Grade 10 Business Fundamentals Test

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  • 1/25 Questions

    The paper money is printed on has no ________, except what we give it.

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About This Quiz

This Grade 10 Business Fundamentals Test assesses key concepts in business management, including cost structures, organizational types, market demand, and financial solvency. It helps students understand essential business principles and prepares them for further studies in business.

Grade 10 Business Fundamentals Test - Quiz

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  • 2. 

    Which one of these is incorrect?

    • As price increases, consumers buy less

    • As price decreases, consumers buy more

    • Both of these are corect

    Correct Answer
    A. Both of these are corect
    Explanation
    Both of these statements are correct because they reflect the basic principle of supply and demand. According to the law of demand, as the price of a product increases, the quantity demanded by consumers decreases. Conversely, as the price decreases, the quantity demanded increases. This inverse relationship between price and quantity demanded is a fundamental concept in economics. Therefore, both statements accurately describe the behavior of consumers in response to price changes.

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  • 3. 

    The value of a product or service expressed in dollars and cents:

    Correct Answer
    Price
    Explanation
    "Price" refers to the monetary value assigned to a product or service. It represents the amount of money that a buyer is willing to pay in exchange for the product or service. Price is a fundamental concept in economics and business, as it determines the revenue generated by selling goods or services. It is typically expressed in dollars and cents, making it a measure of the financial worth of a product or service.

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  • 4. 

    The quality of a good or service that consumers are willing and able to buy at a particular price:

    Correct Answer
    Demand
    Explanation
    Demand refers to the quantity of a good or service that consumers are willing and able to purchase at a given price. It represents the desire and ability of consumers to buy a product or service at a specific price point. The higher the demand for a product, the more consumers are willing to buy it at a particular price. Conversely, if the demand is low, consumers may not be willing to purchase the product even at a lower price. Demand is influenced by factors such as price, consumer preferences, income levels, and market conditions.

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  • 5. 

    The amount of money required for each stage of production, such as raw materials.

    Correct Answer
    Cost
    cost
    Costs
    costs
    Explanation
    The correct answer for this question is "cost, cost, costs, costs". This answer is correct because it accurately represents the various forms of the word "cost" in both singular and plural form. The question is asking for the amount of money required for each stage of production, such as raw materials, which is commonly referred to as "cost" or "costs".

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  • 6. 

    The three options in Private pensions/savings is TFSA RESP ...

    Correct Answer
    RRSP
    Explanation
    stands for retirement

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  • 7. 

    People no longer want the item, or they want a new or improved item that replaces it

    Correct Answer
    Obsolete
    Explanation
    The term "obsolete" refers to something that is no longer in use or outdated. In this context, the correct answer suggests that people no longer desire the item mentioned, or they prefer a newer or improved version that has replaced it. This indicates that the item is no longer relevant or useful in the current market or society.

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  • 8. 

    In a Corporation, the ornwer is divided into many small parts called ________.

    Correct Answer
    Shares
    Explanation
    In a corporation, ownership is divided into many small parts called shares. Shares represent a portion of ownership in the company and are typically bought and sold by investors in the stock market. Each share entitles the owner to a proportional share of the company's profits and voting rights in corporate decisions. By dividing ownership into shares, corporations can raise capital by selling these shares to investors, allowing them to finance their operations and expansion.

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  • 9. 

    Boston Pizza is an example of....

    • International Franchise

    • Offshoring

    • Partnership

    • Joint Venture

    • None of the above

    Correct Answer
    A. International Franchise
    Explanation
    Boston Pizza is an example of an international franchise because it is a Canadian-based restaurant chain that has expanded its operations globally through franchising. Franchising allows Boston Pizza to grant licenses to entrepreneurs in different countries who operate their own Boston Pizza restaurants while following the brand's established business model and guidelines. This allows Boston Pizza to have a presence in various countries without directly managing all the locations, making it an international franchise.

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  • 10. 

    Jeff Wigand was known as a _________ __________ because he told confidential information about information about his company regarding an ethical issue.

    Correct Answer
    Whistle Blower
    Whistle blower
    Explanation
    The correct answer is "Whistle Blower, Whistle blower." Jeff Wigand gained the title of a whistle blower because he disclosed confidential information about his company, specifically regarding an ethical issue. Whistle blowers are individuals who expose wrongdoing or illegal activities within an organization, often at great personal risk.

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  • 11. 

    In a Corporation, people with ________ little shares have _________ influence.

    • People with little shares have minimal influence

    • People with little shares have same influence

    • People with many shares have minimal influence

    • All of the Above

    • None of the above

    Correct Answer
    A. People with little shares have minimal influence
    Explanation
    In a corporation, people with little shares have minimal influence. This is because the amount of influence a person has in a corporation is often proportional to the number of shares they own. Therefore, those with little shares will have minimal influence compared to those with many shares.

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  • 12. 

    Canada's economy is a _________ economy.

    Correct Answer
    Mixed
    Explanation
    Canada's economy is classified as a mixed economy because it combines elements of both a market economy and a planned economy. In a mixed economy, the government and private sector both play important roles in determining the allocation of resources and the production of goods and services. While Canada has a free market system that allows for private ownership and competition, the government also intervenes in certain areas to ensure social welfare and economic stability. This combination of market forces and government intervention makes Canada's economy a mixed one.

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  • 13. 

    A ________ __________ matches the skills of two different businesses, generating benefits for both parties.

    Correct Answer
    Joint Venture
    Joint venture
    Explanation
    A joint venture is a business arrangement where two different companies come together and combine their skills, resources, and expertise to achieve mutual benefits. In this type of partnership, both parties contribute their strengths and capabilities, allowing them to access new markets, share costs and risks, and capitalize on each other's strengths. Joint ventures are often formed to pursue specific projects or opportunities that require the collaboration of multiple businesses.

