Principles Of Business Knowledge Quiz

10 Questions | Total Attempts: 3536

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Principles Of Business Knowledge Quiz


Questions and Answers
  • 1. 
    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

  • 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.

  • 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 a profit.

  • 4. 
    In a mixed economy, for which of the following enterprises do governments take responsibility?
    • A. 

      Manufacturing                                                  

    • B. 

      Utilities

    • C. 

      Commercial banking

    • D. 

      Construction

  • 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

  • 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

  • 7. 
    In which type of system does the state ownership and control all of the country's productive resources?
    • A. 

      Capitalist system

    • B. 

      Mixed system

    • C. 

      Planned system

    • D. 

      Socialist system

  • 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

  • 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

  • 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

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