This section consists a set of 10 objective questions. Check with the question and answer the correct A, B, C or D

Note to Tutors : Explanation is not required, thank you.

I just want to compare professional teachers' answers to mine, and see if there are anything wrong with my answers.

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11. "A limit on the amount of a particular good that may be imported during given time ". The statement refers to __________.

A. subsidies and grants

B. Embargo

C. tariff

D. quota

12. __________refers as a domestic product being subsidies for the producers to produce goods and services at lower prices.

A. subsidies and grants

B. Embargo

C. tariff

D. quota

13. Fabio, Jefmon and Ian agreed to set up a western restaurant somewhere in Malaysia through a partnership agreement. Thus, each partner contributes money, property, labour, skills and share profits as well, as losses of their business. Which of the following statement is the advantage upon their agreement?

A. Sole ownership of profits.

B. Enjoy the freedom from corporate business taxes as it is taxed as the individual taxpayers and not as business.

C. growth and performance facilitated as possible to obtain more capital and range of skills

D. Transfer of ownership.

14. Rezly intends to set up Mc Donald as his first business in franchising. Which of the following is the accurate term for Rezly?

A. Rezly is a franchisee

B. Rezly is a franchisor

C. Rezly is a franchising

D. Rezly is a seller of the franchisee

15. Which of the following company is NOT an example of franchising?

A. Body shop

B. McDonald

C. Berjaya Sdn Bhd

D. Burger King

16. Best to describe an article of partnership is ____________

A. A guidelines business registration

B. A close information of sole proprietorship

C. An agreement of duration of agreement, character of partners including dissolution and wind up.

D. An agreement of franchising

17. In sole proprietorship the enterprise may be crippled or terminated if the owner becomes ill or dies when there is ____________.

A. Ease of formation

B. The owner free from corporate business taxes

C. Lack of continuity

D. Limited liability

18. A statement that discloses the total assets, liabilities and owner equities of a business for a particular financial period known as ____________.

A. Financial statement

B. Income statement

C. Balance sheet

D. Cash flow statement

19. The purpose of ____________ is to calculate profit or loss of a business for a given accounting period usually monthly, quarterly or yearly.

A. Financial statement

B. Income statement

C. Balance sheet

D. Cash flow statement

20. ____________ describes a firm's yearly cash receipts and cash payment during specified period such as one month or three months.

A. Financial statement

B. Income statement

C. Balance sheet

D. Cash flow statement