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WorksheetsINTRODUCTION TO BUSINESS PRACTICE
Total questions: 12
Worksheet time: 6mins
In __________, the factors of production are most often controlled by business owners and investors.
communism
socialism
capitalism
islamic economy
Which of then followings is not categorised as business resources?
financial resources
human resources
intellectual resources
natural resources
Brand, patents and copyrights are the examples of _______.
intellectual resources
financial resources
natural resources
human resources
One of the disadvantages of corporation is _______.
double taxation
unlimited liability
lack of continuity
lack of money
_________ is types of business that solely owned by one individual.
partnership
sole-proprietorship
private limited company
public limited company
In a _________, the government plays a comprehensive role in almost all economic activities, such as production, distribution, and consumption of a nation.
islamic economy
mixed economy
capitalism economy
socialism economy
Customs, beliefs, literacy rate, educational levels, lifestyle and values is called as _________.
social environment
economic environment
legal environment
technological environment
There are _______ steps in making ethical decisions.
four
five
six
seven
The ability to produce a specific product more efficiently than any other nation is called
__________.
absolute advantage
comparative advantage
basic advantage
extra advantage
Revenue tariffs is imposed solely to ___________.
increase export
reduce import
protect a domestic industry from competitors
generate income for the government
_________ is a complete halt to trading with a particular nation or in a particular product.
embargo
import quota
Foreign-exchange control
Currency devaluation
Listed below are the advantages of joint ventures, EXCEPT:
increase customer's satisfaction
Immediate market knowledge and access
reduce risk
Control over the product attributes
