Principles Of Business Knowledge Quiz

10 Questions | By Pevence | Last updated: Mar 21, 2022 | Total Attempts: 4709

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Principles Of Business Knowledge Quiz - Quiz

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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