Part I. Choose the best answer from the given alternatives.
- Goods and services are
A. Outputs of business enterprise C. Basic needs to be satisfied
B. Means to satisfy needs and wants D. All except choice C - The Need for food, shelter and clothing are called .
A. Basic needs B. Social needs C. Individual needs D. None of the above - Which one of the following is true?
A. Human wants are limited but resources are unlimited
B. human wants are unlimited but resources are limited
C. Business satisfies needs but not wants
D. Business satisfies wants but not needs - One the following is not a feature of convenience goods
A. Widely available C. Purchased frequently
B. Relatively low price D. Requires extensive effort - The growth, stagnation and fall of the economy in a period of time is D. Global demand
- What are basic forces that move a person to do something?
A. Wants B. Needs C. Demands D. Goods - Which of the following is a producer goods consumed in the operation of manufacturing process?
A. Capital item B. Raw material C. Supplies D. Component parts - In hospitals service value exists only when the patient is there. This statement describes
A. Service perishablity C. Service intangibility
B. Service variability D. Service inseparability - Which type of the tax levied on sale of goods or services?
A. Payroll tax C. Consumption tax
B. Corporate income tax D. income tax
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Full Name ________________ Grade – 11 Section 4th
Quarter Final Exam
Subject – GB Year: 2012 E.C Exam. Room: Time allowed: 45min - A collection of related business that all work together to supply the total demand for a particular kind
of goods or service is called . .
A. Environment B. Industry C. Hotels D. Market - What is the term that describes anything of value owed by the business?
A. Asset B. Liability C. Capital D. Ownership - A group of people that ask a corporation is called .
A. Shareholders B. Stock holders C. Incorporates D. A and B - What is a partnership that is established by rising capital by selling portion of its ownership in the
open market?
A. Cooperative force C. Joint stock company
B. Limited partnership D. Joint venture - Which group are responsible for running of enterprise?
A. Promoters B. Shareholders C. In capital D. board of directors - What is the term that describes refund as part of the original investment?
A. Franchise B. Rebate C. Fund D. Profit - Without money the price of every good has to be expressed in terms of exchange ratios with all other
goods or services. This statement refers:
A. Money serves as medium of exchange C. Money serves as standard of values
B. Money serves as store of values D. Money serves as a means of deferred payment. - Identify a false statement
A. The material used as money must be easily divided
B. The material used as money should be easily spoiled
C. Money must be easy to carry
D. The paper out of which the paper notes are printed should be of the same quality. - When funds are raised through the contribution of the owner, it is called .
A. Debit financing B. Equity financing C. Capital raising D. Bank deposit - What is the type of loan facility that provides the uses to withdraw more than the amount kept in
checking account?
A. Short term loans B. Long term loans C. Over draft D. Middle term loans - What is the written pledge top lender stating the borrower’s intention to repay a loan?
A. Principal B. Check C. Bond D. Trustee - Which of the following term applies to groups of traits that have social significance and more quality?
A. Capacity B. Confidence C. Capital D. Character - What is the possibility of an unfortunate occurrence of exposure to losses?
A. Insurance B. Risk C. Loan D. Fund - Which of the following term signifies transferring the loss suffered by a person to the insurance company?
A. Subrogation B. Interests C. Indemnity D. Assurance - is an activity of people towards the creation of things.
A. Cost B. Function C. Output D. Production - Which of the following denotes the production of services?
A. Operations management C. Productivity
B. Material management D. Variability - The movement of goods and persons from place is referred as .
A. Facility B. Production C. Entrepreneurship D. Transportation - Identify an item that cannot be considered as capital
A. Tools B. Machineries C. Vehicle D. Labor - A person who develop a new product, a new market or a new means of production is termed as:
A. Capitalist B. Worker C. Entrepreneur D. Owner
Part II. Workout - List the possible services that may be rendered by banks for the community.
- Calculate the interest based on the following information
a) Principal 20,000 Rate 5% Time 3½ Years
b) Principal 13,200 Rate 6% Time 5 Years
c) Principal 5,000 Rate 5½% Time 3½ Years - Form a group consisting of 10 members and make an educational visit to nearby banks around your
locality and report to the class the procedure required to save money in the saving account.
