Barter is a form of trade where goods and services are exchanged without the use of money.
A.
True
B.
False
2.
In a partnership, all partners have limited liability for the debts and obligations of the business.
A.
False
B.
True
3.
Conflict within an organization can arise from differences in goals and priorities.
A.
True
B.
False
4.
The sole trader business form has unlimited liability, meaning the owner is personally responsible for all debts of the business.
A.
False
B.
True
5.
The production process refers to the transformation of inputs into outputs, such as goods and services.
A.
False
B.
True
6.
Which economic sector includes organizations owned and operated by the government?
A.
Public sector
B.
Private sector
C.
Non-profit sector
D.
Service sector
7.
The main goal of management is to:
A.
Minimize costs
B.
Maximize profits
C.
Increase competition
D.
Reduce production
8.
In which economic system are production and distribution controlled by private individuals or entities?
A.
Socialism
B.
Mixed economy
C.
Capitalism
D.
Communism
9.
What is the primary advantage of a franchise business?
A.
High degree of independence for franchisees
B.
Access to established brand and business model
C.
Shared financial risk among partners
D.
Limited liability for all partners
10.
Which of the following is NOT a type of production process?
A.
Job production
B.
Batch production
C.
Flow production
D.
Collaborative production
11.
What does limited liability mean in the context of business ownership?
A.
Owners have unlimited liability for the debts of the business.
B.
Owners are only liable for the debts up to the value of their investment
C.
Owners are personally responsible for all debts of the business
D.
Owners are exempt from taxes on business profits.
12.
What is the concept of collateral in business?
A.
Financial gain from investments.
B.
Security or asset used to secure a loan.
C.
Profit earned from sales.
D.
Penalty for late payments.
13.
Which of the following is a type of insurance policy?
A.
Leadership insurance
B.
Production insurance.
C.
Liability insurance
D.
Communication insurance
14.
Which department of a business is responsible for recruiting, training, and managing employees?
A.
Research and Development
B.
Human Resources
C.
Marketing
D.
Finance
15.
Which functional area of a business focuses on determining pricing strategies and managing distribution channels?
A.
Human Resources
B.
Production
C.
Marketing
D.
Finance
16.
Which stakeholder group is concerned with the long-term sustainability and impact of the business on society?
A.
Suppliers
B.
Future generations
C.
Employees
D.
Government
17.
Which stakeholder group represents the interests of the general public and may advocate for consumer protection laws?
A.
Owners
B.
Government
C.
Employees
D.
Suppliers
18.
Which function of management involves ensuring that activities are harmonized and integrated towards achieving organizational objectives?
A.
Coordinating
B.
Planning
C.
Motivating
D.
Delegating
19.
Which function of management involves setting organizational objectives and determining the best course of action to achieve them?
A.
Organizing
B.
Controlling
C.
Planning
D.
Directing
20.
Barter is a form of trade where goods and services are exchanged:
A.
Only in developing countries
B.
Using money
C.
For a higher value
D.
For other goods and services
21.
Factors of Production
22.
Employees may strictly adhere to work policies and procedures to highlight their grievances and exert pressure on employers to address issues. This strategy is called..........
23.
A transportation company hires temporary drivers to replace striking employees, ensuring uninterrupted service.
This strategy during conflict is known as
24.
'A description of the potential customers and the nature of
competition'.
Which section of the business plan does this represent?
25.
Outline the essential steps that should be taken to establish a
business.
