P.O.B, Test 1 (Barter, Terms, Money, Instruments of Payments, Forms of Business) Questions, Exams of Business Informatics

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P.O.B, Test 1 (Barter, Terms, Money, Instruments of Payments, Forms of Business) Questions And Answers Barter - correct answer The exchange of one thing for another without the use of money Double Coincidence of Wants - correct answer People had to have what you want and you had to have what they want Storage of Wealth - correct answer Many goods that are exchanges could not be kept for a long period of time seeing that they could become bad Divisibility - correct answer Some rates of exchange did not make it possible to trade because some goods couldn't be split into smaller parts Durable - correct answer Must be hard-wearing Acceptable - correct answer People must agree to its use P.O.B, Test 1 (Barter, Terms, Money, Instruments of Payments, Forms of Business) Questions And Answers Divisible - correct answer Possible to divide into smaller parts if necessary Portable - correct answer Is convenient to carry around A Medium of Exchange - correct answer Money makes the exchange of goods easier and Barter unnecessary A Measure of Value - correct answer Money can be used to state the price of goods A Store of Value - correct answer Money can be saved whereas to save A standard for postponed payments - correct answer Money can be earned at one time and spent at another Stability - correct answer The supply of commodity should be P.O.B, Test 1 (Barter, Terms, Money, Instruments of Payments, Forms of Business) Questions And Answers to store, send and receive money using your mobile phone Profit - correct answer The financial gain made in a transaction Capital - correct answer The amount of money the business owner puts into the business Services - correct answer These are intangible products that a person performs for another Commodity - correct answer A product that is interchangeable with another product of the same type Specialization - correct answer A focus on a particular activity or area of study P.O.B, Test 1 (Barter, Terms, Money, Instruments of Payments, Forms of Business) Questions And Answers Consumer - correct answer A person who purchases goods and services for personal use Trade - correct answer Exchange of goods and services Economy - correct answer A system by which goods and services are produced and distributed Needs - correct answer Basic requirements for human survival Enterprise - correct answer An undertaking or business organization Wants - correct answer Things that add comfort and pleasure to your life Entrepreneur - correct answer A person who starts up and takes on the risk of a business P.O.B, Test 1 (Barter, Terms, Money, Instruments of Payments, Forms of Business) Questions And Answers Stakeholders - correct answer A person, group or an organization who has an interest in the business and who decide to stand to gain or lose by the policies and activities of a business Shareholders - correct answer Investors who purchase shares of stock in a corporation. Exchange - correct answer the trade of things of value between the buyer and the seller Firm - correct answer an organization that uses resources to produce a product, to make a profit Employer - correct answer A person or organization that pays people to work for them. Employee - correct answer A worker who is hired to perform a job P.O.B, Test 1 (Barter, Terms, Money, Instruments of Payments, Forms of Business) Questions And Answers Sole Trader - correct answer A person who owns controls, manages and has total responsibility for his/her business Partnership - correct answer An association of 2-20 partner operating a business for the common goal of making a profit Co-operative - correct answer A business that is owned and controlled by individuals who have a common bond Private Limited Company (Ltd) - correct answer A business organization with 2-50 members and its restricted to family and close friends. Public Limited companies - correct answer An incorporated organization with at least 7 members that offers shares to the public Multinational corporation - correct answer These are giant international firms P.O.B, Test 1 (Barter, Terms, Money, Instruments of Payments, Forms of Business) Questions And Answers Conglomeate - correct answer The combination of two or more corporations operating in entirely different industries under one corporate group, usually involving a parent company and many subsidiaries Co-operation - correct answer Is an independent association of people united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically controlled business. Franchise - correct answer The owners enter into an agreement with the parent company State Co-operations - correct answer Are legal entities, they make their own business decisions and transact their business within the stipulated legal framework National Industries - correct answer These are firms that were once privately owned and have been taken over by governments through a process nationalization P.O.B, Test 1 (Barter, Terms, Money, Instruments of Payments, Forms of Business) Questions And Answers Local Government - correct answer Concerned with governmental affairs at the local or community level of the society Municipal authorities - correct answer Refers to the co operation of towns and cities in carrying out activities that are important to the common good of the people of the community Government department - correct answer Provides essential community services, such as health, education and welfare.