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Nature of Business

Moses Walker 10 questions

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Questions in this quiz (10)

  1. 1In which of the following types of business is there a separation between owners and the business itself?
    1. ASole proprietorship
    2. BGeneral partnership
    3. CLimited liability partnership
    4. DSenior partnership
  2. 2Limited liability is an advantage of the
    1. AProprietorship
    2. BPartnership
    3. CSole tradership
    4. DPublic company
  3. 3The group elected by the shareholders that sets the basic policies for a business and appoints it's officers is a/an
    1. ABoard of directors
    2. BJoint board of directors
    3. CElectioneering committee
    4. DStaffing committee
  4. 4This type of business organization is an artificial being, invisible, intangible, BUT incorporated by law. This type of company can be described as a
    1. AJoint venture
    2. BSole tradership
    3. CGeneral partnership
    4. DPublic limited company
  5. 5The greatest disadvantage of the sole proprietorship is that..
    1. AIt is not easy to terminate the business.
    2. BGovernment requirements for the start-up of the business are the same as those for a public company.
    3. CThe owner may loose all personal assets in the event that the business fails.
    4. DThe owner has no restrictions at all on any services or good he/she wishes to provide.
  6. 6An entrepreneur, having invested large sums of money in a business enterprise can expect to receive.
    1. AInterest on his investment.
    2. BSalary or wages for his investment and efforts.
    3. CProfit on his investment.
    4. DRent on his investment.
  7. 7A system of exchange in which wealth is exchanged for wealth is called a..
    1. AGroup exchange system.
    2. BMonetary system.
    3. CFinancial exchange system.
    4. DBarter system.
  8. 8Most Caribbean nations, in determining what to produce as well as how to produce, and for whom to produce goods and services have adopted the..
    1. ACommand or planned economic system.
    2. BMixed economic system.
    3. CFree market economic system.
    4. DLaissez-faire economic system.
  9. 9All the following are functions of a business EXCEPT..
    1. AProvide profits to owners.
    2. BEncourage a reduction in employment.
    3. CPurchase raw materials from supplies.
    4. DProvide quality products to customers.
  10. 10The major difference between the private sector and the public sector is..
    1. AThe motive which directs each sector's activities.
    2. BInsignificant since they are both pursuing similar goals.
    3. COf little importance to Caribbean nations.
    4. DThe profit motive of the public sector.

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Description
Quiz on Nature of Business , created by Moses Walker on 03/12/2016.
Language
English
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