Past Paper Questions Chapter 01

8/10/2019 Past Paper Questions Chapter 01

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Business Studies A/L

Rumesh Vishwanatha 0722156866 Page 1

Chapter 01 Business Fundamentals: Past paper questions

2010 A/L

1."An organization that seeks to earn profits by providing goods and services."

What is the most suitable term for the above statement?

1.

Private company

2. Partnership

3. Business

4.

Corporation

5. Public company

2. Human needs and wants could be identified separately. What is the group that includes

only the human needs?

1.

Food, shelter, clothing, motor vehicles

2. Food, air, water, entertainment

3. Education, clothing, water, rice

4.

Transportation, education, electricity, entertainment

5.

Shelter, communication, electricity, clothing

3. Select the group from the following arranged in sequential order.

1. Mission Vision Goals Objective Policies

2. Mission Vision Objectives Goals licies

3. Vision Mission Policies Goals Objectives

4. Goals Objectives Policies Vision Mission

5.

Vision Mission Goals Objectives Policies


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2011 A/L

4. What is the basic factor for the existence of businesses?

Following are the answers given by five students to the above question. Select the

correct answer.

(1) Fair returns on investment. (2) Good management.

(3) Demand for the products. (4) Human needs and wants.

(5) Exchange and transaction. ()

2003 A/L

5. The production, which includes forestry, fisheries, agriculture, mining and

quarrying is known as;

1. Agricultural production.

2. Industrial production.

3. Primary production.

4. Secondary production.

5. Tertiary production.

6. Select the group which includes only industrial production.

1. Tea/fisheries/mining and quarrying/manufacturing

2.

Foods and beverages/textiles, and garments/forestry/construction3. Transport/storage/chemical products/paper products

4. Electricity and gas/fisheries/Mining and quarrying/construction

5. Foods and beverages/textiles and garments/timber products/rubber and

plastics products

7.Which of the following could be considered as a want?

1. Foods and beverages

2. Clothing

3.

Housing4. Security

5. Rice

8. Which of the following could be considered as a product?

1. Ideas

2. Places

3. Events

4. Goods

5.

All of the above


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9.Which of the following is not considered as a feature of a business objective?

1. Specific.

2. Measurable.

3. Achievable.

4.

Realistic.

5. Qualitative.

2004 A/L

10. What is meant by quality of a product?

1. Performance.

2. Conformance (conformity).

3. Reliability.

4.

Durability.

5. All of the above.

11.Select the Group, which includes only the tertiary production.

1. Agriculture/transport/banking/tourism

2. transport/warehousing/communication/insurance

3. warehousing/transport/insurance/constructions

4. constructions/fishing/communication/insurance

5.

agriculture /transport/constructions/fishing

12. Globalization means a process of

1. The World is becoming physically small.

2. Countries getting together for trade.

3. Enterprises becoming interdependent and inter-linked globally.

4. Labour unions of countries getting together to fight the world order.

5. promoting the use of a single currency by all countries globally

13. The major portion of the government's revenue comes from

1. Income Tax.

2. Value Added Tax.

3. Customs Duty.

4. Excise Duty.

5. Stamp Duty.


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14. Which of the following is a direct tax?

1. Value Added Tax

2. Custom Duty

3. Excise Duty

4.

Turnover Tax

5. Income Tax

2005 A/L

15. Production for market is known as;

1. Direct production.

2. Job production.

3. Indirect production.

4. Batch production.


16. Which of the following cannot be considered as an Auxiliary Service?

1. Wholesale

2. Transport

3. Insurance

4. Communication

5. Banking

17. The most essential things for human beings to survive are known as

1. Wants.

2.

Needs.

3. Rice and curry.

4. Furniture.

5. Shoes.

18. Which one of the following is not a characteristic of a service?

1. Intangibility

2. Inseparability

3. Durability

4. Variability

5.

Perishability

19. Construction of houses for Tsunami victims belongs to the sector of

1. Primary industries.

2. Secondary industries.

3. Tertiary industries.

3. Public Industries

4. Private industries.


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20. Which of the following elements is common to any business organization?

1. Goal

2. Profit

3. Contract

4.

Product5. Competition

2006 A/L

21. Select the most suitable statement.

1. Trade originated as a result of Direct Production.

2. Trade originated as a result of Barter-System..

3. Trade originated as a result of using money.

4.

Trade originated as a result of auxiliary services.5. Trade originated as a result of Primary Industries.

22. Select the group which includes only the Primary Production.

1. Agriculture / Mining and Quarrying / Manufacturing / Construction

2. Manufacturing / Forestry / Fishing / Construction

3. Mining and Quarrying / Manufacturing / Construction Transport

4. Construction / Manufacturing / Forestry / Fishing

5. Mining and Quarrying / Agriculture / Fishing / Forestry

23.Select the statement which expresses the most correct meaning of the 'Market'.

1. A place where goods and services are being sold.

2. A group of sellers who sell a certain good or service.

3. Any situation which connects buyers and sellers.

4. A group of buyers for a certain good or service.

5. A demand and supply condition for consumer goods and services.

2007 A/L

24. Mining and quarrying belong to

1. Primary Industry.

2. Secondary Industry.

3. Tertiary Industry.

4. Convertion Industry.

5. Assembly Industry.


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25. Which of the following is considered as a human need?

1. Bread

2. Medicines

3. Shoes

4.

Cars

5. Foods

26. Which of the following is considered as an input of the input, processing and

output system?

1. Goods and services

2. Financing

3. Marketing

4. Research and Development

5. Entrepreneurship

27. Select the term which provides goods and services while making profits to fulfill

needs or wants of a society.

1. Primary Industry

2. Secondary Industry

3. Tertiary Industry

4. Business

5. Trade

28. What aroused with the barter system?

1.

Usage of money

2. Banking

3. Production

4. Trade

5. Commerce

29. Commerce can be equal to


2. Secondary production.

3. Tertiary production.

4.

Trade.

5. Auxiliary services.

30. The result that a business seeks to achieve in the long-run is known as

1. A goal.

2. An objective.

3. A policy.

4. A strategy.

5. A profit.

Past Paper Questions Chapter 01

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