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REVISION QUESTIONS ON BUSINESS STDS

Total questions: 71

Worksheet time: 18hrs 45mins

Name
Class
Date
1.
Which of these is NOT an example of a need?
a)
Water
b)
Food
c)
watch
d)
Shelter
2.
The definition of Scarcity is...
a)
An unlimited amount of resources to meet limited wants and needs
b)
A limited amount of resources to meet unlimited wants and needs.
c)
When people use time and energy to create events
d)
a city where individuals commit themselves to unlimited wants and needs
3.
What is a need?
a)
Nothing
b)
Something you have to have to live
c)
Something you would like to have
d)
Ice cream
4.
Economics is the study of how people seek to satisfy their needs and wants by making choices.
a)
True
b)
False
5.
Which of the following in an example of LAND.
a)
Coal
b)
Office Building
6.
House: Goods or Service?
a)
Goods
b)
Service
7.
According to an economist, which of the following would be considered "scarce"? 
a)
A teacher 
b)
A worker at McDonalds 
c)
An Astronaut 
d)
A youth baseball coach 
8.
What is opportunity cost?
a)
your choice
b)
what you give up to make a choice
9.
What is scarcity? 
a)
Having too many resources 
b)
Not  having enough resources 
10.
A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision?
a)
muffins 
b)
cookies 
11.
The Welch family has saved some money.  They can spend it on a vacation to the Grand Canyon or build a swimming pool in their back yard.  They decide to spend the money on a swimming pool.  What is the opportunity cost of their decision?
a)
vacation 
b)
swimming pool 
12.
A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision?
a)
muffins 
b)
cookies 
13.

The economic problem is that

a)

resources are limited and wants are limited.

b)

resources are unlimited and wants are limited.

c)

resources are limited and wants are unlimited.

d)

resources are unlimited and wants are unlimited.

14.

Name one componet of business studies

(a)  

15.

What are tangible goods

a)

what you can feel

b)

what you can not feel

c)

what CANT HEAR

d)

what you can see feel touch hear smell and taste

16.
What is Primary Research?
a)
Primary Research involves gathering new data that has not been collected before. For example, surveys using questionnaires or interviews with groups of people in a focus group.
b)
Primary Research involves gathering existing data that has already been produced. For example, researching newspapers
c)
Primary Research involves gathering existing data that has already been produced. For example, researching the internet
d)
Primary Research involves gathering existing data that has already been produced. For example, researching company reports.
17.
What is Secondary Research?
a)
involves gathering new data that has not been collected before. For example, surveys using questionnaires or interviews with groups of people in a focus group.
b)
involves gathering existing data that has already been produced. For example, researching the internet, newspapers and company reports.
18.
How can a business reduce the risk of failure?
a)
By selling less products
b)
By keeping the cost of their products low
c)
By carrying out market research
d)
By staying open late.
19.
In order to be successful a business needs to?
a)
Identify its customers needs and wants
b)
Have a big shop
c)
Sell products really cheap
d)
Have lots of sales
20.
What is an entrepreneur?
a)
Someone who takes a calculated risk through starting a business
b)
Someone who gives up when something goes wrong
c)
Someone who doe not understand the business environment
d)
Someone who does not take time to consider the risks
21.
What is meant by 'adding value'?
a)
The money a company invests into a new product
b)
the difference between the price of the finished product/service and the cost of the inputs involved in making it.
22.
What are the main categories of market segmentation?
a)
Location, Demographics and Income
b)
Where they go to school
23.
What is Quantitative data?
a)
Data that is normally numerical
b)
Based on opinions, attitudes and beliefs.
24.
what is Qualitative Data
a)
Data that is normally numerical
b)
Based on opinions, attitudes and beliefs.
25.

what are clerks supposed to wear

a)

something flashy ans simple

b)

something bland boring and dull

c)

something simple and bland

d)

something simple and smart

26.

what are the 2 types of office

a)

small aand giant

b)

little and large

c)

open and closed

d)

large and small

27.

what are the 2 layouts of the office(Put and)

(a)  

28.

Name one department of a organization

(a)  

29.

Which is not a factor that make people lie

a)

Promotion

b)

Habit

c)

Laziness

d)

Fear

30.

What is not a reward of truthfulness

a)

peace of mind

b)

Promotion

c)

Peace of mind

d)

Trustworthiness

31.
What are the 4 p's of marketing?
a)
price, product, promotion, place
b)
price, person, promotion, place
c)
place, perspective, promotion, place
32.

What is another name for sole trade?

a)

Sole proprietorship

b)

Partnership

c)

Organization

d)

Business

33.

Sole trade consists of how many people?

a)

Only one

b)

Only two

c)

Many people

d)

Ten people

34.

The most common form of business is

a)

Partnership

b)

Sole trade

c)

Farming

d)

Hawking

35.

