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Gr. 11 Business Review

Total questions: 85

Worksheet time: 1hrs 16mins

Name
Class
Date
1.

Wholesalers, agents, brokers and retailers are examples of,

a)

Intermediaries

b)

Branding

c)

Marketing activities

d)

Improving business areas

2.

The symbols, brand names, slogans in the above picture can be defined as a .

a)

A trademark

b)

Advertising

c)

Branding

d)

Logo

3.

Buy one, get one free marketing activity forms part of sale promotion

a)

True

b)

False

4.
-Owned by a single owner
-No separation between owner and business
-Unlimited personal liability
a)
Corporation
b)
Limited Liability Company
c)
Partnership
d)
Sole Proprietorship
5.
-Publicly traded company
-Governed by Board of Directors
-CEO, COO, CFO
-Stocks sold to raise capital
a)
Corporation
b)
Limited Liability Company
c)
Partnership
d)
Cooperative
6.
-General Partner provides business skill/talent
-Silent Partner provides capital
-Silent Partner enjoys limited personal liability
a)
Partnership
b)
Limited Liability Company
c)
Limited Partnership
d)
Joint Venture
7.
-Subject to high start-up and royalty fees
-Must adhere to corporate standards
-Privately owned locations but associated with a larger, more recognizable brand
a)
Franchise
b)
Limited Partnership
c)
Corporation
d)
Joint Venture
8.
"A company's financial debt or obligations that arise during the course of its operation..." 
This definition best describes...
a)
Profit
b)
Revenue
c)
Liability
d)
Lateral Alignment
9.

______________ is a restriction on the amount of money that owners can lose if the firm goes bankrupt

a)

Unlimited liability

b)

Personal liability

c)

Limited liability

d)

Shared liability

10.

A _______________ is a business owned by shareholders with limited liability but whose shares cannot be sold to the public

a)

partnership

b)

private limited company

c)

public limited company

d)

corporation

11.
Which of the following is the definition for Franchise
a)
business investment that involves renting or leasing another successful business model
b)
unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm; most common form of business organization in the United States
c)
unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm
d)
form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contracts, and to sue and be sued
12.

Which of the following best describes the term limited liability? If the business fails:

a)

Personal possessions of the owner can be taken to pay any debts

b)

The owner is personally liable for all the debts of the business

c)

There is no limit on the amount the owner has to pay to settle debts

d)

The owner only loses the amount invested in the business

13.

Distribution refers to the storing and __________ products to customers.

a)

sorting

b)

moving

c)

packaging

14.

Which is considered the traditional channel of distribution

a)

Producer Retailer Consumer

b)

Producer Wholesaler Consumer

c)

Producer Wholesaler Retailer Consumer

d)

Producer Consumer

15.

A wholesaler is a business that buys in extremely large quantities from manufacturers and sells in smaller to retailers but never to consumers.

a)

True

b)

False

16.

Which type of wholesaler does not offer credit?

a)

Specialist wholesaler

b)

Cash and carry wholesaler

c)

General wholesaler

17.

The wholesaler is sometimes called an intermediary

a)

True

b)

False

18.

One function of the wholesaler is that he/she breaks bulk.

a)

True

b)

False

19.

Who operates from a large warehouse for convenient access from many local towns.

a)

General Wholesalers

b)

General Retailers

c)

Cash and Carry Wholesalers

d)

Cash ad Carry Retailers

20.

When the wholesaler supply's goods and allow the retailer to pay at some later date this is called _____________________.

a)

Acting as an intermediary

b)

Breaking Bulk

c)

Warehousing

d)

Offering Credit

21.

What 2 services does wholesalers offer to retailers.

a)

Reduces transport cost.

b)

Offers choice products from many producers.

c)

Finishes goods by grading and packing.

d)

Advises on latest trends and best buys

22.

What 2 services does wholesalers offer to producers.

a)

Reduces transport cost.

b)

Offers choice products from many producers.

c)

Finishes goods by grading and packing.

d)

Advises on latest trends and best buys

23.

The sale of goods or services directly to the final consumer.

a)

Retail

b)

Clearance

c)

Fire Sale

d)

Partnership

24.

What is retailing?

a)

the activities involved in selling merchandise to consumers

b)

the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit

c)

Selling goods to the public

d)

All of the Above

25.

