Free CXC Principles of Business Paper 1 January 2022 past paper from 2022. 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 January 2022 - Free CXC Past Paper with Answers
Free CXC Principles of Business Paper 1 January 2022 past paper from 2022. Includes a worked answer key. Open the PDF, take a timed test, and study with AI on Caribbean AI.
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Subsidies refer to
grants given by governments
taxes withheld by governments
loans given to small businesses
profits realized from investment
The MAIN role of the human resource department of an organization is to
recruit qualified employees
promote recreational activities for workers
assist employees in understanding industrial relations
produce magazines highlighting outstanding workers
In which of the following types of economic systems does the state own and control all the country's economic resources?
Mixed
Planned
Capitalist
Subsistence
Which of the following types of cheques allows an individual to receive cash on demand?
Open
Crossed
Certified
Banker's
A postdated cheque is one which
is dated for payment at a future date
was written no longer than six months ago
is dated to agree with the date of the document requesting payment
is dated by the bank on the day the cheque is presented for payment
The MAIN objective of a trade union is to encourage the
unionization of workers
increase of salaries and vacations
advancement of the welfare of its members
firing of workers whenever they have problems at work
A firm that disposes of waste in an ethical manner is said to be demonstrating its responsibility to
society
customers
employees
governments
Which of the following phrases BEST describes an authoritarian leader?
Willing to make suggestions
Making decisions without consultation
Allowing workers to plan their own work
Consulting those likely to be affected by decisions
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
This conflict is as a result of
unfair practices
a lack of job security
a lack of fringe benefits
poor working conditions
In which of the following management functions is a manager engaged when he grants a worker 'time off with pay'?
Planning
Delegating
Motivating
Coordinating
Which of the following is an example of an entrepreneur?
Joe rents an office space.
Roger goes to the bank to get a loan.
Sally occasionally babysits her neighbour's child.
Donna operates an online bakery from her home.
In which of the following situations is collateral MOST needed?
Buying stocks and shares
Taking out an insurance policy
Borrowing from a financial institution
Ordering goods from a foreign manufacturer
Which of the following is NOT an element of a business plan?
Legal plan
Financial plan
Marketing plan
Production plan
An entrepreneur who wants to maintain control of a business would be advised to establish the business as a
sole trader
partnership
limited company
private limited company
Which of the following variables is NOT an element of a feasibility study?.
Profitability
Target market
Market demand
Business design
A 'purchase order' is a
request for additional goods
notification of goods received
statement of debts outstanding
document offering to buy goods
The monthly payments collected by an insurance company from its policyholders are known as
deposits
premiums
instalments
endowments
A contract may be discharged by I. breach II. lapse of time III. offer and acceptance
I and.II only
I and III only
II and III only
I, II and III
Mr John offered his car for sale for $70 000. Miss Maraj said that she would pay him $66 000 for it.
Which of the following phrases BEST describes Miss Maraj's action?
Accepted the offer
Agreed to a contract
Made a counter offer
Made an invitation to treat
Which of the following businesses can be classified as a cottage industry?
JMN Superstore, located in the ru- ral area
Mary's Craft Supplies, located at Mary's home
Peter and John's Company, lo- cated in Jamaica
People's Cooperative Bank, lo- cated in Trinidad
Subsistence production is BEST described as producing goods for
profit
export
local trade
personal use
What type of capital is defined as money used for the day-to-day operations of a business?
Fixed
Floating
Nominal
Working
Which of the following outcomes is LEAST likely to result from growth in an organization?
Greater productivity
More division of labour
Increased communication
Increased capital investment
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 manu- facture of goods
persons available for productive and professional services
Joel bought a dye factory because he wanted to ensure that he received a regular supply of dyes to make tie-and-dye scarves. In which type of linkage is Joel engaged?
Forward
Diagonal
Backward
Horizontal
The term 'economies of scale' refers to the
purchase of goods at low prices
increase in the size of a business
reduction in the size of a business
reduction in costs as output increases
Which of the following can be described as a marketing activity?
Distributing commodities to outlets
Publicizing advertisements for new staff
Issuing bulletins relating to staff matters
Ensuring that workers are given fringe benefits
Which of the following elements comprise the marketing mix?
