Assessment #2 Principles of Business
Quiz by Marcia Lewis
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31 questions
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- Q1The sole proprietorship form of organisation is one that is owned by:GovernmentA group of personsOne personPrivate sector30s
- Q2A partnership is a type of organisation that is owned by:Both private and public companies.The government2 - 20 personsOne person30s
- Q3A public company is owned by:The sole traderThe private sectorThe governmentCooperatives30s
- Q4The mixed economy is one where:Decisions are made by traditionDecisions are made by both the private individuals and the government.Decisions are made by the governmentDecisions are made by private individuals30s
- Q5The traditional economy is run by a:MasterSovereignPresidentGovernor30s
- Q6What does a business's mission statement describe?The marketing planThe managementThe functional areas of a businessWhat the organisation stands for and why it exist.30s
- Q7A 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 calledMaterial objectsGoodsItemsServices30s
- Q8This is a business whereby the owner licenses its operations—along with its products, branding and knowledge—in exchange for a fee.FranchiseA partnership with a foreign partnerSole TraderCooperative30s
- Q9Which is not a key element of a credit union?All credit union members are made of members of a particular groupMembers can borrow from the credit unionDepositors earn interest on their savingsMembers elect the management committee30s
- Q10Which of the following institution is NOT part of the private sector?Public companiesConglomeratesMulti nationalsPublic corporation30s
- Q11Which 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 innovativeI, II and IIIAll of the aboveII, III and IVI and IV30s
- Q12Key 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 cartelsI and IVall of the aboveI and IIII, II and III30s
- Q13Advantages 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 sharedI, II and IVAll of the aboveII, III and IVI, II and III30s
- Q14Which of the following types of business environment is most typical of the Commonwealth Caribbean area?Free marketCorporate stateMixedCentrally planned30s
- Q15Which of the following is MOST likely to occur when a member of a partnership dies?The business is closed downThe business becomes a joint stock companyA new partner is brought inThe government takes over the business30s