A retailer is a link between a consumer and a ________________.

a)

supermarket

b)

buyer

c)

manufacturer

26.

A retailer...

a)

buys from other retailers

b)

sells a service or products to customers

c)

sells a service or products to other sellers

d)

buys products and keeps them

27.

Which of the following does NOT belong to land transportation?

a)

Bicycle

b)

Motorcycle

c)

Sailboat

d)

Truck

28.

Which of the following does NOT belong to water transportation?

a)

Gondola

b)

Catamaran

c)

Jet ski

d)

Bicycle

29.

The four main modes of transportation currently active in the transportation system are:

a)

walking, running, biking, skateboarding

b)

autos, busses, trains and taxis

c)

water, road, rail and air transportation

d)

cars, trucks, trains and busses

30.

The definition of the Transportation System is...

a)

the system of roadways in a city

b)

the various means of moving goods or people from place to place

c)

infrastructure that includes roads and railroad

31.

Air transport is ______ and ___ way of transportation.

a)

Expensive and tough

b)

tough and cheap

c)

faster and Expensive

32.

Which of the following does NOT belong to land transportation?

a)

Bicycle

b)

Motorcycle

c)

Sailboat

d)

Truck

33.

We use LAND TRANSPORTATION to move on...

a)
b)
c)
34.

What kind of water vessel is the most used today around the world?

a)

Tankers

b)

Passenger Ships

c)

Cargo Ships

d)

Container Ships

35.

Which of the following is NOT a benefit of rail travel (train travel)?

a)

It is fuel efficient

b)

It reduces the amount of car accidents

c)

It is a more convenient way to travel

d)

It has a smaller impact on the environment than other modes of travel

36.
The amount paid for insurance is the
a)
closing cost
b)
premium
c)
deductible
d)
assessed value
37.
Insurance that protects your family against financial loss due to your death is
a)
coinsurance
b)
disability insurance
c)
life insurance
d)
comprehensive insurance
38.
This term pays for protection against loss of life, property, and finances.
a)
collision
b)
premium
c)
insurance
d)
deductible
39.
The amount you MUST pay out of pocket before insurance takes over is called the
a)
premium
b)
bonus payout
c)
term payment
d)
deductible
40.

What role does insurance play in financial planning?

a)

It guarantees that income and assets are protected

b)

It helps build and maintain one's credit score

c)

It helps cover day-to-day expenses

d)

It grows in value and appreciates over time

41.

This professional analyzes statistics and uses them to calculate risks and premiums.

a)

Agent

b)

Actuary

c)

Claims Clerk

d)

Underwriter

42.

A policy is a contract between the

a)

Policyholder and the injured person

b)

Driver and the government

c)

Consumer and the insurance company

d)

Consumer and the insurance agent

43.

What information is typically listed on an insurance policy? (hint: choose 3 correct answers)

a)

Name of person or property being insured

b)

Actual Cash Value of the property being insured

c)

Deductible amounts

d)

The policy period

44.

True or False: Insurance is based on the concept of shared risk, or risk pooling.

a)

True

b)

False

45.
The amount paid for insurance is the
a)
closing cost
b)
premium
c)
deductible
d)
assessed value
46.
A formal request to an insurance company asking for a payment when the policyholder has an acciden, illness or injury
a)
emergency savings
b)
coverage
c)
claim
d)
employee benefits
47.

Which type of Life Insurance policy only pays a beneficiary when a person dies during a pre-determined time period?

a)

Term Life Insurance

b)

Whole Life Insurance

c)

Variable Life Insurance

d)

Universal Life Insurance

48.
Someone who receives money if an insured person dies
a)
claim
b)
beneficiary
c)
dependent
d)
employee benefits
49.
A person buys a homeowner’s insurance policy with a $250 deductible, which means the person will 
a)
a. have to pay a quarterly premium of $250.
b)
 b. have to pay the first $250 which will be deducted from the claim settlement paid by the insurance company. 
c)
c. only receive payment from the insurance company of $250 for any single article damaged.
d)
 d. not be responsible for the first $250 of the claimed damages.
50.

Production refers to the creation of goods and services.

a)

True

b)

False

51.

Primary Production is _______?

a)

When you offer a service

b)

Involves the removal of raw materials from the earth

c)

The making of products

d)

The selling of goods or services

52.

