7181282
Description
Quiz by Moses Walker, updated more than 1 year ago
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Created by Moses Walker
over 7 years ago
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Question 1
Question
In which of the following types of business is there a separation between owners and the business itself?
Answer
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Sole proprietorship
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General partnership
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Limited liability partnership
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Senior partnership
Question 2
Question
Limited liability is an advantage of the
Answer
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Proprietorship
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Partnership
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Sole tradership
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Public company
Question 3
Question
The group elected by the shareholders that sets the basic policies for a business and appoints it's officers is a/an
Answer
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Board of directors
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Joint board of directors
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Electioneering committee
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Staffing committee
Question 4
Question
This type of business organization is an artificial being, invisible, intangible, BUT incorporated by law. This type of company can be described as a
Answer
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Joint venture
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Sole tradership
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General partnership
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Public limited company
Question 5
Question
The greatest disadvantage of the sole proprietorship is that..
Answer
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It is not easy to terminate the business.
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Government requirements for the start-up of the business are the same as those for a public company.
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The owner may loose all personal assets in the event that the business fails.
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The owner has no restrictions at all on any services or good he/she wishes to provide.
Question 6
Question
An entrepreneur, having invested large sums of money in a business enterprise can expect to receive.
Answer
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Interest on his investment.
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Salary or wages for his investment and efforts.
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Profit on his investment.
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Rent on his investment.
Question 7
Question
A system of exchange in which wealth is exchanged for wealth is called a..
Answer
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Group exchange system.
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Monetary system.
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Financial exchange system.
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Barter system.
Question 8
Question
Most Caribbean nations, in determining what to produce as well as how to produce, and for whom to produce goods and services have adopted the..
Answer
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Command or planned economic system.
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Mixed economic system.
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Free market economic system.
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Laissez-faire economic system.
Question 9
Question
All the following are functions of a business EXCEPT..
Answer
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Provide profits to owners.
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Encourage a reduction in employment.
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Purchase raw materials from supplies.
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Provide quality products to customers.
Question 10
Question
The major difference between the private sector and the public sector is..
Answer
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The motive which directs each sector's activities.
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Insignificant since they are both pursuing similar goals.
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Of little importance to Caribbean nations.
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The profit motive of the public sector.
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