Principles of Business - Please attempt all questions. Use complete sentences where applicable.
Principles of Business Quiz
Test your knowledge and understanding of key concepts in Principles of Business with our engaging quiz! This quiz covers various topics, from money fun
Join us to enhance your learning experience with:
- 17 informative questions
- Diverse formats including multiple choice and open-ended questions
- A chance to showcase your business knowledge!
Which of the following types of cheques allows an individual to receive cash on demand?
Bankers
Open
Crossed
Certified
A system involving the exchange of goods including the double coincidence of wants is known as:
Special Exchange
Money
Barter
Specialisation
One feature of a free market system is that:
Competition is decreased among producers
Both the government and producers are involved in decision making
The government is the major controller of decision making
Producers are allowed to supply what the customer wants
Which ONE of the following is NOT an example of an external stakeholder?
Consumers
Government
Employees
Community
John was invited for a job interview by an insurance company. Which department of the insurance company is responsible for interviewing John?
Production
Finance
Human Resource
Research
Which of the following BEST describes the concept stakeholder?
An individual, business or group that has voting rights in a business
An individual, business or group that manages and makes decisions for a business
An individual, business or group that has a vested interest in how well a business performs
An individual, business or group that provides financial support
Which is NOT a characteristic of money?
It is portable
It is perishable
It is divisible
It is durable
Which of the following is NOT a function of money?
It is bills and coins
It is a medium of exchange
It is a store of value
It is a measure of value
A) Define the term barter. (2 marks) b) State two problems associated with barter. c) Explain two ways in which money can help to overcome the problems associated with barter. (4 marks) (2 marks)
A) List two instruments of exchange. (2 marks) b) Outline one advantage and one disadvantage of EACH instrument outlined in the previous question. (4 marks)
Explain THREE ways in which businesses in a free market economy operate when compared to businesses in a planned economy. (6 marks)
Jane studied Principles of Business while attending high school and was inspired to own and operate a business in her community. (a) State THREE reasons why Jane would want to establish her own business. (3 marks) (b) What type of business organisation would this be classified as? (1 mark)
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