WorksheetsPOB P1 TERM I 20256
Total questions: 60
Worksheet time: 30mins
One feature of a 'free market system' is that
competition is decreased among producers
the government is the major controller of decision-making
producers are allowed to supply what the consumer wants
both the government and producers are involved in decision-making
Private enterprise is run MAINLY to
create profits
reduce inflation
distribute goods and services
provide jobs for more people
The policies of a company are usually formulated by the
auditors
directors
managers
shareholders
Which of the following types of business environments is MOST typical of the Commonwealth Caribbean?
Corporate state
Mixed economy
Centrally planned
Perfectly competitive
Which of the following are advantages of a sole trader?
I. Ease of setting up.
II. Profits are not shared.
III. Flexible working hours.
I and II only
I and III only
II and III only
I, II and III
The management team of Scoot Motor has discovered that the productivity levels of workers have fallen. The team met and without consulting the workers took a decision to shorten the coffee break and lunch period. What leadership style has the management team utilized in making its decision?
Autocratic
Democratic
Charismatic
Laissez-faire
In a business, the term 'span of control' refers to the number of
levels of authority
persons in the organization
supervisors to whom a subordinate reports
subordinates for which a supervisor is responsible
The MAIN purpose of installing a suggestion box in a company is to get workers' views on
each other
other companies
ways of improving the workplace
ways of improving economic conditions
Which of the following is NOT an activity in the planning process?
Setting goals
Establishing policies
Identifying resources
Delegating responsibilities
Which of the following is a form of industrial action in which trade unions are MOST likely to ask workers to participate?
Work to rule
Arbitration
Bargaining
Mediation
Which of the following is NOT a function of management?
Controlling the use of funds
Delegating work to subordinates
Coordinating the work of employees
Determining investment options for employees
Which of the following is a regulatory requirement for an entrepreneur?
Using a credit card to transact business
Offering hire-purchase options to customers
Paying national insurance to the government
Advertising the business locally and regionally
The condensed version of the business plan is contained in the
executive summary
keynote summary
marketing plan
feasibility plan
An analysis of the viability of a business idea and an examination of the different aspects of operating a business is known as a
business plan
market survey
feasibility study
research proposal
Cash used to secure a loan at the bank is referred to as
collateral
fixed assets
current assets
fixed deposits
An entrepreneur may reduce his risk of loss by
planning ahead
securing bank loans
sponsoring community projects
purchasing additional fixed assets
The monthly payments made to an insurance company by its policyholders are known as
deposits
premiums
instalments
endowments
The principle of insurance where individuals would be compensated for damages or losses incurred is referred to as
indemnity
proximate cause
insurable interest
the pooling of risks
A 'purchase order' is a
request for additional goods
notification of goods received
statement of outstanding debts
document offering to buy goods
Which of the following factors prevent(s) an agreement from being considered a valid contract?
Consideration
Legal purpose
Misrepresentation
Offer and acceptance
Which of the following is an example of extractive production?
Tourism
Agriculture
Manufacturing
Communication
Which of the following are NOT linkage industries?
Fishing and farming
Agriculture and tourism
Sugar and confectionery
Lumber and boat building
In the Caribbean, many people are hired for sugarcane farming and very little equipment is used. This industry can BEST be described as
labour intensive
capital intensive
having low capital input
having high capital input
Productivity can be measured by
Inputs, Outputs
Inputs, Revenue
Outputs, Inputs
Revenue, Outputs
Labour is BEST defined as the
physical and mental capabilities used to perform tasks
ability to carry out management functions effectively
level of skills training received by individuals who are working
total number of persons who hold jobs in government ministries
Which of the following activities is MOST likely undertaken in a cottage industry?
Building of boats
Bottling of soft drinks
Making of sugar cakes
Repairing of computers
Which of the following are examples of fixed capital?
Cash balances
Bank balances
Plant and machinery
Stocks of raw material
A business should utilize channels such as wholesale, retail or internet, to make products available to consumers.
Distribution
Advertising
Market research
Sales promotion
Which of the following factors is LEAST likely to influence consumer behaviour?
Product price
Brand loyalty
Quality of goods
Place of residence
Which of the following are functions of packaging?
