Explore key business concepts with the Principles of Business Knowledge Quiz. Assess your understanding of trade types, economic systems, and sector roles. Ideal for students and professionals keen on enhancing their business acumen.
Contributes not less than three-quarters of the share capital of the business
Sleeps on the premises as a watchman and is paid a salary
Takes no active part in the affairs of the business but shares in its profits
Undertakes the task of implementing the policy decisions of the partnership
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A co-operative
A partnership
A joint-stock company
A proprietorship
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I and ii
i, ii and iv
i and iii Â
Ii, iii and iv
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Capitalist system
Mixed system
Planned system
Socialist system
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Manufacturing                                                 Â
Utilities
Commercial banking
Construction
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Assisting in the settlement of industrial disputes
Bargaining for the rights and privileges of employers
Bargaining for improvements in workers' wages and working conditions
Seeking educational, social, and legal benefits for its members
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Consumers have a choice in the market place.
Wages can be negotiated between workers and employers.
The government owns and operates the major national operations.
The means of production are owned by the government.
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I and iii only
Ii an iv only
i, ii and iii only
Ii, iii and iv only
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Decisions about prices are made in the market place.
There is greater ownership of the factors of production by the government than by the private sector.
Consumers are free to make their choices in the market place.
Private sector members are encouraged to remain in business because of the opportunity to make a profit.
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