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  • 14. 

    Having the ability to pay your debts and meet financial obligations:

    Correct Answer
    Solvency
    Explanation
    Solvency refers to the ability of an individual or entity to pay off their debts and meet their financial obligations. It indicates that the person or organization has enough assets or income to cover their liabilities. Being solvent is crucial for financial stability and indicates a healthy financial condition. It shows that one can honor their financial commitments and is not at risk of insolvency or bankruptcy.

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  • 15. 

    A trade deficite is...

    • When a country's exports pay more than their imports costs

    • When a country's imports cost more then the money earned from their exports

    • When a country's exports and imports are balanced out

    • None of the above

    Correct Answer
    A. When a country's imports cost more then the money earned from their exports
    Explanation
    A trade deficit occurs when a country's imports cost more than the money earned from their exports. This means that the country is spending more on purchasing goods and services from other countries than it is earning from selling its own goods and services to other countries. This can lead to a negative balance of trade and can have implications for the country's economy, such as a decrease in domestic production and an increase in foreign debt.

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  • 16. 

    Does not seek profit as its primary motive, but instead raises funds for a specific goal

    Correct Answer
    Non-profit organization
    Explanation
    A non-profit organization is a type of organization that does not seek profit as its primary motive. Instead, it raises funds for a specific goal or cause. These organizations are typically focused on providing services or benefits to the public or a specific group of people. They rely on donations, grants, and fundraising activities to support their operations and fulfill their mission. Unlike for-profit organizations, any surplus funds generated by a non-profit organization are reinvested back into the organization to further its goals rather than being distributed to shareholders or owners.

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  • 17. 

    What are the disadvantages of Sole Proprietorship?

    • Unlimited liability

    • Financing may be difficult

    • You are your own boss

    • A and B

    • All of the Above

    Correct Answer
    A. A and B
    Explanation
    The disadvantages of sole proprietorship include unlimited liability, meaning that the owner is personally responsible for all debts and liabilities of the business. This can put their personal assets at risk. Additionally, financing may be difficult for sole proprietors as they may have limited access to capital and may struggle to secure loans or investments. Therefore, the correct answer is A and B, as both unlimited liability and difficulty in financing are disadvantages of sole proprietorship.

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  • 18. 

    In an Partnership, an advantage is that both you and your partner share ____________

    Correct Answer
    Responsibility
    Responsibilities
    Explanation
    In a partnership, both you and your partner share responsibility or responsibilities. This means that the burden of decision-making, tasks, and obligations is divided between the partners, allowing for a more balanced workload and shared accountability. By sharing responsibility, partners can support each other, contribute their unique skills and expertise, and work together towards the success and growth of the partnership.

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  • 19. 

    The 2nd stage of the making process is....

    • Make a decision and take action

    • Evaluate the alternatives

    • Evaulate the decision, was it a good decision

    • Identify the alternatives

    • Determine what decision has to be made

    Correct Answer
    A. Identify the alternatives
    Explanation
    In the 2nd stage of the making process, the task is to identify the alternatives. This means that one needs to consider and recognize the various options or choices available before making a decision. This step is crucial as it allows for a thorough examination and comparison of the different alternatives, which can help in making a well-informed and effective decision.

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  • 20. 

    In a Co-operative business, you get a vote for each number of stock you own.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    In a Co-operative business, each member typically has an equal vote regardless of the number of stocks they own. This democratic principle ensures that all members have an equal say in the decision-making process, regardless of their financial investment. Therefore, the statement that you get a vote for each number of stock you own is false.

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  • 21. 

    OAS is the 3rd level of Canada's retirement.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    It is the First

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  • 22. 

    Good reason to invest in a company:

    • It has been around for a long time and has lasted through a lot

    • You are going to invest in it for at least 5 years

    • It is selling lower than what is worth

    • All of the above

    Correct Answer
    A. All of the above
    Explanation
    All of the above options provide good reasons to invest in a company. A company that has been around for a long time and has endured various challenges demonstrates its stability and ability to adapt to market conditions. Investing for at least 5 years allows for potential growth and a higher chance of returns. If a company's stock is selling below its actual value, it presents an opportunity for investors to buy at a discounted price, potentially leading to future profits. Therefore, all three reasons mentioned are valid justifications for investing in a company.

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  • 23. 

    Relies on the goods and services provided by thousands of businesses to satisfy consumer needs and wants:

    Correct Answer
    Interdependent
    Interdependency
    Explanation
    The correct answer is "Interdependent, Interdependency." This is because the statement suggests that consumers rely on the goods and services provided by thousands of businesses to satisfy their needs and wants. This implies a mutual dependence between consumers and businesses, where consumers depend on businesses for their desired goods and services, and businesses depend on consumers to purchase those goods and services. Therefore, the relationship between consumers and businesses can be described as interdependent or characterized by interdependency.

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  • 24. 

    Canadian coins are made at the ________ Canadian Mint.

    • Regional

    • National

    • International

    • Provinicial

    • None of the Above

    Correct Answer
    A. None of the Above
    Explanation
    Royal Canadian Mint

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  • 25. 

    Which of these statements if false about OAS?

    • Modest monthly pension

    • You must be over 65 years to recieve it

    • You have to pay into it

    • They are all correct

    Correct Answer
    A. You have to pay into it
    Explanation
    This is for the CPP plan

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Quiz Review Timeline (Updated): Dec 12, 2024 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Dec 12, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Jan 26, 2010
    Quiz Created by
    Cim101

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