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WorksheetsEnd of Term 2 POB 2023
Total questions: 65
Worksheet time: 1hrs 5mins
Name
Class
Date
1.
Double coincidence of wants' is an issue associated with the system of
a)
Barter
b)
Sale
c)
Transfer
d)
Donations
2.
The feature of money which states it must be identical in look, size and weight is called
a)
Acceptable
b)
Divisible
c)
Homogenous
d)
Portable
3.
Business transactions done through the internet are called
a)
e-commerce
b)
e-currency
c)
trans-currency
d)
inter-commerce
4.
The security features added to currency notes are aimed to prevent
a)
theft
b)
overuse
c)
counterfeit
d)
borrowing
5.
The main objective of the private sector is
a)
to make a profit
b)
to provide a service
c)
to help others
d)
to pay taxes
6.
Sandra opened an account in Western Credit Union. Western Credit Union is known as a
a)
partnership
b)
cooperative
c)
joint venture
d)
sole trader
7.
Joan lives in a country where the government assumes control of economic planning and resource allocation. Joan's country has a
a)
planned economic system
b)
free market economic system
c)
mixed economic system
d)
traditional economic system
8.
Jerry is conducting research to establish pricing, product design and advertising for his business. Which of the functional areas is Jerry operating?
a)
Marketing
b)
Production
c)
Personnel
d)
Finance
9.
The right to a fair wage and adequate working conditions is given to
a)
owners
b)
employees
c)
management
d)
the community
10.
The stakeholder responsible for the collection of taxes from companies is known as the
a)
government
b)
owner
c)
community
d)
customer
11.
The process of using profits from illegal activities and converting them to legitimate assets is known as
a)
money laundering
b)
money inflation
c)
cash injection
d)
money transferral
12.
Misleading advertising can be described as
a)
good business practice
b)
unethical behaviour
c)
means to an end
d)
marketing ploy
13.
A student interested in furthering her experience in the field of accounting may apply to work as a
a)
payroll associate
b)
web designer
c)
marketing assistant
d)
human resource officer
14.
The assigning of work to subordinates is called
a)
planning
b)
delegating
c)
organising
d)
motivating
15.
Management's responsibility to ensure the business is yeilding a profit and is being run efficiently is MAINLY to
a)
owners
b)
government
c)
society
d)
customers
16.
An organisational structure where employees are divided into specialised areas, such as marketing and production, is called
a)
line and staff
b)
line
c)
functional line
d)
functional
17.
The number of subordinates that a supervisor has under his control is called a/an
a)
authority chain
b)
line of control
c)
span of control
d)
chain of command
18.
One characteristic of a good leader is being
a)
secretive
b)
dishonest
c)
trustworthy
d)
deceptive
19.
Joan works for a boss who listens to his management team before making a decision. Joan's boss has adopted the
a)
autocratic leadership style
b)
democratic leadership style
c)
laissez faire leadership style
d)
charismatic leadership style
20.
Which of the following may result in conflict within an organisation?
a)
poor working conditions
b)
promotion and benefits
c)
signed salary agreement
d)
company family day
21.
A situation when an employer refuses to allow employees into the premises until a labour agreement is achieved is called
a)
restriction
b)
lockout
c)
de-premised
d)
throw out
22.
The strategy where management refuses to deal with the conflict because they believe it is too trivial or will sort itself out is called
a)
tolerance
b)
aviodance
c)
refusal
d)
silence
23.
Curtis wants to establish good relations with his employees. His advised to
a)
initiate a pay cut
b)
transfer some employees
c)
practise good leadership
d)
ban union membership
24.
Another term used to describe incentives given by management is
a)
French benefits
b)
promotion packages
c)
fringe benefits
d)
management gifts
25.
Employees working together to achieve organisational goals is called?
a)
group work
b)
professionalism
c)
harmony
d)
teamwork
26.
The part of the receiver's response communicated to the sender is called
a)
encoding
b)
medium
c)
feedback
d)
decoding
27.
Anita is the owner of her bakery. She is the person that bears all risks and combines the factors of production efficiently and effectively with a view to making a profit. She is a/an
a)
manager
b)
supervisor
c)
counsellor
d)
entrepreneur
28.
Which of the following is LEAST LIKELY to be a function of the entrepreneur?
a)
Forming new business ideas
b)
Bearing the business's risks
c)
Preparing financial statements
d)
Evaluating the business's performance
29.
Which is not a personal characteristic of an entrepreneur?
a)
Innovative
b)
Inflexible
c)
Persistent
d)
Persevering
30.
When a person chooses to establish a business to fulfil their potential, this reason is referred to as
a)
self-actualisation
b)
self-fulfilment
c)
financial independence
d)
self-independence
31.
The step when establishing a business that analyses the customers' needs and wants and the competition is called
a)
conceptualisation
b)
business plan creation
c)
resources identification
d)
market probe (research)
32.
The use of existing market reports, government statistical reports and reports from the stock exchange to do research is referred to as
a)
desk research
b)
field research
c)
primary research
d)
global research
33.
Research done to determine whether the business idea or opportunity is a lucrative one or is worth entering into is called
a)
market research
b)
a feasibility study
c)
desk research
d)
a business plan
34.
Business plans that are set to cover periods of more than a year and are carried out by middle managers are considered
a)
long-term plans
b)
medium-term plans
c)
pre-term plans
d)
short-term plans
35.
