to the Characteristic by pairing the letter with the number.
Example: - a3 or c2
(a)
A situation where buyers and sellers meet to exchange goods and services is called a?
(a)
The money put into the business by the owner is called?
(a)
Money owed by the business is called?
(a)
Toni borrowed money from Marsha. Who is Marsha to Tony?
(a)
Jason owed money for stock of goods purchasedon credit from Daniel. Who is Jason to Daniel?
(a)
Intangible products may be otherwise called?
(a)
John bought a bag of sweets for $100 and resold it for $200. He made $100 from his sale separate from what he bought the sweets for. What is this extra $100 called?
(a)
Tara owns a truck valuing $5000. She is still however paying Daniel who she purchased the truck from, and to date owes him $2000. What is Tara's capital figure?
(a)
Tianna owns a stall valuing $10,000, a van valuing $20,000, goods valuing $50,000 and cash in bank of $3000. What is Tianna's total Current Asset?
(a)
