Principles of Business- Grade 11-Mock

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56. Limestone is found in economic quantities in several Caribbean 1 point

islands. What types of industries can be derived from the presence of

limestone? *

a. aluminum and quarrying

b. agriculture and jewellery

c. agro-processing and energy

d. cement and construction

36. Which of the following describes planning, implementation, forward 1 point

and reserve flow of goods and services and related information between
two destinations to satisfy customers’ requirement? *

a. Logistics

b. Airway bill

c. Globalization

d. Multimodal transport

49. The type of information which gives only relevant data of a 1 point
commodity is described as? *

a. informative

b. pursuasive

collective

competitive

37. The purpose of CARICOM is to * 1 point

a. allow member states to collaborate

b. foster interregional trade and common services

c. encourage the transfer of technology within the region

d. allow for unrestricted movement of persons among the territories

13. Which is a list of secondary research approaches ONLY? * 1 point

a. Government publications, postal surveys, annual financial reports

b. Market research reports, government publications, stock exchange reports

c. Telephone interviews, stock exchange reports, observation

d. Personal interviews, observation, consumer panels

28. A tax levied in excess of the standard rate on earned income is 1 point
referred to as *

a. surtax

b. purchase tax

c. corporation tax

d. capital gains tax

27. Government can encourage business activity by * 1 point

a. reducing taxes

b. reducing grants

c. reducing spending

d. budgeting for surplus

42. Specialization means: * 1 point

a. dividing work into separate tasks and becoming skilled at one of these

b) operating a system of self-sufficiency

c) dividing customers into different groups and selling products to them

d) employing labour and not capital to produce goods and services

55. Krysta was recently employed at the bank and was offered a 1 point
permanent position. Her package came with one of the following
insurances to cover medical expenses under the group plan. The
insurance given was? *

a. assured

b. health

c. premium

d. policy

48. A Ltd sends a brochure to B, which prices a certain type of mountain 1 point
bike at £250. B replies: 'I offer to pay £240 in cash for the mountain bike.'
Which one of the following statements is true? *

a) B's reply constitutes a counter-offer.

b) B's reply constitutes an acceptance of A's offer.

c) B's reply constitutes an offer.

d) B's reply constitutes a request for information.

34. A system of organizing people, activities, information and resources 1 point

involved in moving a product or service from supplier to customer can

BEST be described as *

a. logistics

b. airway bills

c. intermodal transport

d. supply chain operations

4. The process of using profits from illegal activities and converting them 1 point

to legitimate assets is known as? *

a. money laundering

b. money inflation

c. cash injection

d. money transferral

41. In which of the following department you would MOST likely find an 1 point

engineer? *

a. Production

b. Marketing

c. Personnel

d. Finance

1. Joan lives in a country where the government assumes control of 1 point

economic planning and resource allocation. Joan's country has a *

a. planned economic system

b. free economic system

c. mixed economic system

d. traditional economic system

5. John has been hired as a manager at the local grocery. Which function 1 point
will he be performing in his new role? I) coordinating ii) controlling III)
directing *

a. I and II only

b. I and III only

c. II and III only

d. I, II and III

24. Government’s deductions of part of workers’ weekly or monthly 1 point

salaries is called *

a. income tax

b. corporation tax

c. capital gains tax

d. value added tax

25. The Caribbean Development Bank functions PRIMARILY to * 1 point

a. assist Caribbean territories in their economic development

b. assist territories engaged in large manufacturing industries

c. aid territories seeking to develop their tourist trade

d. expand communications among the Caribbean territories

57. Which of the following formulas can be used to calculate productivity? 1 point
*

a. productivity=output/input

b. productivity=input/output

c. productivity=number of employees/output

d. productivity= output+ input/number of employees

29. On which of the following bank accounts is a service fee discharged? 1 point
*

a. Current

b. Savings

c. Term deposit

d. Fixed deposit

53. Marianna went to a store in Tobago and saw a display of electronic 1 point
items with prices placed on them. This is an example of an? *

