Principles of Business - Please attempt all questions. Use complete sentences where applicable.

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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 functions and market systems to stakeholder roles and business types.

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17 informative questions
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17 Questions4 MinutesCreated by LearningEagle42

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

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 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)

A) Define the term “stakeholder” as it relates to a business. (2 marks) b) Identify TWO stakeholders who are involved in a business. (2 marks) c) Outline ONE function of EACH of the stakeholders outlined in the previous question. (4 marks)

Describe ONE activity that may be carried out in EACH of the following functional areas of a business. (6 marks) (a) Marketing (b) Finance (c) Personnel/human resources (HR)

Principles of Business - Please attempt all questions. Use complete sentences where applicable.

Principles of Business Quiz

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