Principles Of Business

10 Questions | By Pevence | Last updated: Jan 28, 2013

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Castries Comprehensive Secondary School Principles of Business Grade 8 End of Chapter Quiz

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Questions and Answers

1.

MULTIPLE CHOICE INSTRUCTIONS: Select the best option for each of the questions which follow. When Trinidad exchanges its oil for cement from Jamaica, the form of trade is best described as: a. barter b. regional trade c. counter trade d. international trade

Discuss
- A.
  
  A
- B.
  
  B
- C.
  
  C
- D.
  
  D
2.

Which of the following statements about the planned economy is INCORRECT? a. Consumers have a choice in the market place b. Wages can be negotiated between workers and employers c. The government owns and operates the major national operations d. The means of production are owned by the government

Discuss
- A.
  
  D
- B.
  
  C
- C.
  
  B
- D.
  
  A
3.

In a free enterprise system, all of the following conditions exist EXCEPT: a. decisions about prices are made in the market place; b. there is greater ownership of the factors of production by the government than by the private sector; c. consumers are free to make their choices in the market place; d. private sector members are encouraged to remain in business because of the opportunity to make profit.

Discuss
- A.
  
  C
- B.
  
  A
- C.
  
  D
- D.
  
  B
4.

In a mixed economy, for which of the following enterprises do governments take responsibility? a. Manufacturing b. Utilities c. Commercial banking d. Construction

Discuss
- A.
  
  B
- B.
  
  D
- C.
  
  A
- D.
  
  C
5.

The private sector is composed of the following sections: i. household; ii. business; iii. government; iv. the market place a. i and ii b. i, ii and iv c. i and iii d. ii, iii and iv

Discuss
- A.
  
  B
- B.
  
  C
- C.
  
  D
- D.
  
  A
6.

A group of professional engineers wishing to enter into a business enterprise would most likely operate: a. a co-operative b. a partnership c. a joint stock company d. a proprietorship

Discuss
- A.
  
  B
- B.
  
  C
- C.
  
  D
- D.
  
  A
7.

In which type of system does the state own and control all of the country's productive resources? a. Capitalist system b. Mixed system c. Planned system d. Socialist system

Discuss
- A.
  
  C
- B.
  
  A
- C.
  
  B
- D.
  
  D
8.

Which of the following business organizations belong to the public sector? i. nationalized industries ii. Partnerships iii. public corporations iv. Sole traders a. i and iii only b. ii an iv only c. i, ii and iii only d. ii, iii and iv only

Discuss
- A.
  
  A
- B.
  
  B
- C.
  
  C
- D.
  
  D
9.

In a partnership the sleeping partner is one who a. contributes not less than three-quarters of the share capital of the business b. sleeps on the premises as a watchman and is paid a salary c. takes no active part in the affairs of the business but shares in its profits d. undertakes the task of implementing the policy decisions of the partnership

Discuss
- A.
  
  C
- B.
  
  D
- C.
  
  A
- D.
  
  B
10.

Which ONE of the following is NOT a function of a trade union? a. Assisting in the settlement of industrial disputes b. Bargaining for the rights and privileges of employers c. Bargaining for improvements in workers' wages and working conditions d. Seeking educational, social and legal benefits for its members.

Discuss
- A.
  
  D
- B.
  
  B
- C.
  
  C
- D.
  
  A

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