Tsahai owns and operates a burger and hotdog stand in Half Way Tree, Jamaica. To operate this type of business she will be required to apply to the government for a
a)
spirituous liquor licence
b)
intellectual property licence
c)
zoning licence
d)
food handler's licence
36.
Reasons for locating a business in acertain area because of climatic conditions or land terrain are known as
a)
utilities factors
b)
infrastructure factors
c)
labour factors
d)
geographical factors
37.
Money or property that is pledged as a guarantee for repayment of loan is called
a)
collateral
b)
assurance
c)
insurance
d)
savings
38.
A contract can be defined as an
a)
agreement that is legally binding between two or more parties
b)
offer made by one person to another to perform that assigned task
c)
announcement of a willingness to enter negotiations with the parties
d)
imposition by the court for tge parties to perform the assigned task
39.
Once parties enter into a contract and it is laid out with all obligations written down like a property sale, it is considered to be a
a)
contract of record
b)
simple contract
c)
specialty contract
d)
general contract
40.
Which of the following are features of a simple contract?
a)
offer, insurance and acceptance
b)
acceptance, insurance and consideration
c)
insurance, offer and consideration
d)
offer, acceptance and consideration
41.
Specialty contracts should be
a)
verbal
b)
written
c)
implied
d)
performed
42.
Acceptance of an offer takes place
a)
from the location, the communication being sent to the offeror
b)
as soon as the letter of acceptance is posted to the offeror
c)
when the acceptance has been received by the offeror
d)
when the acceptance is communicated by email to the offeror
43.
Isaiah entered into a contract with Jean Paul and then refused to fulfil the requirements of the contract. This situation can BEST de described as
a)
acceptance of a contract
b)
breach of contract
c)
invitation to treat
d)
counter offer
44.
if a contract is deemed to be fraudulent misrepresentation, which one of the following can be offended party seek?
a)
damages and injunction
b)
injunction and rescission
c)
injunction and restitution
d)
damages and rescission
45.
Nicole was granted a permit to bring a specified quantity of goods into Trinidad and Tobago. This permit is known as an
a)
import licence
b)
export licence
c)
import quota
d)
export quota
46.
A bill of lading can best be described as a document that
a)
represents the title of the goods
b)
shows the size and quantity of goods
c)
is a convenient way of paying for goods
d)
limits the quantity of certain goods
47.
Fidelity guarantee insurance is used to prevent
a)
life insurance by employees
b)
theft or fraud by employees
c)
liability insurance by employees
d)
life insurance by employees
48.
A contract of indemnity covers all of the following EXCEPT
a)
fire insurance
b)
theft insurance
c)
life insurance
d)
marine insurance
49.
The fee charged by the insurance firms for services provided to an account is called
a)
assured
b)
insurance
c)
premuim
d)
policy
50.
All of the following are considered to be factors of production EXCEPT
a)
labour
b)
land
c)
products
d)
enterprise
51.
The reward for thr entrepreneur is
a)
rent
b)
salary
c)
profit
d)
interest
52.
Production can BEST be defined as
a)
how well a business is using its resources
b)
the conversion of inputs into outputs
c)
the types of goods and services a business offers a sale
d)
the amount of goods manufactured by a business
53.
Productivity refers to
a)
how many products a business makes per year
b)
how efficiently a business is using its resources
c)
how many times a person is late for work
d)
how to get potential customers to purchase your products
54.
All of the following positively affect the size of the labour supply of a country EXCEPT
a)
later retiremnet age
b)
increased birth rate
c)
increased migrated out of the country
d)
increased migration into the country
55.
Money which is invested in a business in order to facilitate its operation is referred to as
a)
collateral
b)
bank
c)
capital
d)
stock
56.
Veroon is a fisherman from the quaint fishing village of Matelot. What type of production is Veroon engaged in?
a)
primary
b)
secondary
c)
tertiary
d)
quaternary
57.
All of the following are benefits of cottage industries EXCEPT
a)
the cost of production is low
b)
it provides people with an opportunity to earn an income
c)
it allows for flexible working hours
d)
sales and profits tend to be small
58.
A challenge that many small businesses face is
a)
coordinating its staff
b)
sourcing capital
c)
building customers' loyalty
d)
exporting its products
59.
All of the following are examples of linkage industries EXCEPT
a)
agricultural and agro-processing
b)
bauxite and areoplane manufacturing
c)
construction and real estate
d)
fishing and forestry
60.
In what way do shareholders benefit from a growing business?
a)
more staff to operate the business
b)
higher returns on their investments
c)
increased financial risks
d)
Greater publicity for the business
61.
The protection and general welfare of its citizens is one of the roles of a
a)
cooperative
b)
government
c)
non-profit organisation
d)
sole trader
62.
The purpose of taxation is MOST LIKELY to
a)
institute zoning laws
b)
reduce the money supply
c)
maintain law and order
d)
finance a political party
63.
Capital gains tax is a/an
a)
direct tax
b)
indirect tax
c)
purchase tax
d)
consumption tax
64.
The government of Trinidad and Tobago provides funding to gas retailers to reduce the selling price of it to consumers. This government funding is called
a)
capital assistance
b)
grants
c)
subsidies
d)
loans
65.
Which social service provided by the government provides injury benefits to employees injured during their job?
a)
Health care
b)
National insurance
c)
Education
d)
Roads and transportation
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