Partnership business was established in

a)

1958

b)

1967

c)

1960

d)

1980

36.

A place of business where clerical duties take place is called

a)

Sitting room

b)

Office

c)

Garden

d)

Shop

37.

Which of the following is a source document?

a)

Credit note

b)

Debit note

c)

Invoice

d)

All of the above

38.

Which of the following is not a source document?

a)

Receipt

b)

Debit note

c)

Invoice

d)

Outvoice

39.

...are the record of credit and cash transactions.

a)

Sources

b)

Resources

c)

Source document

d)

Application

40.

Source documents are used to prepare.....

a)

Books of account

b)

Travelling documents

c)

Buying goods

d)

Selling goods

41.

A document that acknowledges the payment for goods and services is called

a)

Diary

b)

Register

c)

Receipt

d)

Jotter

42.

Which of the following documents contains the terms of sales?

a)

Invoice

b)

Voucher

c)

Receipt

d)

All of the above

43.

.... is used to record the day-to-day basis to avoid the omission of transactions.

a)

General journal

b)

Returns

c)

Ommission

d)

Transaction

44.

The journal that is used to record goals which are sold on credit is called

a)

Sales journal

b)

Journal

c)

Sales register

d)

Credit journal

45.

A written instruction that authorizes a bank to pay a named individual is called

a)

Cheque

b)

Book

c)

Register

d)

Report

46.

A clerical staff must be...

a)

Physically fit

b)

Lazy

c)

Late to work always

d)

None of the above

47.

A person who performs clerical duties is called

a)

Clerical staff

b)

Staff

c)

Farmer

d)

Teacher

48.

Business studies provides...

a)

Job opportunities

b)

Lazy opportunities

c)

Fighting opportunities

d)

Eating opportunities

49.

Business Studies can be classified into how many components?

a)

4

b)

5

c)

6

d)

7

50.

Which of the following is not a component of Business Studies?

a)

Commerce

b)

Office practice

c)

Book keeping

d)

Cleaning

51.

The reward for labour is

a)

Hunger

b)

Punishment

c)

Wages

d)

Production

52.

____is the process of producing goods and services to satisfy consumer demand.

a)

Opportunity Cost

b)

Needs

c)

Wants

d)

Business Activity

53.

The items sold by a business that one can see or touch is _____

a)

Goods

b)

Services

c)

Consumers

d)

Intangible

54.

___ is an organization that produces and distributes goods and services.

a)

Market

b)

Consumer

c)

Business

d)

School

55.

The activities provided by a business that cannot be touched is called ___ 

a)

Goods

b)

Services

c)

Consumers

d)

Tangible

56.

All are components of business studies EXCEPT

a)

keyboarding

b)

commerce

c)

business studies

d)

computer studies.

57.

The image is an example of ____ office

a)

open

b)

closed

c)

small

d)

little

58.

The two types of office by administrative structure are

a)

closed

b)

small

c)

open

d)

large

59.

Who is a clerical staff?

a)

a manager in the company

b)

a carpenter

c)

someone who performs office duties

d)

a fashion designer

60.

A clerical staff does NOT perform one of the following functions

a)

providing snacks for the manager during break time

b)

receiving incoming mail

c)

opening of new files and closing of old ones

d)

recording of files in and out of the office

61.

Career opportunities in Business studies involve the following EXCEPT

a)

cashier

b)

marketer

c)

administrator

d)

hawker.

62.

_______ is made up of a place where business transaction takes place.

a)

bedroom

b)

office

c)

shop

d)

bedorom

63.

The two major types of offices are

a)

big and small office

b)

major and minor office

c)

queen and king office

d)

left anf rigght office

64.

An office that is set up for the purpose of receiving and making customer calls for an organization is called a ____.

a)

call center

b)

phone area

c)

service center

d)

branch office

65.

Business studies is designed to cover basic elementary knowledge and skills in organizing ----------- and --------

a)

school and home

b)

business enterprise and general office administration

c)

farm and school

d)

office administration and home

66.

All these are elements of Business Studies except

a)

Fine art

b)

Commerce 

c)

Shorthand

d)

Keyboarding

67.

The use of signs to represent words can best describe 

a)

Business Studies 

b)

Agricultural Science 

c)

Shorthand

d)

Letter

68.

The Principal’s office is an example of -----------

         

a)

Large office 

b)

small office 

c)

Bank

d)

school office

69.

The process of safe-keeping records is regarded as -------------

         

a)

storing information

b)

receiving information 

c)

giving information

d)

interpreting information

70.

A Large office is usually found in --------- organization with many clerical staff.

         

a)

every

b)

big

c)

small

d)

medium

71.

The production, exchange and distribution of goods and services is ----------

         

a)

Book-keeping 

b)

Commerce

c)

Typewriting

d)

Market

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