10.
The relationship between the highest level of management down to the various departments is known as
- (A)
line
- (B)
rank
- (C)
staff
- (D)
flow
Free CXC Principles of Business Paper 1 May/June 2015 past paper from 2015. Includes a worked answer key. Open the PDF, take a timed test, and study with AI on Caribbean AI.
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CSEC Principles of Business Paper 1 May/June 2015 - Free CXC Past Paper with Answers
Free CXC Principles of Business Paper 1 May/June 2015 past paper from 2015. Includes a worked answer key. Open the PDF, take a timed test, and study with AI on Caribbean AI.
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Barter is BEST described as the
purchase of goods and services using cheques
process of exchange involving the use of money
exchange of goods and services using notes and coins
exchange of goods and services without the use of money
Which of the following types of business environment is MOST typical of the Commonwealth Caribbean?
Corporate state
Mixed economy
Centrally planned
Perfectly competitive
Which of the following is NOT an objective of the public sector?
Maximizing profits
Providing essential services
Regulating business activity
Promoting economic growth and development
The term 'division of labour' can be defined as the
organization of tasks in production
assembling of goods for distribution
separation of tasks to complete a job
employment of different types of workers
Which of the following is NOT a function of money?
Indivisibility
Store of value
Measure of value
Medium of exchange
The policies of a company are formulated by the
auditors
directors
managers
shareholders
Selecting the objectives and the procedures for achieving goals is referred to as
planning
organizing
controlling
motivating
Which of the following are benefits of written communication?
I. Instant feedback II. Provides evidence III. Useful for detailed messages
I and II only
I and III only
II and III only
I, II and III
Which of the following organizations is LEAST likely to use a management information system?
The national bank
A shoe-shine shop
A department store
A beauty supplies outlet
The relationship between the highest level of management down to the various departments is known as
line
rank
staff
flow
The MAIN purpose of installing a suggestion box in a company is to get workers' views about
each other
other companies
ways of improving the workplace
ways of improving economic conditions
JB Auto Company decided to export car engines from Barbados to Trinidad. Which of the following modes is BEST for transporting the engines?
Air
Sea
Rail
Land
Which of the following individuals benefit from having 'limited liability status'?
Franchisees
Shareholders
Ordinary partners
Debenture holders
Which of the following are functions of the entrepreneur? I. Ensuring that workers are unionized II. Co-ordinating the factors of production III. Undertaking risks by anticipating demand
I and II only
I and III only
II and III only
I, II and III
The condensation of the business plan is contained in the
feasibility plan
marketing plan
keynote summary
executive summary
Cash used to secure a loan at the bank is referred to as
collateral
fixed assets
current assets
fixed deposits
The monthly payments collected by an insurance company on behalf of its policy holders are known as
deposits
premiums
instalments
endowments
Which of the following types of cheques allows an individual to receive cash on demand?
Open
Crossed
Certified
Banker's
Kiki sustained burns while at work at a local fast food restaurant. Under which of the following insurance policies is she LIKELY to be compensated?
Public liability
Fidelity guarantee
Property guarantee
Employers' liability
Which of the following factors prevents an agreement from being considered a valid contract?
Consideration
Legal purpose
Misrepresentation
Offer and acceptance
The term 'human resources' refers to
materials and goods made by human beings
capital invested by shareholders in a company
raw materials used in the manufacture of goods
persons available for productive and professional services
The movement of educated, skilled people to settle in other industrialized countries is referred to as
migration
brain drain
unemployment
underemployment
The amount of labour available for productive activity is known as
employment
labour force
labour movement
efficiency of labour
Productivity can be measured by
Inputs Outputs
Inputs Revenue
Revenue Outputs
Outputs Inputs
Which of the following is a product of the manufacturing industry?
Car
Gold
Tourist
Lumber
Product, price, promotion and place are components of a
market study
marketing mix
market research
sales promotion
In the Caribbean, many people are hired for sugar cane farming and very little equipment is used. This industry can BEST be described as
labour intensive
capital intensive
having low capital input
having high capital input
Which of the following terms describes a market consisting of a large number of producers and consumers?
Oligopoly
Monopoly
Perfect market
Imperfect market
Which of the following is an activity involved in marketing a product?
Issuing bulletins on staff matters
Distributing commodities to outlets
Publicizing advertisements for new staff
Ensuring that workers are given fringe benefits
Market equilibrium exists when
buyers pay reasonable prices for goods
sellers are satisfied with the prices paid for their goods
at the ruling market price, buyers do not want to add to the stock of goods they already have
at current prices, the amount buyers wish to buy equals the amount sellers want to sell
Which of the following is NOT a function of the retailer?
