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WorksheetsPrinciples of Business
Total questions: 60
Worksheet time: 3hrs 0mins
The exchange of goods and services without the use of money is called
trade
exchange
barter
selling
The most important principle upon which barter depends is known as:
insurable interest
indemnity principle
utmost good faith
double coincidence of wants
What is a business?
Goods and services that are necessary for survival
Goods and services that are not necessary for survival
an organisation that meets the needs and wants of customers
someone who buys goods and services
Disadvantages of this type of business include: parent company is strict, you are limited in what you sell, and you must operate like every other franchise.
Sole Proprietorship
Partnership
Corporation
Franchise
Which of the following is a disadvantage of franchise?
assistance from a parent company
name recognition
shared advertising expenses
must follow parent company business structure
2. Mario and his brother Luigi started a plumbing company together. They split the profits and the expenses.
Sole Proprietorship
Partnership
Corporation
3. Mary opened a dance studio. She receives all the profits from her students’ lessons.
Sole Proprietorship
Partnership
Corporation
Dan, Tony, and Mac own a pizza parlor. They rotate hours and days off.
Sole Proprietorship
Partnership
Corporation
Select the best definition from The following for the term: Accounting
The activities that deal with the hiring, firing, training and other personnel (employee) issues.
The process of developing, installing, and implementing computer information systems and applications.
The process of recording and reporting the financial data for a business.
The process of creating, promoting, and presenting a product to the consumers.
Select the best definition from The following for the term: Human Resources
The activities that deal with the hiring, firing, training and other personnel (employee) issues.
The process of developing, installing, and implementing computer information systems and applications.
The process of recording and reporting the financial data for a business.
The process of creating, promoting, and presenting a product to the consumers.
Select the best definition from The following for the term: Information Technology
The activities that deal with the hiring, firing, training and other personnel (employee) issues.
The process of developing, installing, and implementing computer information systems and applications.
The activities involved in the day-to-day running of a business for the purpose of producing value for the stakeholders.
The process of creating, promoting, and presenting a product to the consumers.
Select the best definition from The following for the term: Marketing
The activities that deal with the hiring, firing, training and other personnel (employee) issues.
The process of creating, promoting, and presenting a product to the consumers.
The process of recording and reporting the financial data for a business.
The activities that deal with the hiring, firing, training and other personnel (employee) issues.
Select the best definition from The following for the term: Management
The activities that deal with the hiring, firing, training and other personnel (employee) issues.
The activities involved in the day-to-day running of a business for the purpose of producing value for the stakeholders.
The process of creating, promoting, and presenting a product to the consumers.
The process of leading and directing all or part of an organization.
The basic needs of man are
land, money, car
food, money, land
food, clothing, shelter
food, shelter, wifi
The most important role of a business in any community is to:
pollute the environment
earn foreign exchange
provide revenue for the government
provide goods and services to satisfy the wants of people
The public sector comprises:
a body of public corporations, public companies and municipal undertakings
a combination of public companies and public corporations
an association of all public companies within the country
central and local government organisations and state corporations
Which of the following business organisations belong to the private sector?
municipal authority
nationalised industries
public corporations
public limited companies
Select all the parties (stakeholders) that likely benefit when a business does well:
Owners
Government
Customers
Mikel grows cassava and fresh seasoning for his personal use:
Direct production
Indirect production
Import production
Simple production
Dimitri grows Corn and Pigeon Peas for his family use but also sells excess to the local supermarket
Direct production
Indirect production
Import production
Simple production
What is a Check?
Plastic card for payment
Dated and signed payment instruction
Electronic transfer of funds
Direct payment from bank account
What is the main characteristic of a barter system?
Goods and services are exchanged for credit cards
Goods and services are exchanged for gold or silver
Goods and services are exchanged for money
Goods and services are exchanged for other goods and services directly
What does it mean for money to be a unit of measure?
Money can only be saved but not spent
Money has no value in transactions
Money helps determine the relative value of products and services
Money can only be used for one specific product
Which characteristic does money need to possess?
Valueless
Tangible
Store of value
Limited supply
Which of the following is NOT a function of money?
Medium of exchange
Store of value
Unit of account
Measure of productivity
For an item to be considered money, it must be:
Physically attractive
Widely accepted in exchange
Difficult to divide
Valued for its intrinsic worth
Which characteristic of money refers to its ability to be easily divided into smaller units?
Portability
Divisibility
Durability
Stability
Which of the following functional areas of a business is most likely to be responsible for recruiting new staff?
Business support services
Finance
Human resources
Production
Which of the following functional areas of a business is most likely to be responsible for producing a radio advertisement to raise awareness of its new product?
Customer service
Marketing
Production
Sales
Which of the following functional areas is responsible for converting inputs into outputs?
Finance
Production
Research and Development
Sales
Which one of the following is a task which is most likely to be carried out by an employee working in the research and development department of a chocolate bar manufacturer?
Create new recipes
Design an advertising campaign
Find cheaper suppliers of ingredients
Redesign the packaging label
The human resources function of a large organisation is most likely to support the finance function by:
purchasing a new accounts package
recruiting an additional accountant
updating its supplier database
using social media to encourage more sales
The IT function of a large organisation is most likely to support the sales function by:
backing up employee records
creating a production schedule
updating payroll software
upgrading a customer database
Production
Which of the following tasks is most likely to be performed by the finance department?
Developing new product designs
Managing the company's budget
Recruiting new employees
Creating marketing strategies
Which of the following functional areas is most likely to handle employee training programs?
Finance
Human Resources
Marketing
Production
The marketing function of a large organisation is most likely to support the sales function by:
designing promotional materials
managing payroll
conducting performance reviews
overseeing production schedules
What are the three basic questions that every economic system must answer?
What's produced?
How's it produced?
Who sells it?
Who consumes it?
In which economic system does the government have the most control?
Traditional
Command
Mixed
Market
Which economic system allows for the most individual freedom?
Mixed
Market
Command
Traditional
What is the economic system of most communist countries?
Command
Traditional
Market
Mixed
Businesses make economic decisions, but the government regulates them to make sure they’re safe/fair.
Mixed
Traditional
Command
Market
the limited supply of something
scarcity
bartering
economics
free enterprise
Which function of management is involved in determining organizational goals or objectives?
Planning
Organizing
Leading
Controlling
Analyzing information and making decisions about what needs to be done is known as
communicating
planning
