Principles of Business Examination 2023 grade 10

Which of the following BEST describes barter?

• The process of exchange involving the use of money

• Purchasing goods and services using cheque

• The exchange of goods and services without the use of money

• The exchange of goods and services using notes and coins

In the early economies the direct satisfaction of wants by man was done by

• Planting and making goods needed

• Steeling from neighbours

• Paying cash and using credit cards

• Begging family and friends

All of the following methods are involved in a barter system EXCEPT

• The buyer must have some goods to give the seller

• The buyer can offer labour services to get the goods

• The buyer must have cash

• There must be a double coincidence of wants

All of these items were exchanged during the barter system EXCEPT

• Beads and shells

• Craft items

• Food items

• Money

One of the disadvantages of the barter system is

• People could get what they wanted

• It sets the stage for trade today

• No fix exchange rate

• It got rid of surplus

Which of the following helps to solve the problems of the barter system?

• The development of money

• The development of tools

• The development of trade

• Specialization

The main purpose behind all business activity is to

• Maximize profits

• Employ workers

• Take the greatest risks

• Satisfy all customers

Which of the following is NOT an objective of the public sector?

• Maximizing profits

• Providing essential services

• Regulating business activities

• Promoting economic growth and development

Which of the following are modern forms of payment?

• Standing order, gold, shells, debit card

• Credit card, cheque, debit card, bill of exchange

• Cheque, e-commerce, beads, bank draft

• Bank draft, e-transfers, paper, animals

If a business wants to pay the salary of its workers directly to their bank accounts, it would use

• A standing order

• Direct debit

• Credit card transfer

• Bank draft