a. offer

b. invitation to treat

c. original contract

d. agreement

39. Which of the following forms of taxation requires every employee to 1 point
pay the same percentage of his salary in taxes? *

a. Indirect

b. Regressive

c. Progressive

d. Proportional

30. Governments establish National Insurance Schemes in order to * 1 point

a.prevent devaluation of a nation's currency

b. provide benefits to employees after retirement

c. provide benefits to employees in the event of unforeseen circumstances

d. protect employees from victimization at the workplace

8. Another term used to describe incentives given by management is * 1 point

a. fringe benefits

b. promotional packages

c. french benefits

d. management gifts

47. The movement of educated, skilled people to settle in other 1 point

industrialized countries is referred to as? *

a. brain drain

b. migration

c. unemployment

d. underemployment

50. A country is producing a commodity at subsistence level if it: * 1 point

a. produces just enough for local use

b. produces enough for domestic use and export

c. imports as much as it exports

d. produces goods made from local material

46. Market equilibrium exists when? * 1 point

a. When buyers pay reasonable prices for their goods

b. sellers are satisfied with the prices paid for their goods

c. at current prices, the amount buyers wish to pay equals the amount sellers want to
sell

d. d. at the ruling market price, buyers do not want to add to the stock of goods they
already have

11. Anita is the owner of her bakery. She is the person that bears all risks 1 point
and combines the factors of production efficiently and effectively with a
view of making a profit. She is a/an? *

a. manager

b. supervisor

c. counsellor

d. entrepreneur

16. Organizations set up by the government of a country, such as the 1 point

Bureau of Standards, the Ombudsman and Food Safety Inspectorate, are

*

a. price regulations measures

b. consumer protection measures

c. consumption tax measures

d. environment policy measures

32. A plan for systematic saving and spending is referred to as * 1 point

a. trading

b. investing

c. financing

d. budgeting

40. Which of the following is a function of the commercial bank and NOT 1 point

the central bank? *

a. Providing personal loans

b. Carrying out monetary policy

c. Giving advice to government

d. Managing the financial sector

19. A person who has legally promised to repay a loan on behalf of 1 point

another should that person be unable to pay is a? *

a. partner

b. stakeholder

c. guarantor

d. shareholder

45. Capital as a 'factor of production' refers to? * 1 point

a. money that is used to purchase goods

b. goods that are used to produce other goods

c. assets owned by a firm

d. goods purchased for resale

2. Peter told his friend that some agricultural-based economies still 1 point
operate in traditional economic systems. Another term used to describe
the traditional economic system is? *