I and II only
I and III only
II and III only
I, II and III
A situation where a business gains editorial space without having to pay for it is called
publicity
marketing
advertising
discounting
John sought permission to prevent the local art gallery from reproducing and selling his paintings. This legal means of protecting his work is referred to as a
brand
patent
copyright
trademark
Product, price, promotion and place are components of a
market study
marketing mix
market research
sales promotion
Which of the following is NOT a major function of a retailer?
Preparing goods for resale
Selling goods in small quantities
Providing a local supply of goods
Transporting goods to suitable storage facilities
Which of the following is a global logistics provider?
GIS
GPS
DHL
Portnet
In business, logistics is defined as
managing data from conception, production and storage to retrieval
using all systems to move an idea from conception to production and then to sales
managing resources from the point of acquisition, storage and transportation to their final destination
formulating a business idea, systematically gathering data, then following through to production
Which of the following documents, issued by a carrier or its agent, shows ownership of imported goods?
Bill of lading
Import licence
Letter of credit
Bill of exchange
Which of the following would be considered a producer?
A carpenter who stocks furniture for resale
A woman who directs films and music videos
An accountant who does payroll for large companies
A soft drink manufacturer who sells his products on the local market
J8 Auto Company decided to export car engines from Barbados to Trinidad. Which of the following methods is BEST suited for transporting the engines?
Air
Sea
Rail
Road
Which of the following is NOT a source of income for an individual who engages in personal budgeting?
Salaries earned
Loan repayment
Interest from savings
Dividends from investments
A 'purchase order' is a
request for additional goods
notification of goods received
statement of debts outstanding
document offering to buy goods
Which of the following statements represents a contract?
Mr Adams places a 'for sale' sign on his bike.
Seven-year-old Kevin sells his bike to Mr Adams.
Mr Adams sells a bike to seven-year-old Kevin.
Seven-year-old Kevin's mother buys a bike from Mr Adams.
Which of the following is NOT a characteristic of cottage industries?
Small-scale
Home-based
Mainly automated
Utilize mainly local raw materials
The location of an extractive industry is LEAST affected by
its proximity to large shopping areas
the presence of good roads and drainage
its proximity to sources of raw materials
the availability of an abundant labour supply
Subsistence production is BEST described as producing goods for
profit
export
local trade
personal use
In establishing a contract, 'invitation to treat' is often misinterpreted as
an offer
a breach
an acceptance
a counteroffer
An essential feature of a valid contract is that
the offer has been made to the offeree
the offer is made in writing by the offeror
a counteroffer has been made by the offeree to the offeror
the offer has been accepted by the offeree either in writing or orally
Which of the following types of capital is used for the day-to-day operations of a business?
Fixed
Floating
Nominal
Working
The amount of labour available for productive activity is known as the
labour force
labour movement
employment level
employment opportunity
Selecting the objectives and procedures for achieving goals is referred to as
motivating
controlling
organizing
planning
Joel bought a dye factory because he wanted to ensure that he received a regular supply of dyes to make tie-and-dye scarves. In which type of linkage is Joel engaged?
Forward
Diagonal
Backward
Horizontal
Which of the following outcomes is LEAST likely to result from growth in an organization?
Greater productivity
More division of labour
Increased communication
Increased capital investment
Which of the following statements is NOT true?
Public sector refers to government-owned businesses.
Public sector businesses are not required to pay taxes.
Private sector businesses are owned by individuals.
Private sector as well as public sector businesses provide employment.
If employees are dissatisfied with working conditions, the trade union representative's FIRST action should be to
plan for strike action
have discussions with human resources
advise employees to adopt go-slow tactics
request a meeting with the board of directors
Which of the following is NOT an element of a business plan?
Legal plan
Financial plan
Marketing plan
Production plan
A postdated cheque is one which
is dated for payment at a future date
was written no longer than six months ago
is dated to agree with the date of the document requesting payment
is dated by the bank on the day the cheque is presented for payment
The MAIN objective of a trade union is to encourage the
unionization of workers
increase of salaries and vacations
advancement of the welfare of its members
firing of workers whenever they have problems at work
In which of the following categories would subsidized meals for employees fall?
Fringe benefits
Wages and salaries
Duty-free allowances
Workers' compensation
An entrepreneur who wants to maintain control of a business would be advised to establish the business as a
sole trader
partnership
limited company
private limited company
In which of the following situations is collateral MOST needed?
Buying stocks and shares
Taking out an insurance policy
Borrowing from a financial institution
Ordering goods from a foreign manufacturer