Select the list of activities associated with primary production.

a)

Farming Potatoes

b)

Catching fish

c)

The building of furniture

d)

Selling Marl

e)

Mining bauxite

53.

The sector that involves manufacturing.

a)

Primary

b)

Secondary

c)

Tertiary

d)

Quaternary

54.

What sector is the chef of a restaurant working in?

a)

Primary

b)

Secondary

c)

Tertiary

d)

Quaternary

55.

The sector that involves the development of hi-tech products.

a)

Primary

b)

Secondary

c)

Tertiary

d)

Quaternary

56.

3 types of tertiary jobs

a)

banker,teachers,doctor

b)

doctor,teacher,steel making

c)

fishing,hunting,astronaut

57.

agriculture would be an example of

a)

secondary sector

b)

tertiary sector

c)

primary sector

58.

insurance is an example of

a)

primary sector

b)

agriculture

c)

tertiary sector

59.
Which of the following is a job from secondary sector?
a)
mining, fishing, forestry
b)
manufacturing
c)
retail
d)
research and development
60.
Which of the following is an example of tertiary sector?
a)
mining, fishing, forestry
b)
manufacturing
c)
retail
d)
research and development
61.
Which type of economy is controlled by the government?
a)
Command
b)
Market
c)
Mixed
d)
Democratic
62.
Under a command system, who owns the factors of production?
a)
Consumers
b)
Elders
c)
Government
d)
Businesses
63.
If I produce meat but, the government has to check to make sure I can put this product on the market, what economic system is this?
a)
Mixed
b)
Traditional
c)
Market 
d)
Command
64.
Economy is...
a)
make (something needed or wanted) available to someone; provide
b)
the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
c)
arrange for (a room, seat, ticket, etc.) to be kept for the use of a particular person and not given to anyone else.
d)
Hallo
65.
A producer is...
a)
a person, company, or country that makes, grows, or supplies goods or commodities for sale.
b)
A person
c)
Mars
d)
the state of being scarce or in short supply; shortage.
66.
How would a free market economy be described?
a)
An economy in which decisions are made by the government.
b)
The international exchange of goods.
c)
An economy based on supply and demand with little or no government control
d)
An economy that is communist
67.

Most countries have a mixed economy

a)

True

b)

False

68.

Process of gathering, analyzing, and interpreting information about market, product, or service to be offered for sale in the market, about the past, present and potential customers for the product or service.

a)

MARKETING PLAN

b)

MARKET RESEARCH

c)

MARKETING STRATEGY

d)

PRODUCT TESTING

69.

Product

a)

The cost to the buyer of goods or services

b)

Informing customers about products and persuading them to buy them

c)

Where goods or services are available

d)

Goods or services that are sold

70.

Place

a)

Informing customers about products and persuading them to buy them

b)

The cost to the buyer of goods or services

c)

Goods or services that are sold

d)

Where goods or services are available

71.

Promotion

a)

The cost to the buyer of goods or services

b)

Where goods or services are available

c)

Informing customers about products and persuading them to buy them

d)

Goods or services that are sold

72.

Is this...

a)

Place?

b)

Product?

c)

Promotion?

d)

Price?

73.

Is this ....

a)

Place?

b)

Product?

c)

Promotion?

d)

Price?

74.

Is this ...

a)

Price?

b)

Place?

c)

Promotion?

d)

Product?

75.
A person who buys goods and services is called a
a)
Consumer
b)
Producer
c)
Server
d)
Student
76.
How much  a producer is prepared to make is referred to as 
a)
Supply
b)
Demand
c)
Popularity
d)
Price
77.
How much a consumer is prepared to buy is referred to as
a)
Demand
b)
Supply
c)
Price
d)
Homework
78.
A product that is scarce would be
a)
Milk
b)
Bananas
c)
Diamonds
d)
Bread
79.
A person who makes goods and services is a
a)
Consumer
b)
Producer
c)
Server
d)
Builder
80.
When there is only one producer it is called
a)
An Oligopoly
b)
A Scrabble
c)
A Monopoly
d)
A Loner
81.

Digital economy also known as

a)

brick-and-mortar economy

b)

web economy

82.

What is the difference between uninsurable risk and and insurable interest

4 lines
83.

Explain the term foreign exchange.

4 lines
84.

Explain the term overdraft.

4 lines
85.

What economic problems do every economy face?

4 lines

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