Principles Of Business Knowledge Quiz

10 Questions | Total Attempts: 2384

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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.    
    • A. 

      D

    • B. 

      B

    • C. 

      C

    • D. 

      A