a. planned economic system

b. subsistence economic system

c. mixed economic system

d. free market economic system

44. Which of the following activities carried out by a firm would not be a 1 point

responsibility of the marketing manager? *

a) distribution

b) advertising

c) packaging

d) purchasing

6. A worker who accepts employment or replaces an employee during a 1 point

strike is called? *

a. substitute labour

b. replacement labour

c. strike labour

d. scab labour

22. The term ‘economic dualism’ defines an economy in which one sector 1 point

a. imports more goods and services than it exports

b. exports more goods and services than its imports

c. is technologically advanced while the other is technologically retarded

d. is overpopulated while the other is underpopulated

54. Garvey decided to sell a piece of land in Arima and was required to 1 point

get a deed for the sale of the land. This is an example of? *

a. simple contract

b. specialty contract

c. closed contract

d. record contract

10. Recruiting, training of staff and promotion are all activities in which 1 point

functional area? *

a .personnel

b. marketing

c. production

d. finance

26. A quota can BEST be described as a * 1 point

a. tariff on extra regional goods

b. ban on the sale of foreign goods

c. restriction on the quantity of goods imported

d. licence to import unlimited foreign goods

9. Transmission of information between individuals on the same level is 1 point

called *

a. lateral discussion

b. vertical communication

c. horizontal communication

d. level communication

3. Suzette was hired at Trintoch Enterprises in the finance department. 1 point

Which of the following activities are part of her functional area of

finance? i) preparing accounts ii) conducting a survey iii) making
payments *

a. I only

b. I and III only

c. II only

d. I and II only

23. NAFTA is a region-wide trade agreement. Which of the following 1 point

groups of countries are members of NAFTA? *

a. Caribbean, Canada, USA and the United Kingdom

b. Caribbean, Mexico, Canada and USA

c. Caribbean, Canada, USA and Brazil

d. Mexico, Canada, USA and the United Kingdom

21. Which of the following indices is the BEST measure of the economic 1 point
growth of a country? *

a. Population

b. Level of exports

c. Standard of living

d. Gross domestic product

15. Research done to determine whether the business idea or 1 point

opportunity is a lucrative one or is worth entering into is called? *

a. market research

b. desk research

c. feasibility study

d. a business plan

18. Money or property that is pledged as a guarantee for repayment of a 1 point

loan is called? *

a. assurance

b. insurance

c. collateral

d. savings

20. Tsahai owns and operates a burger and hot dog stand in Half Way 1 point

Tree, Jamaica. To operate this type of business she will be required to

apply to the government for a *

a. spirit liquor licence

b. intellectual property licence

c. zoning licence

d. foods handler's permit

31. Which of the following is a function of a commercial bank? * 1 point

a. Refusal of deposits

b. Barring of long-term financing

c. Making the various currencies

d. Lending of depositors’ funds

58. All of the following positively affect the size of the labour supply of a 1 point

country EXCEPT? *

a. later retirement age

b. increased birth rate

c. increased migration out of the country

d. increased migration into the country

7. Employees at FruitCo Limited, a unionized company, are upset about a 1 point

decision taken by management. What is the first strategy they can MOST
LIKELY use to address the situation? *

a. engage the union representative

b. begin work to rule

c. picket outside during lunch

d. initiate strike action

59. Productivity in the Caribbean is sometimes described as low, which is 1 point

undesirable. Caribbean governments can do all of the following to boost
productivity EXCEPT? *

a. increase the level of taxation for all workers

b. improve working conditions of workers

c. develop the country's human resources via education and training

d. encourage the use of technology in business

14. The step when establishing a business that analyses the customers' 1 point

needs and wants and the competition is called? *

a. conceptualizing

b. market probe (research)

c. resources identification

d. business plan creation

38. Inflation can BEST be described as * 1 point

a. fluctuations in the general price level

b. a general and sustained rise in the level of prices

c. a fall in the level of prices of goods and services

d. changes in the level of prices of goods and services

43. In which department of a business would you MOST likely to find a 1 point

salesperson? *

a) finance

b) marketing

c) production

d) personnel

12. The characteristic displayed by an entrepreneur in determining goals 1 point

and objectives of the business setting targets and ways for

accomplishing those targets is referred to as? *

a. conceptualizing the business

b. planning for the business

c. operating the business

d. evaluating the business

35. The link in the distribution chain that BEST describes the breaking of 1 point
bulk goods into smaller packages is called *

a. retailer

b. consumer

c. wholesaler

d. manufacturer

51. Which of the following describe an essential feature of a valid 1 point

contract? *

a. the offer has been communicated to the oferee

b. a counter offer has been made by the offeree to the offeror

c. the offer is made in writing by the offeror

d. the offer has been accepted by the offeree either in writing or orally

17. Reasons for locating a business in a certain area because of climatic 1 point
conditions or land terrain are known as *

a. utilities factors

b. infrastructure factors

c. labour factors

d. geographical factors

60. When the unit cost of production decreases as production level 1 point

increases, the business is said to be experiencing? *

a. diseconomies of scale

b. economies of scale

c. negative growth

d. positive growth

33. Tom invests his savings by buying shares in a company. From this 1 point
investment, Tom expects to receive *

a. profits

b. interest

revenue

d. dividends

52. A contract should be * 1 point

a. enforceable by law between two or more parties

b. made by individuals wishing to perform a task

c. a statement made between two or more parties

d. made by an individual without the consent of another

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