Paper 1

Question 1

What type of business environment is most typical of the commonwealth Caribbean

Answer 1

Mixed economy

Question 2

Give some examples of an unethical business practice

Answer 2

Money laundering
Non- payment taxes
Use of misleading advertisements

Question 3

The policies of a company are usually formulated by ?

Answer 3

The directors

Question 4

Name 3 advantages of a sole trader

Answer 4

Ease of set up
Flexible working hours

Question 5

A major functions of the public sector is ?

Answer 5

Serve the entire population

Question 6

A laissez faire leader can be described as?

Answer 6

Stays in the background and allows subordinates to make their own decisions

Question 7

On the structure of an organization who is the head of the ceo

Answer 7

Broad of directors

Question 8

The main purpose of installing a suggestion box in a company is to get workers views on?

Answer 8

Ways of improving economic conditions

Question 9

What is planning

Answer 9

Selecting the objectives and the procedures for achieving goals

Question 10

Functional of a trade union

Question 11

Name 3 characteristics of a good leader

Answer 11

Inspires workers
Delegates responsibilities
Makes intelligent decisions

Question 12

The person responsible to bring together and organizing the factors of production is the

Answer 12

Entrepreneur

Question 13

What is feasibility study

Answer 13

An analysis of the viability of a business idea and examination of the different aspects of operating a business

Question 14

The business opportunity element of the business plan gives a description of the

Answer 14

Potential customers
Product or service

Question 15

Cash used to secure a loan at the bank is referred to as

Answer 15

Collateral

Question 16

A regulatory requirement for an entrepreneur is?

Answer 16

Paying national insurance to the government

Licenses and permits
Business registration

Question 17

The monthly payment made to an insurance company by its policyholder is known as

Answer 17

Premium

Question 18

What is a simple contract

Question 19

Describe a speciality contract

Answer 19

The contract must be signed, sealed and delivered

Question 20

What is a speciality contract

Question 21

Way to terminate a contract

Answer 21

Mutual agreement
Breach of contract
Expiration

Question 22

What is extractive production

Answer 22

Extractive production is the process of removing natural resources from the earth for use in manufacturing or trade.

Question 23

Examples of extractive production

Answer 23

Mining
Oil and gas drilling
Fishing
Agriculture

Question 24

What is division of labor

Answer 24

Separate of task to complete a job

Question 25

Productivity can be measured by

Answer 25

Comparing the output( goods and services) to the input ( resources, labor, time)

Question 26

What activity is most likely to take place in a cottage industry

Answer 26

Basket weaving Creating handmade clay pots Making clothes Designing handmade jewelry Creating soaps Baked goods

Question 27

What is cottage industry

Answer 27

A cottage industry is a small business where goods are produced at home in a small workshop rather than in a large factory

Question 28

Examples of fixed capital

Answer 28

Plant and machinery Land Buildings Furniture Vehicle

Question 29

Functions of packages

Answer 29

Protects the product Preserve the product Promotes the product

Question 30

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

Answer 30

Publicity

Question 31

Product, Price, Promotion, and Placed are components of a?

Answer 31

Marketing mix

Question 32

Global logistics provider means

Answer 32

DHL

Question 33

In business logistics is defined as

Answer 33

the process of planning, organizing, and managing the movement of goods, services, and information from one place to another to meet customer needs efficiently.

Question 34

Which of the following documents issued by a carrier or its agent shows ownership of imported goods?

Answer 34

Bill of lading

Question 35

Services that are provided by commercial banks are

Answer 35

Deposits Loans and credit Payments services Insurance

Question 36

Function of a central bank is

Answer 36

Issues notes and coins

Question 37

What is a standing order

Answer 37

A standing order is a simple and automated way to make regular payments directly from your bank account.

Question 38

Function and of the chamber of commerce

Answer 38

Creating employment

Question 39

The success of a government's economic policy can be most effectively measured by

Answer 39

An increase in the standard of living

Question 40

What is direct taxation

Answer 40

Direct taxation is a type of tax that individuals or businesses pay directly to the government.

Question 41

Examples of direct taxation

Answer 41

Income taxes Corporation taxes Wealth taxes

Question 42

Describe taxation as a mean of redistributing incomes.

Answer 42

To reduce the gap between rich and poor by taking money from higher-income people and using it to help those with lower incomes.

Question 43

Government can positively influence business activity by reducing

Answer 43

Taxes

Question 44

Governments offer subsidies to businesses to?

Answer 44

Reduce cost and ultimately prices

Question 45

A price control may be defined as a

Answer 45

Government limits on the price of goods and services

Question 46

The buying and selling of goods and services among countries is called

Answer 46

International trade

Question 47

The gross national product of a country is defined as the total

Answer 47

Value of goods and services produced by the country in a given period

Question 48

Give benefits of the Caribbean Single Market Economy (CSME)

Answer 48

A common trade policy is this

Question 49

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

Answer 49

Cyclical unemployment

Question 51

The legal responsibility of a sole proprietor to pay any money owed by the business is described as

Answer 51

Unlimited liability

Question 52

Which category would subsidize meals for employees fall

Answer 52

Fringe benefits

Question 53

The condensed version of the business plan is contained in the

Answer 53

Executive summary