NEW
Font size
WorksheetsGrade 8 Business quiz round 1
Total questions: 45
Worksheet time: 44mins
Which of the following is a key characteristic of a democratic system?
Free and fair elections
Absolute power held by a monarch
Limited individual freedoms
State control of the media
How does batch production differ from flow production in terms of flexibility?
Batch production is less flexible compared to flow production due to its continuous nature.
Batch production is more flexible as it allows for adjustments between batches, whereas flow production is highly automated with less scope for changes.
Flow production is more flexible due to its ability to customize each unit.
There is no difference in flexibility between batch and flow production.
What is a primary characteristic of job production?
Production of goods in large quantities with minimal customization.
Customization of each product to meet specific client requirements.
Mass production of standardized products with high efficiency.
Production of goods in batches with identical units
Which one of these is an expense?
Premises
Trade payable
Donations
Repairs and maintenance
Which of the following is an example of a secondary sector activity?
Farming
Retail sales
Manufacturing cars
Banking
What is the term for the process of exposing hidden artifacts, sites and recording the findings from the archaeological sites?
Excavation
Survey
Documentation
Conservation
What is the name of the archaeological period characterized by the use of stone tools?
Paleolithic
Ancient period
Medieval
Bronze Age
What does 'just-in-time' (JIT) inventory control aim to achieve?
Holding large amounts of inventory to avoid stockouts.
Producing goods in advance of demand to reduce lead times.
Minimizing inventory levels and reducing waste by receiving goods only as needed.
Increasing inventory to handle unexpected demand fluctuations.
Why might a company choose to use batch production instead of flow production?
To achieve high efficiency and economies of scale.
To handle varying order sizes and product variations more effectively.
To maintain continuous production without interruptions.
To minimize the need for inventory storage.
If a company decides to cut its workforce to reduce costs, which stakeholder group is most directly affected?
Customers
Investors
Employees
Government
Which of the following is Not true about command economic system?
Government has control over its resources and decides on what to produce, how to produce and for whom to produce.
Central economic plan is governed by laws and regulations the government can act with power and authority towards its implementation.
The prices of goods and services are determined through voluntary transactions governed by the interaction of demand and supply.
The government creates a central economic plan while having a control over all of the resources.
Which one of these is not an expense?
Rent received
Advertising
Insurance
Wages and salaries
Which of the following best defines a free good?
A good that is abundant and has no opportunity cost
A good that requires significant resources to produce
A good that is purchased in financial markets
A good that is restricted in supply and has a price
The fund which owner provides to the business is called:
Asset
Liability
Capital
Expenses
Resources owned by the business and the amount owed to the business is called:
Asset
Liability
Capital
Income
If the price of this good is $30, what quantity will be demanded?
5 units
10 units
15 units
20 units
What is the term for the protection of individual rights and freedoms in a democratic system?
Rule of law
Separation of powers
Checks and balances
Constitutionalism
The opportunity cost of choosing one option over another can be illustrated by which type of graph?
Supply and demand curve
Production possibility frontier (PPF)
Total cost curve
Market equilibrium curve
Which of the following is not a liability?
Cash at bank
Trade payables
Loans
Bank overdraft
Which factor of production is directly involved in the creation of new business ventures and innovations?
Land
Labour
Capital
Entrepreneurship
What is the primary characteristic of a monarchical system of government?
Rule by a single leader with absolute power
Rule by a small group of individuals
Rule by the majority
Rule by divine authority
Which one of these is an asset?
Short term loans
Long term loans
Expenses owing
Premises
If the price of a good increases, what is the likely effect on the quantity demanded, according to the law of demand?
Quantity demanded increases
Quantity demanded decreases
Quantity demanded remains the same
The demand curve shifts to the right
What is the role of a monarch in a constitutional monarchy?
Head of state and head of government
Head of state but not head of government
Head of government but not head of state
No formal role
Which of the following is an example of 'land' as a factor of production?
A computer used for programming
The skills of a trained nurse
A plot of agricultural land used to grow crops
A business owner managing a company
Law of demand shows a relation between the ___________.
Quantity demand and quantity supply of a commodity
Income and quantity demand of a commodity
Price and quantity of a commodity
Income and price of a commodity
If the price of this good is $10 per unit, what will be the quantity demanded?
5.
10.
15.
20
Which one of these is not an income?
Commission received
Fees from clients
Discount allowed
Discount received
If price is $6 per unit, quantity supplied will be equal to:
10
20
30
40
What is one reason why the secondary sector is critical to economic development?
It focuses on service delivery and customer support.
It converts raw materials into finished goods, adding value and creating jobs.
It involves the extraction of natural resources from the environment.
It provides financial and advisory services.
Which one of these is a liability?
Fixtures and fittings
Furniture
Bank overdraft
Closing inventory
What is the fundamental principle of democracy?
Rule by a single leader
Rule by a small group of individuals
Rule by the majority
Rule by divine authority
The equilibrium price in this market is equal to :
$6 per unit
$5 per unit
$4 per unit
$3 per unit
Which one of these is an income?
Discount received
Sundry expenses
Loans
Motor van
What is the term for the transfer of power from one monarch to another?
Succession
Inheritance
Election
Appointment
The role of the owner is to:
Collect taxes and create rules and regulations.
Deliver the goods on time.
Contribute the capital and making decisions
Do the given tasks on time
A bike shop in a small town has received a shipment of 10 new bicycles. The shop offers the bikes for sale at a price of $300 each. At this price, however, there are only two people in town who are willing to buy a bicycle. This situation can be described as
Shortage of bicycles
Shortage of demand
Surplus of demand
Equilibrium
What is the term for the ceremony where a new monarch ascends to the throne?
Coronation
Inauguration
Investiture
Enthronement
What is a dictatorship?
A form of government where power is held by a single person
A form of government where power is held by the people
A form of government where power is held by a monarch
A form of government where power is held by a small group of individuals
Economizing is:
Making the most from the limited resources we have.
Using all the limited resources we have to fulfil our wants.
Use of scare resources to fulfil people's needs and wants.
Unlimited wants and limited resources to fulfil their needs.
The form of government in the Maldives is;
Monarchy
Oligarchy
Dictatorship
Presidential Republic
Economic goods are:
Goods that last for a long period of time.
Goods that government think people should have.
Man-made goods which involve a cost of productions
Goods used for the production of others goods and services
What is the term for the study of past human cultures through material remains?
Anthropology
Archaeology
History
Sociology
What is the term for the economic system where decisions are made based on supply and demand?
Market economy
Command economy
Mixed economy
Traditional economy
Many people would like ‘to be their own boss’, in economics what would it be called?
Owner
Entrepreneur
Shareholder
Stakeholder
