CSEC Principles of Business Paper 1 May/June 2018 - Free CXC Past Paper with Answers

Labour is BEST defined as the

physical and mental capabilities used to perform tasks

ability to carry out management functions effectively

level of skills training received by individuals who are working

total number of persons who hold jobs in government ministries

Which of the following are NOT trading instruments?

The policies of a company are formulated by the

Which of the following are key features of a planned economy?

I. Centralized production. II. Citizens' welfare is primary. III. Little government interference.

In which of the following types of economic systems does the government make all decisions?

The MAIN purpose of installing a suggestion box in a company is to get workers' views on

ways of improving the workplace

ways of improving economic conditions

Item 7 refers to the following information.

Mr Lloyd, manager of LM Ltd, holds regular staff meetings to listen to ideas from employees before making decisions that would affect the future of the company.

What leadership style does Mr Lloyd employ?

Item 8 refers to the following information which shows a section of a typical vertical organizational chart for a manufacturing company. Board of Directors Managing Director General Manager Production Manager Marketing Manager Chief Accountant

The relationship between the highest level of management down to the various departments is known as

Which of the following demonstrates the characteristics of a good leader? I. Inspires workers II. Delegates responsibilities III. Makes intelligent decisions

Which of the following departments is LIKELY to use its management information system (MIS) to manage information about customers and their response to the products it sells?

Which of the following is NOT a function of management?

Providing accommodation for employees

Coordinating the work of employees

Delegating work to subordinates

Controlling the use of funds

The condensed version of the business plan is contained in the

Which of the following is a regulatory issue for the entrepreneur?

Using a credit card to transact business

Offering hire purchase options to customers

Paying national insurance to the government

Advertising the business locally and regionally

A firm may change its main objectives from profit to market share if there is an increase in

government regulations

competition in the market place.

the cost of utilities and overheads

the use of technology in the organization

Which of the following is NOT an example of an unethical business practice?

Misleading advertisements

Retrenching inefficient workers

Which of the following are examples of secondary sources of data? I. Company records II. Former employees III. Government census

Which of the following factors prevents an agreement from being considered a valid contract?

Offer and acceptance

A contract may be discharged by

A 'purchase order' is a

request for additional goods

notification of goods received

statement of outstanding debts

document offering to buy goods

Which of the following types of cheques allows an individual to receive cash on demand?

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

Joseph has decided to leave his homeland of Jamaica to go to the USA in search of a better life. This movement is referred to as

Item 23 refers to the following information.

Mrs Brown receives a job offer from a company in Barbados. In order to take up this job, she decides to leave her home country of Trinidad and move permanently to Barbados.

In Trinidad, Mrs Brown would be referred to as

a travelling officer

Which of the following are examples of fixed capital?

Stocks of raw material

Productivity can be measured by

In the Caribbean, many people are hired for sugarcane farming and very little equipment is used. This industry can BEST be described as

having low capital input

having high capital input

Which of the following commodities is a product of the manufacturing industry?

In economics, a 'market' is BEST described as

the reason for the elimination barter

a situation in which buyers and sellers interact

a place where various types fruits and vegetables are sold

the management process responsible for satisfying consumers' demands

Under which of the following conditions is a trade discount used?

The producers of Power Drink promote their drink over Energy Plus Drink in their advertisements. This type of advertisement is referred to as

Which of the following is NOT a function of a retailer?

Preparing goods for resale

Selling goods in small quantities

Providing a local supply of goods

Transporting goods to suitable storage facilities

A situation whereby a business gains editorial space without having to pay for it is called

Market equilibrium exists when

buyers pay reasonable prices for goods

sellers are satisfied with the prices paid for their goods

at current prices, the amount buyers wish to buy equals the amount sellers want to sell

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

Which of the following terms describes a market consisting of a large number of producers and consumers?

Which of the following are characteristics of the stock market?

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

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 is referred to as

Ms Anne would like to protect her passport, birth certificate and jewels. Which of the following commercial bank services should she use?

Night safe facilities

Safety deposit facilities

Which of the following entities can have their shares traded on the stock exchange?

Co-operative societies

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

Governments offer subsidies to businesses to

force them to pay corporation tax

reduce costs and ultimately prices

increase costs and ultimately prices

increase the price of imported goods

Items 42-43 refer to the following diagram which shows the percentage of income taken in tax at different levels of income.

Which curve shows a progressive tax?

Which curve shows a regressive tax?

Which of the following actions by a government is MOST likely to lead to an improvement in the standard of living?

Increasing the income tax rate

Abolishing taxes on low incomes

Giving tax incentives to businesses

A 'price control' may be defined as a

tax on goods and services

government ban on imports

grant given to producers to reduce their prices

government limit on the price of goods or services

Which of the following groups stand(s) to benefit MORE from a stable level of prices?

Which of the following forms of taxation is imposed on goods produced in a country?

Visible trade examines the difference between a country's

imports and exports of services only

imports and exports of goods only

current account and capital account

output method and expenditure method

Which of the following practices would contribute to the economic growth and development of a country?

Increased importation of consumer goods

Decreased use of the country's natural resources

Exporting skilled personnel to developed countries

Provision of loans and technical assistance for establishing local businesses

Education contributes to economic growth by ensuring that the workforce is highly

A limit to the quantity of goods that citizens of a country are allowed to buy from overseas is called an

Which of the following, when increased, does NOT contribute to an improved standard of living in a country?

The country's population

Investment in technology

Which of the following represents the correct stages in the development of the CARICOM Single Market and Economy (CSME)?

CARIFTA → Federation → CARICOM → CSME

CARIFTA → CARICOM → Federation → CSME

Federation → CARIFTA → CARICOM → CSME

Federation → CARICOM → CARIFTA → CSME

In periods of inflation, the ability to raise additional capital for expansion is MOST likely to be a problem for

multinational corporations

Unemployment caused by a downturn in the economy is referred to as

CSEC Principles of Business Paper 1 May/June 2018 - Free CXC Past Paper with Answers

CSEC Principles of Business Paper 1 May/June 2018 Questions