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Assessment #2 Principles of Business

Quiz by Marcia Lewis

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31 questions
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  • Q1
    The sole proprietorship form of organisation is one that is owned by:
    Government
    A group of persons
    One person
    Private sector
    30s
  • Q2
    A partnership is a type of organisation that is owned by:
    Both private and public companies.
    The government
    2 - 20 persons
    One person
    30s
  • Q3
    A public company is owned by:
    The sole trader
    The private sector
    The government
    Cooperatives
    30s
  • Q4
    The mixed economy is one where:
    Decisions are made by tradition
    Decisions are made by both the private individuals and the government.
    Decisions are made by the government
    Decisions are made by private individuals
    30s
  • Q5
    The traditional economy is run by a:
    Master
    Sovereign
    President
    Governor
    30s
  • Q6
    What does a business's mission statement describe?
    The marketing plan
    The management
    The functional areas of a business
    What the organisation stands for and why it exist.
    30s
  • Q7
    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
    Material objects
    Goods
    Items
    Services
    30s
  • Q8
    This is a business whereby the owner licenses its operations—along with its products, branding and knowledge—in exchange for a fee.
    Franchise
    A partnership with a foreign partner
    Sole Trader
    Cooperative
    30s
  • Q9
    Which is not a key element of a credit union?
    All credit union members are made of members of a particular group
    Members can borrow from the credit union
    Depositors earn interest on their savings
    Members elect the management committee
    30s
  • Q10
    Which of the following institution is NOT part of the private sector?
    Public companies
    Conglomerates
    Multi nationals
    Public corporation
    30s
  • Q11
    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
    I, II and III
    All of the above
    II, III and IV
    I and IV
    30s
  • Q12
    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
    I and IV
    all of the above
    I and III
    I, II and III
    30s
  • Q13
    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
    I, II and IV
    All of the above
    II, III and IV
    I, II and III
    30s
  • Q14
    Which of the following types of business environment is most typical of the Commonwealth Caribbean area?
    Free market
    Corporate state
    Mixed
    Centrally planned
    30s
  • Q15
    Which of the following is MOST likely to occur when a member of a partnership dies?
    The business is closed down
    The business becomes a joint stock company
    A new partner is brought in
    The government takes over the business
    30s

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