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WorksheetsBusiness Basic Quiz
Total questions: 20
Worksheet time: 2hrs 40mins
A person who set up a business, taking on financial risks in the hope of profit is called
Partnership
Manager
Entrepreneur
Broker
The following are careers in business except:
Marketing
Agronomy
Accounting
Auditing
Fixed amount of money paid to an employees at regular intervals
Strategy
Salary
Dividend
Profit
Something tangible that exists in nature or is made by people.
Profit
Capital
Product
Service
The amount of earnings remaining after all costs are deducted from the income of a business
Salary
Capital
Wage
Profit
Shareholder's portion of the profit per share paid by a limited companies
Product
Dividend
Wages
Capital
The money or property owned or used in business is called
Wage
Dividend
Capital
Shares
Which of the following is NOT a reason to establish a business?
To put a creative idea into operation
To gain financial independence
To socialize and party with friends
To make a profit
Which of the following is a function of business?
Profit making opportunities
Providing goods and services
Create employment opportunities
All of the above
Which of the following is NOT a benefit of entrepreneurs to Jamaica?
Improve the Gross Domestic Product
Create employment opportunities
Support social development programmes
Undeveloped urban areas
Another name for a Sole -proprietor
Sole keeper
Business trader
Sole Trader
Mentor
How many people can be in a partnership?
2
2-20
2-10
2-50
Which of the following is an example of a limited company?
Grace Kennedy
Restaurant of Jamaica
Juici Patties
Palace Cineplax
Which of the following is an advantage of partnership?
Unlimited liability
Shared work load
Personality clashes of partners
Lack of continuity
Which of the following best describes the term limited liability?
There is no limit on the amount the owner has to pay to settle debts
The owner is personally liable for all the debts of the business.
Personal possessions of the owner can be taken to pay any debts
The owner only loses the amount invested in the business
Michael is an entrepreneur who decided to start a sole-proprietor business. Which of the following is a drawback that he may experience in the future?
Shared profit
Limited liability
Shared financial documents
Unlimited liability
This type of business organization makes it easier to secure financing because it has unlimited shareholders.
Corporation
Private Limited Company
Public Limited Company
Conglomerate
This type of business entity is able to secure funding by selling shares on the stock market
Private Limited Companies
Public Limited Companies
Partnership
None of the above
Which ONE of the following statement is TRUE?
Sole proprietor is not permitted to hired new employees
Sole proprietor isn't personally liable for the debts of the business
Sole proprietor owns all the assets and is entitled to all the profits.
Sole proprietors has to public show all the documents of the business.
This type of business entity is able to secure funding by selling shares to family members, friends and employees.
Private limited companies
Public limited companies
Partnership
Ordinary Partnership
