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Principles of Business Exam

The exchange of goods or services for other goods and services without the use of money is called?
Barter
Surplus production
Trading
Exchange of goods and Services
In a situation where two people want what the other has to offercan be defined by which of the following terms:
Trading
Development of barter
Double coincidence of wants..
Which of the following is an advantage of barter?
It is difficult to save.
People can access goods that they do not produce.
Surplus production cannot be traded
Which of the following is a disadvantage of barter?
Certain goods cannot be broken up into money smaller units (in the way money can).
There is no need for money.
Surplus production can be traded..
You dont need to find someone willing to trade.
Durability & Portability are both characteristics of money.
True
False
Divisibility means: The item needs to consist of units so large sums can be broken down into smaller units.
True
False
Cheques is NOT a part of the Instruments of exchange.
True
False
Which of the following is a key component of a credit card?
Address
Account pin
Name of card holder
Amount of card
Which of the following is an enterprise that can be formed from a private sector:
Partnerships
Entrepreneur
Government department
Corportaion
This sector is said to be owned by the government.
Private Sector
Public Sector
A limlta1ion on the sum that owners of a business have to pay out to meet ◊ebts. The highest sum that owners would have to pay is the amount they invested in the business.
Limited Liability
Unlimited Liability
A sole tradership is very hard to set up.
True
False
A partnership can have 2 or more individualas to form.
True
False
Which of the following business is made up of a franchisor and a franchisee?
Corporation
Partnership
Franchise
Which of the following includes the three economic systems? ?
Planned, Controlled and mixed.
Planned , mixed and command.
Command, mixed and free market
Which of the following are two functional areas of s business?
Production and marketing
Marketing and Service
Production and resources
An individual or group that has a direct Interest in the decisions that a business makes. 
Stakeholder
Employer
All the following are examples of stakeholders expect:
Employees
Owners
Government
Business partner
Ethical business behavior Is about •right" or moral behavior.
True
False
All are functions of management expect.
Planning
Controlling
Command
Directing
This function of management is considered the most important.
Motivating
Delegating
Coordinating
Organising
An organisational chart Is a visual representation of how an organisation is structured.
True
False
The chain of command shows the lines of responsibility In an organisation.
True
False
This term describes the number of people he or she manages or supervises directly. 
Span of control
Chain of command
Line manger
Which of the following is not a characteristic of a good leader?
Honesty
Flexibility
Focus
Not making good decisions
Which of the following leadership styles best describes a leader who commands and tells others what to do?
Democratic
Autocratic
Transformational
Charismatic
The two strategies for motivating employees can fall under financial and non-financial?
True
False
Which sequence below best describes the communication process?
Sender- Message- Medium - Message -Receiver
Sender- Message- Medium - -Receiver- Message
Sender- - Medium - -Receiver- Message
A contract consists of two parties a buyer and a seller.
True
False
All the following are methods of discharge / termination for a contract expect.
Death
Agreement
Impossibility
One party denies to quit
The two types of contracts are simple and special ?
True
False
An offer Is a statement ct the terms of a contract.
True
False
Acceptance can only be made by the offeree, the person who has been given the offer.
True
False
This insurance policy covers accidents and other damage to a vehicle. II also covers accidents and damage caused by the driver of the vehicle.
Public Liability
Product Liability
Motor Vehicle Insurance
Premises insurance
Employer's liability is  taken out by an employer 10 cover work-related accidents 10 employees.
True
False
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