Principles of Business – End of Summer Quiz

Name: ____________________________________
Date: _______________________________
Form 5 _________
Circle the letter next to the correct answer.

1. The main objective of a trade union is to encourage 7. Richard has been an employee of MTSL for
the over 10 years. He is up for a promotion at the
(A) unionization of workers end of the year. A manager’s nephew who
(B) increases in salaries and vacation was recently hired has been promoted ahead
(C) advancement of the welfare of its members of Richard. An upset Richard has taken this
(D) firing of workers whenever they have problems at issue to his trade union. This conflict is as a
work result of:
(A) unfair practices (B) lack of job security
2. Which of the following phrases BEST describes an (C) lack of fringe benefit (D) poor working
authoritarian leader? condition
(A) willing to take suggestions
(B) making decisions without consultation 8. Which of the following variables is NOT an
(C) allowing workers to plan their own work element of a feasibility study?
(D) consulting those likely to be affected by decisions (A) profitability (B) target market
(C) market demand (D) business design
3. Characteristics of written communication include:
I. documented evidence 9. The amount of labour available for
II. detailed messaging productive activity is known as the
III. instant messaging (A) labour force (B) labour movement
(A) I and II only (B) I and III only (C) employment level (D) employment
(C) II and III only (D) I, II, and III opportunity

4. Which of the following is NOT an element of a 10. Which of the following outcomes is LEAST
business plan? likely to result from growth in an
(A) legal plan (B) financial plan organization?
(C) marketing plan (D) production plan (A) greater productivity
(B) more division of labour
5. Which of the following management functions is a (C) increased communication
manager engaged in when he grants a worker ‘time (D) increased capital investment
off with pay’?
(A) planning (B) delegating 11. What type of capital is defined as money
(C) motivating (D) supervising used for the day to day operations of a
business?
6. Assets used to secure a loan at the bank are referred (A) fixed (B) floating (C) nominal (D) working
to as:
(A) collateral (B) fixed capital 12. Subsistence production is BEST described
(C) fixed deposits (D) current account as producing goods for
(A) profit (B) export
(C) local trade (D) personal use

13. Which of the following businesses can be
classified as a cottage industry?
(A) JMN Superstore, located in the rural area
(B) Mary’s Craft Supplies, located at Mary’s home
(C) Peter and John’s Company, located in Jamaica
(D) People’s Cooperative Bank, located in Trinidad
14. Which of the following is NOT part of the
distribution chain?
(A) manufacturer (B) wholesaler
(C) contractor (D) retailer
15. Which of the following modes of transport is BEST
suited for moving large amounts of long-haul cargo?
(A) sea (B) rail (C) road (D) pipeline
16. Which of the following documents shows
ownership of imported goods?
(A) bill of exchange (B) letter of credit
(C) import licence (D) bill of lading
17. Which of the following types of providers are
FexEX and DHL?
(A) 2 PL (B) 3 PL (C) 4 PL (D) 5 PL
18. A supply chain is best defined as the
(A) storage of work in progress and finished goods
(B) processing of raw materials and components into
finished goods
(C) delivery of finished products from point of origin
to point of destination
(D) system of organization and resources involved in
moving products from suppliers to customers
19. The acronym GPS stands for:
(A) global positioning system
(B) global programming system
(C) geographic programming system
(D) geographic positioning system
20. For employees to produce to their maximum which
of the following is important?
I. suitable working conditions
II. holiday with pay
III. good human relationship
IV. creating surpluses
(A) I and II only (B) I and III only
(C) II and IV only (D) III and IV only
21. Which of the following responsibilities
must be assumed by the management of a
company?
I. maximizing efficiency and creating
surpluses
II. maintaining good communication and
human relations
III. producing goods of a marketable quality
IV. determining dividends to be paid to
shareholders
(A) I only (B) I and IV only (C) I, II and IV only
(D) I, II, III and IV
22. A laissez faire leader can be described as
one who:
(A) is very constructive about what he does
(B) listens to others and takes a reasonable
view of what is said
(C) stays in the background and allows
subordinates to make their own decisions
(D) decides what to do despite what others
may think
23. Which of the following is an example of
extractive production?
(A) Agriculture (B) Communication
(C) Manufacturing (D) Tourism
24. The advantages which a firm may achieve
by significantly increasing the size of its output
is known as:
(A) effects of large scale production
(B) economies of scale (C) risk bearing
economies (D) economies of concentration
25. Primary production is concerned with the (C) decrease the quantity of goods its produces
(A) distribution of goods (D) decrease its costs per unit
(B) providing goods to meet essential needs
(C) provision of raw materials 28. In the Caribbean, many people are hired for
(D) manufacture of goods sugar cane farming and very little equipment is
used. This industry can BEST be described as
26. Which of the following statements describe (A) labour intensive (B) low capital input
the functions of management: (C) high capital input (D) capital intensive
I. coordinating the work of employees
II. delegating work to subordinates 29. The factor of production which earns
III. controlling employees and raw materials interest is
IV. ensuring that employees join a trade union (A) land (B) capital (C) labour (D) enterprise
(A) I and II only (B) II and III only (C) I, II and III only
(D) II, III and IV only 30. The location of an extractive industry is
LEAST affected by:
27. A firm expands to achieve internal economies of (A) proximity to large shopping areas
scale because it wants to (B) proximity to sources of raw materials
(A) increase costs of production (C) availability of an abundant labour supply
(B) increase worker’s wages (D) presence of good roads and drainage

Please detach this answer sheet for submission.

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NAME: ______________________________________ SCORE AWARDED ______________

Form 5 ____
Principles of Business Summer Quiz – Answer Sheet
Circle the correct letter that represents the correct answer for each question.

1. A B C D 11. A B C D 21. A B C D
2. A B C D 12. A B C D 22. A B C D
3. A B C D 13. A B C D 23. A B C D
4. A B C D 14. A B C D 24. A B C D
5. A B C D 15. A B C D 25. A B C D
6. A B C D 16. A B C D 26. A B C D
7. A B C D 17. A B C D 27. A B C D
8. A B C D 18. A B C D 28. A B C D
9. A B C D 19. A B C D 29. A B C D
10. A B C D 20. A B C D 30. A B C D