Accounting technicians scheme west africa
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| Review Questions Multiple Choice Questions 1. Which of the following is the primary objective of business a) Radical practice of communication b) Capitalising on the principle of equity c) Investing minimally in stocks and bonds d) Profit maximisation e) Identifying and effectively serving the needs of the board of directors. 2. All of the following are advantages of sole proprietorship EXCEPT a) Lack of continuity b) Easy formation c) Benefits of small scale operations d) Inexpensive management e) Better control 3. Which of these does not constitute external stakeholders in the business enterprise a) Unions b) Suppliers c) Competitors d) Government agencies e) Board of Directors 4. The industry involved in the combination of several inputs and processing them into single unit (output) is called a) Process industry 23 b) Synthetic industry c) Analytical industry d) Assembly line industry e) Smelting industry 5. The commonest and oldest form of business ownership is called a) Partnership b) Sole proprietorship c) Cooperatives d) Joint stock company e) Franchise 6. Which of these is not reason for business failure a) Bad business idea b) Doing it all c) Growing too fast d) Developing competitors profile e) The illusion of making it Part II Short Answer Questions 1. ………….. involves lawful human activities directed at the production and distribution of goods and services with the aim of making profit 2. The industry concerned with separating single material input into several elements is known as ...... 3. An arrangement wherein two or more individuals come together and agree to organise and operate an outfit jointly with profits as the motive is known as ...... 4. The document that contains out guidelines fora company and its members is ....... 5. Any individual or group of individuals who have a strong interest in the organisation and what it does or trying to achieve is called. 6. ................ is the economic end and purpose of business enterprise. Download 3.37 Mb. Share with your friends:
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