Preparing goods for resale
Selling in small quantities
Providing a local supply of goods
Transporting goods to suitable storage facilities
Which of the following gives identity to a specific producer's goods?
Label
Patent
Brand
Copyright
A 'market' in economic terms is defined as
the business centre of the community
a specific place where buyers and sellers meet
a place where intangible goods are bought and sold
a situation which exists when buyers and sellers influence the price of goods
Which of the following operations is an example of sales promotion?
Warehousing
Free sampling
Servicing goods
Gathering information
Which of the following entities can have its shares traded on the stock exchange?
Partnerships
Public companies
Private companies
Co-operative societies
Tom invests his savings by buying shares in a company. From this investment, Tom expects to receive
profits
interest
revenue
dividends
Mr Jones has several bills of fixed amounts to pay each month. His bank manager agreed to pay them monthly from Mr Jones' account. This service, provided by the bank, refers to
overdrafts
letters of credit
standing orders
acting as trustees
Which of the following services is provided by commercial banks?
Printing money
Selling stocks and bonds
Controlling the supply of money
Accepting deposits from customers
A debenture holder is one who
is paid a fixed rate of interest if the company makes profits
must be paid any amounts owing to him in the following year
has first claim on any profits and is paid a fixed rate of dividend
is entitled to a fixed rate of interest whether or not the company makes profits
Investment can be defined as
the stock of goods in a country
additions to the capital stock of a country
the amount of money available at a given time
the amount of capital owned by the government
Which of the following are measures used to protect the environment?
I. Recycling II. Deforestation III. Water conservation
I and II only
I and III only
II and III only
I, II and III
A 'price control' may be defined as a
tax on goods and services
government ban of imports
grant given to producers to reduce their prices
government limit on the price of goods or services
The success of government's economic policies can be MOST effectively measured by
an increase in the level of policies
an increase in the standard of living
a decrease in the level of employment
a decrease in the volume of production
Which of the following is a function of a Chamber of Commerce?
Creating employment
Protecting the environment
Assisting in securing markets for producers
Providing financial aid to hurricane victims
Which of the following actions by government is MOST likely to lead to an improvement in the standard of living?
Printing more money
Increasing the income tax rate
Abolishing taxes on low incomes
Giving tax incentives to businesses
Which of the following forms of taxation can be classified as 'direct'?
Income tax
Excise duty
Purchase tax
Customs duty
The provision of social services by government does NOT include
tax refunds
health clinics
education and training
transportation facilities
In the recent budget it was reported that Sanford Island is a net importer. This means that its
exports are equal to imports
exports are less than imports
balance of trade is favourable
balance of payment is favourable
A country has a favourable balance of trade when
it sells more than it buys
it buys more than it sells
imported goods are cheaper
there are no restrictions to trade
In calculating 'net national product', depreciation refers to the
increase in the price level
decrease in the price level
increase in capital stock value
decrease in capital stock value
The 'terms of trade' of a country refers to the rate
at which the country's population grows
of turnover of life expectancy due to nutrition
of income a country obtains from increasing growth
at which one country's goods and services are exchanged for another's
The difference between the value of a country's visible and invisible exports and the value of its visible and invisible imports is referred to as the
balance of trade
per capita income
balance of payments
gross national product
Which of the following methods is NOT used to measure a country's national income?
Output
Income
Accounting
Expenditure
Which of the following is NOT a benefit of international trade?
Producers are able to increase their market size.
Political links are developed with other countries.
Import restrictions can be imposed on foreign items.
A greater variety of goods is obtained from overseas.
Which of the following represents the correct stages towards the development of the CARICOM Single Market and Economy?
Which of the following is a feature of economic dualism in the Caribbean?
Small farming sector
Urban-rural migration
Rural-urban migration
Large manufacturing sector
Which of the following terms defines a continuous rise in the general level of prices?
Inflation
Reflation
Deflation
Depression
Which of the following countries are NOT members of the Organization of Eastern Caribbean States?
Anguilla, Grenada
Barbados, Jamaica
Montserrat, Saint Lucia
Dominica, Saint Vincent
The purpose of CARICOM is to
allow member states to collaborate
allow for unrestricted movement of persons among the territories
encourage the transfer of technology within the region
foster interregional trade and common services
Which of the following organizations would settle a dispute among banana-producing countries of the Caribbean and Central America over preferential agreement with the European Union?
World Trade Organization (WTO)
Caribbean Development Bank (CDB)
CARICOM Single Market and Economy (CSME)
Organization of Petroleum Exporting Countries (OPEC)