Assessment #2 Principles of Business

The sole proprietorship form of organisation is one that is owned by:

A partnership is a type of organisation that is owned by:

A public company is owned by:

The mixed economy is one where:

The traditional economy is run by a:

What does a business's mission statement describe?

A refrigerator or a bottle of juice can be bought and consumed at a later date. These are tangible products. They are touchable, visible and quantifiable. Tangible products are specifically called

This is a business whereby the owner licenses its operations—along with its products, branding and knowledge—in exchange for a fee.

Which is not a key element of a credit union?

Which of the following institution is NOT part of the private sector?

Which of the following statements are key disadvantages of a command or planned economy? I. Limited choice of goods and services II. Provision of basic goods and services III. Provision of public goods IV; Lack of incentive for workers to be innovative

Key disadvantage of the free market or capitalist economy are I. No production of public goods II. Little or no government interference III. Complete freedom of choice IV. Large companies can limit competitive activity and create monopolies and cartels

Advantages of a mixed economies include I. The public sector provides public goods such as street lights II. Increased choice of goods and services for consumers III. Government may seek to control private sector activity IV. Decision making in the economy is shared

Which of the following types of business environment is most typical of the Commonwealth Caribbean area?

Which of the following is MOST likely to occur when a member of a partnership dies?