Price, public, promotion, place
Product, price, promotion, place
Product, promotion, packaging, place
Packaging, product, promotion, price
In which of the following types of trade is the hire purchase method of buying MOST likely to be used?
Retail
Import
Foreign
Wholesale
Which of the following gives identity to a specific producer's goods?
Label
Brand
Patent
Copyright
Price discrimination may BEST be defined as setting
a lower volume of goods at a higher price
a higher volume of goods at a lower price
the same price for different products
different prices for the same product
Which of the following actions is LEAST likely to be described as good public relations for a company?
Sponsorship of a steel band
The offering of scholarships
Hosting of annual sport events
Reduction in prices to retailers
The PRIMARY function of advertising is to
promote brand loyalty
promote public relations
communicate information
ensure a wider distribution of goods
Which of the following is NOT part of the distribution chain?.
Manufacturer
Wholesaler
Contractor
Retailer
KD's-Car Dealership wants to transport car parts from Saint Lucia to Trinidad. Which of the following methods is BEST suited for transporting the car parts?
Air
Sea
Rail
Road
Which of the following documents, issued by a carrier, shows ownership of imported goods?
Bill of exchange
Letter of credit
Import licence
Bill of lading
Which of the following types of providers are FedEx and DHL?
Second party logistics (2PL)
Third party logistics (3PL)
Fourth party logistics (4PL)
Fifth party logistics (5PL)
A supply chain is BEST defined as the
storage of work-in-progress and finished goods
processing of raw materials and components into finished goods
delivery of finished products from the point of origin to the point of destination
system of organizations and resources involved in moving products from suppliers to customers
The acronym GPS stands for
global positioning system
global programming system
geographic positioning system
geographic programming system
An instruction given to a commercial bank to make regular payments of a fixed amount to a named person is called a
direct debit
credit transfer
letter of credit
standing order
A plan for systematic saving and spending is referred to as
trading
investing
financing
budgeting
Which of the following services are provided by commercial banks? I. Controlling the supply of money II. Offering loans to small businesses III. Accepting deposits from customers
I and II only
I and III only
II and III only
I, II and III
One of the MAJOR functions of a central bank is to
issue notes and coins
issue stocks and shares
accept deposit accounts
offer loans and advances
Which of the following is NOT a source of income for an individual who is engaged in personal budgeting?.
Salaries earned
Loan repayment
Interest from savings
Dividends from investment
The central bank is owned and controlled by the
government
shareholders
public sector
country's citizens
Financial investments can be defined as the
assets that generate income
stock of goods available in a country
amount of money available at a given time
amount of capital owned by the government
Education contributes to economic growth by ensuring that the workforce is highly
structured
classified
efficient
mobile
Which of the following forms of taxation can be classified as 'direct'?
Income tax
Excise duty
Purchase tax
Customs duty
Which of the following is an economic aim of government?
Increase the level of literacy.
Stabilize the national currency.
Develop a proper legal system.
Maintain an effective security force.
Which of the following measures could be 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
Tax paid on goods entering a country is referred to as
income tax
excise duty
customs duty
corporation tax
The success of a 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
The increase in skills and abilities as a result of education and training is referred to as
economic growth
economic development
technological competency
human resource development
Which of the following functions is NOT applicable to a management information system (MIS)?
Caters to the information needs of all levels of management
Provides greater flexibility through an integrated database
Allows the flow of information between functional areas
Changes: the procedures used to carry out tasks
Which of the following is a negative consequence of industrialization?
Increased unemployment in the manufacturing sector
Decreased government revenue from taxes
Increased production of industrial waste
Reduced production of goods
Which of the following methods can a government use to reduce unemployment?
Deflate the economy.
Increase income taxes.
Increase interest rates on borrowers.
Impose employment levies on firms.
The buying and selling of goods and services among countries is called
balance of trade
international trade
balance of payments
international marketing
The introduction of technology in the production process may affect society by
reducing pollution of cities
reducing jobs for unskilled workers
increasing 'brain drain' in the economy
providing more jobs for unskilled workers