1) What is barter? a) The exchange of goods for money b) The exchange of goods and services without the use of money c) The paying of an item 2) What are the problems associated with barter? a) Double coincidence of wants, exchange rate, divisibility, storage of wealth b) durable, indivisible, portable c) double exchange rate, indivisibility, storage 3) The characteristics of money a) divisibility, exchange rate, undurable b) durable, acceptable, exchangeable, divisible, portable, homogenous c) unacceptable, indivisible, unpartable, not standardized. 4) If a business wants to pay the wages of each of its employees electronically it use a: a) Standing order b) Direct deposit c) Bank draft 5) If a bank customer wants to pay a regular fixed amount it would use a: a) Standing order b) direct debit c) credit transfer 6) Which of the following involves the use of a pin? a) debit card b) bill of exchange c) standing order 7) Jill maintains her family by using her private vehicle for hire. a) Public b) Private 8) WASA provides Trinidad with pipe borne water. a) Private b) Public 9) What is an advantage of a planned economy? a) Greater variety of goods and services are produced b) The govt can direct resources to where they are most needed c) There is always a need to keep a balance between the government and private sector involvement. 10) What is a disadvantage of a mixed economy? a) Conflict may arise between government and private investment and thus result in long delays in the production of goods and services. b) Lack of competition may also lead to inefficiency. c) Inequality of income distribution 11) Characteristics of a sole trader, choose one: a) Lack of leisure time b) The owner enjoys all the profits and bears all the risks. c) Negative attitude 12) How many members are there in a partnership? a) 2 to 20 b) 50 to 100 c) 2 to 200 13) The main stakeholders of a business are its: a) Customers b) owners c) employees 14) In order to recruit a specialist employee a firm creates a: a) Vacancy b) Compensation agreement c) Job description 15) Which functional area deals with involves mapping out how to achieve particular goals? a) Motivating b) Planning c) Coordinating 16) Controlling - managers have to try to evaluate and measure the work of all the staff within their team. a) False b) True 17) What are the factors of production? a) Pretty, Produce, Petty b) Land, Labor, Capital and Enterprise c) Price, Product, Place 18) What are the rewards associated with the Factors of Production? a) Rent, Labor, Salary b) Rent, Profit, Interest, Wages c) Rent, Man power, Capital 19) Primary production concerns the extraction of basic raw materials a) Agriculture, Mining and Fishing b) Golding digging, diamond extraction 20) Can a cottage industry operate at the home? a) Yes b) No

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