Year 10 Commerce Yearly Exam Revision

A successful business owner should possess all of the mentioned characteristics. Being driven is crucial as it demonstrates motivation, determination, and the ability to set and achieve goals. Skills to do the task are essential as they ensure competence in the specific industry or field. Additionally, communication skills are vital for effective interaction with employees, clients, and stakeholders. Therefore, having all of these characteristics is necessary for a business owner to thrive and succeed in their ventures.

Discrimination refers to the act of treating someone unfairly or differently based on their race, sex, or religion. It involves prejudiced actions or behaviors that disadvantage certain individuals or groups. In this context, when an employer treats an employee differently because of their race, sex, or religion, it is considered discrimination. Discrimination is a violation of equal rights and opportunities, and it is important to address and eradicate such practices in order to promote equality and fairness in the workplace.

Being self-employed comes with several advantages. One of them is the ability to work your own hours, allowing for flexibility and a better work-life balance. Additionally, being self-employed grants decision-making ability, enabling individuals to have full control over their business and make important choices. Lastly, self-employed individuals have the freedom to determine the types of work they can complete, allowing them to pursue their passion and focus on projects that align with their skills and interests. Therefore, the correct answer is "All of the Above."

Inflation refers to a rise in the overall price of goods and services. It occurs when there is an increase in the cost of production, wages, or demand for goods and services, leading to a decrease in the purchasing power of money. As a result, consumers need to spend more money to buy the same amount of goods and services. This can have negative effects on the economy, such as reducing the standard of living and eroding savings.

Being self-employed has its disadvantages, and one of them is having very little time to relax. When you are self-employed, you are responsible for managing all aspects of your business, which can lead to long working hours and limited time for leisure activities. Additionally, being self-employed often involves a lot of paperwork, such as handling taxes, invoices, and contracts. Lastly, there may be periods where there is no work, resulting in limited income. Therefore, all of the given options are valid disadvantages of being self-employed.

The answer is true because the statement accurately reflects a trend in the labor force. Over the years, there has been a significant increase in the number of women joining the workforce. This can be attributed to various factors such as changing societal norms, increased educational opportunities, and the need for dual-income households. This trend has led to a more diverse and inclusive workforce, with women playing a crucial role in various industries and sectors.

Unemployment is a situation where people who are willing and able to work are unable to find suitable employment opportunities. When consumer confidence is low, it means that people are not optimistic about the economy and are less likely to spend money, leading to a decrease in demand for goods and services. This can be a result of a lack of employment opportunities and high interest rates, which make it more difficult for businesses to expand and create jobs. High interest rates can also discourage consumer borrowing and spending, further exacerbating the problem of unemployment.

By joining together in a trade union, workers actually increase their bargaining power. Trade unions are formed to protect the rights and interests of workers, including improving their working conditions and wages. They provide a collective voice for workers, allowing them to negotiate with employers on equal terms and have a stronger influence on employment decisions. Through collective bargaining, trade unions can secure better wages, benefits, and working conditions for their members. Therefore, the statement that joining a trade union decreases workers' bargaining power is false.

A statute is a formal written law passed by a legislative body, such as a parliament or congress. Statutes are primary sources of law and form the basis of the legal system in many countries. Torts are civil wrongs, common law is based on judicial precedent, and precedent refers to past court decisions that guide future rulings.

CPI, or Consumer Price Index, is a measure of inflation. It tracks the changes in the average prices of a basket of goods and services commonly consumed by households. By monitoring inflation, policymakers and economists can assess the overall health of an economy and make informed decisions regarding monetary and fiscal policies. Therefore, CPI is a crucial tool for understanding and managing inflationary pressures in an economy.