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Principles of Business Grade 10 Quiz Flashcards | StudBud

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Principles of Business Grade 10 Quiz

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Questions 10

Answers

1
In a command economy, who makes most of the economic decisions?
Market forces
Consumers
Government authorities
Business owners
2
The Public Sector is owned by private individuals
False
True
3
How is funding for the public sector obtained?
Taxes collected from citizens and businesses
Borrowing from foreign governments
Sale of goods and services
Donations from private individuals
4
What is the primary advantage of a market economy?
Guaranteed employment
Consumer choice and freedom
Equitable distribution of resources
Central planning and efficiency
5
What is a disadvantage of a traditional economic system?
Lack of economic security
Limited incentive for innovation
Unequal distribution of wealth
Heavy government intervention
6
What is the Public Sector?
Non-profit Organizations
Businesses owned and operated by individuals or group
Conglomerate Companies
Organizations owned and operated by the governement.
7
What is an economic system?
The process of trading goods and services
How a country's economy is organized.
The government's control over the stock market
The study of how individuals make financial decisions
8
Which of the following is an example of a public sector business?
Burger King
Ministry of Justice
NCB
Sunshine Snack
9
What is the primary goal of the Public Sector?
Maximizing profits for the shareholders
Providing essential service to citizens.
Promoting competition in the market
Generating revenue for the government
10
In a market economy, what primarily determines what goods and services are produced?
Religious leaders
The military
Government directives
Consumer demand and supply