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Social Studies
9th
grade
Year 9 Business and Economics - Revision Quiz I (Chapters 1-4)
13 questions
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- 1. Multiple Choice
Which one of the following is the correct definition of Economics?
How the limited resources are allocated to satisfy human wants
How individuals, consumers and firms make economic decisions
How a government manages its domestic economy, and how the global economy operates
How a business is organised and run to achieve its corporate goals
- 2. Multiple Choice
What is the focus of Microeconomics?
How businesses make decisions
How government manages the economy
How individual consumers and firms make economic decisions
- 3. Multiple Choice
Select three characteristics below that describe successful entrepreneurs.
Risk-takers
Innovative
Uncertain
Decisive
- 4. Multiple Choice
Which of the following definitions best describes an employee?
They provide financial capital to start a company
They earn profits in the form of dividend payments from the firm's profits
They have a specific job at the company for which they are paid
- 5. Multiple Choice
Which TWO of the following are examples of the role of entrepreneurship?
Select TWO answers.
Make a profit
Organise resources
Adapt existing products
Make business decisions
- 6. Multiple Choice
Which one of the following best defines the term stakeholder?
An owner of a private limited company
Someone with an interest in the success of a business
Any individual who takes decisions within a business
An individual who is a part owner in a business
- 7. Multiple Choice
Which one of the following is an advantage for an entrepreneur for starting a business as a sole trader?
Limited liability means that losses can be minimised
Owner has control of decision making
It is easier to raise finance than other types of business structure
Less risky than other types of business structure
- 8. Multiple Choice
Mark, a sole trader, has been trading for five years. A sole trader has unlimited liability. It means that he
works on his own.
can only hire a limited number of employees.
is personally responsible for all business debts.
cannot get a bank loan.
- 9. Multiple Choice
Which one of the following is not an advantage of being a sole trader?
Easy to set up and run
All the profits go to the owner
Cannot be continued when the owner dies
The owner has full control of the business
- 10. Multiple Choice
Which one of the following is always true regarding the differences between sole trader and partnership?
Sole traders have unlimited liability but all partnerships enjoy limited liability.
Sole traders are very small businesses that employ just a few workers, and partnerships are always larger than sole trader businesses.
Sole traders are businesses owned by one person but partnerships have two or more owners.
Sole traders are run by the less educated like corner shop owners, but partnerships are formed by licensed professionals like lawyers and accountants.
- 11. Multiple Choice
Which one of the following may NOT be included in a partnership agreement?
The contributions from different partners
How major decisions are made
How workers are hired and trained
How the partnership may be ended
- 12. Multiple Choice
Which of the following is NOT an advantage of starting a business as a partnership?
More finance can be raised
Partners can specialise according to their experience
The workload is reduced since it is shared amongst partners
Partners may disagree and fall out with each other
- 13. Multiple Choice
A partnership agreement is a contract that defines the terms of a partnership, such as:
(Select the FOUR that are correct)
The contributions from different partners
How major decisions are made
How profit or loss is shared
How the partnership may be ended
Details of the business office decorations
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