Second Term Assessment 2022-23
Class: 9
Name: ________________________________
Test duration: 1 hour
Subject: Business Foundation
Date:
Marks: 30
Marks Converted to:
Parents Signature:
MCQs: (15 Marks)
Q1: Which one of the below products is considered to be a need?
a)
b)
c)
d)
Cell phone
USB Device
French fries
Bread
Q2: Stakeholder is defined as the person who?
a)
b)
c)
d)
Purchase and sells share of the a company
Is risking his investment in the business
Is directly or indirectly involved in the business decisions
Is doing business as a public limited company
Q3: Limited liability means
a) Loss cannot exceed the value of total assets
b) Every shareholder has to help to pay off any debts
c) You only have to pay back what you can afford
d) Only the Board members have a personal liability
Q4: A business has to raise prices to pay higher wages. Which stakeholder is affected LEAST? Choose
ONE only
a)
b)
c)
d)
Workers
Shareholders
Managers
Customers
Q5: A Consumer good is defined as:
a)
b)
c)
d)
A person who is consuming a producer good
The end consumer who consumes the goods & services
The person who directly or indirectly connected with the business
The person who has limited liability
Q6: A producer good is defined as:
a)
b)
c)
d)
A good used to produce a consumer good
A good which likeable by the customer
A good which is not consumed by the consumer
A good which is not produced by the producer
Q7: Services are defined as:
a)
b)
c)
d)
Physical products which can be touched
Non Physical product which can be touched
Non Physical product which cannot be touched
Physical product which cannot be touched
Q8: Business is defined as:
a)
b)
c)
d)
Organisation that produces goods and services
Organisation that does not producers goods and service
Organisation that satisfy customers
Organisation that makes profit
Q9: Infinite means:
a)
b)
c)
d)
Limited
Unlimited
Good
Service
Q10: Scarce means:
a)
b)
c)
d)
Resources that are unlimited
Resources that are good in quality
Resources that are limited
Resources that have high prices
Q11: Private Sector is defined as:
a)
b)
c)
d)
Business operations owned by general people
Business operations owned and controlled by government
Business operations owned and controlled by private individuals
Business operations owned by consumers
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Q12: Entrepreneur is a person who:
a)
b)
c)
d)
Takes Risk and sets up a business
Checks for business feasibility
Is involved in the R&D
Is a person who is involved in production process
Q13: Business Objectives are defined as:
a)
b)
c)
d)
Goals or targets set by business
Goals or targets set by government
Goals or targets set by customers
Goals or targets set by shareholders
Q14: Which of the following is Non Financial objective?
a)
b)
c)
d)
Increase market share
Independence and control
Profit maximisation
Survival
Q15: Which of the following is likely to be an objective of public sector organisation?
a)
b)
c)
d)
Increase profit 5 per cent in the next financial year
Survival
Increase revenue by 20 percent over a three-year period
Improve the quality of customer service
Section B
Q1: Define the below terms: (10 Marks)
a)
b)
c)
d)
e)
Business
Organisation
Consumer goods
Producer goods
Need
Q3: Briefly explain four types of stakeholders (5 Marks)
*** END OF ASSESSMENT ***
GOOD LUCK!
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