THE NATURE OF BUSINESS

1. Define: Enterprise, entrepreneurship, barter, profit, loss, trade, organization, economy,

producer, consumer, exchange, goods, free goods, public goods, merit goods,
capital/producer goods, consumer goods, primary goods, private goods, demerit goods,
service, direct service, direct service, indirect service, market, commodity, capital, labour,
specialization, ecommerce, money, legal tender, fiat, limited legal tender, coins,
banknotes/paper money, bank deposits, near money, medium of exchange, cheques, money
order, bank draft, electronic transfer, tele banking, internet banking, opportunity cost and
trade/exchange.
2. What is the “economic problem”
3. Distinguish between scarcity and choice.
4. Define economy.
5. Describe the development of money
6. State and explain 4 problems with the barter system.
7. Explain credit and debit cards.
8. Define money and give 6 characteristics of it.
9. Stae 4 functions of money.
10. Define specialization and state the 6 ways it can exist with example.
11. State 5 advantages and disadvanatges of specialization.
12. State 5 disadvantages of barter.
13. Give 5 reasons to start a business.
14. Give 5 functions of a business.
15. Define a sole trader and give 4 characterisitcs
16. Give 4 advantages and disadvantages of sole trader business,
17. Describe its formation and management.
18. Define a partnership and give 4 characterisitcs
19. Describe the 2 types of partners.
20. Give 4 advantages and disadvantages of partnership business,
21. Describe its formation and management
22. Define a Co-operatives and give 4 characterisitcs
23. Give 4 advantages and 3 disadvantages of Co-operatives business
24. Describe its formation and management
25. State the two types of companies
26. Define a Public limited company and give 4 characterisitcs
27. Give 4 advantages and 3 disadvantages of a Public limited company business,
28. Describe its formation and management
29. Define a Private limited company and give 4 characterisitcs
30. Give 4 advantages and 3 disadvantages of a private limited company business,
31. Describe its formation and management
32. Define Conglomerate
33. Give 4 advantages and 3 disadvantages of Conglomerates
34. Define Multinationals
35. Give 4 advantages and 3 disadvantages of Multinationals
36. Define franchise and distinguish between franchisee and franchiser.
37. Define Nationalized industries and give 4 features.
38. Give 4 advantages and 3 disadvantages of Nationalized Industries.
39. Differenct between Public and Private sector in both definition and characteristics.
40. What is nationalization and give 4 reasons for it.
41. Give 4 drawbacks of nationalization.
42. Who are the stakeholdrs?
43. What is the role of the owners.
44. what is the roles of the employees
45. What is the role of the customers
46. What is the role of the government
47. What is a business’s economic role, financial role, social role, political role and ethical
role?
48. What are the three economic questions?
49. Define economic system and state the 4 main ones.
50. Define traditional economy
51. Define free economy and state its characteristics, advantages and disadvantages.
52. Define Planned economy, and state its characteristics, advantages and disadvantages.
53. Define mixed economy and state its characteristcs, advantages and disadvanatges.
INTERNAL ORGANISATIONAL ENVIRONMENT
1. State and describe the 5 functional areas of a business
2. Define Management
3. State and describe the functions of management
4. What are the 4 responsibilities of management to owners/shareholders.
5. What are the 4 responsibilities of management to employees.
6. What are the 4 responsibilities of management to customers.
7. What are the 3 responsibilities of management to society.
8. What are the 2 responsibilities of management to government.
9. Distinguish between formal and informal structure.
10. State and describe the 4 types of formal organizational structures.
11. What is an organizational chart.
12. Distinguish between the span of control and chain of command.
13. Define leadership.
14. What are 5 good characterisitcs of a leader.
15. State the 4 types of leadership
16. Define authotarian leadership and state its advantages and disadvantages
17. Define Laissez-faire leadership and state its advantages and disadvantages
18. Define charismatic leadership and state its advantages and disadvantages
19. Define democratic leadership and state its advantages and disadvantages
20. State 4 importance of a good leader.
21. Explain the maslow’s hierarchy of needs and give examples of each
22. Explain the Frederick Herzberg Two Factor theory
23. What are hygiene factors and list 4
24. What are motivator factors and list 4
25. Explain douglas mcgregor’s theory x and theory y .
26. Contrast both theorys through, attitude, direction, responsibility, motivation and
creativity.
27. What is conflict?
28. Name 5 sources of conflict.
29. State 2 employer strategies used and explain them.
30. State 3 employee strategies used and explain them.
31. Name and explain 4 conflict resolution strategies.
32. Name and explain 5 guidelines for establishing good relations between management and
employees.
32. Define trade union and state its main function.
33. State 5 roles of trade unions.
34. Define collective bargaining and state and explain its 2 aspects.
35. What are the social, political, educational functions of trade unions.
36. State the 4 types of unions.
37. What is a industrial relation.
38. Give 3 reasons why unions will be able to negotiate a high wage.
39. Define teamwork.
40. State 4 thinks team members should do.
41. What factors should management consider before forming groups.
42. Give 3 advanatages and disadvantages of teamwork
43. Define communication and what are the 6 process stages.
44. Give 3 strategies of the sender and receiver
45. Define oral communication, give examples and 3 advantages and disadvantages.
47. Define written communication, give examples and 3 advantages and disadvantages.
48. Define visiual communication, give examples and 3 advantages and disadvantages.
49. Distinguish between internal communication and external communication
50. Distinguish between formal and informal communication
51. Give 4 barriers of communication
52. What are 4 factors affecting effective communication.
53. Define management information systems (MIS) and give 5 benefits
54. State 3 challenges of MIS.

ESTABLISHING A BUSINESS
1. Define entrepreneur
2. State and explain 6 roles of the entrepreneur
3. Give 5 personal traits and leadership qualities of entrepreneur
4. State 5 reasons to start a business.
5. Explain the 6 steps of establishing a business.
6. Define research and state the 2 main types of research.
7. Define primary research, and state 3 methods used to collect primary research.
8. Define secondary research and 3 examples.
9. Give 3 reasons why research is needed.
10. Give 4 reasons fo planning
11. State and differentiate between 3 types of plans.
12. When is a business considered a legal entity?
13. What is the memorandum of association and state what it contains.
14. What is the Articles of Association and state what it contains
15. What is statutory declaration
16. What is Certificate of Incorporation
17. What is prospectus
18. What is the certificate of trading
19. Define capital and give 4 sources of it.
20. What is collateral and state its 3 types.
21. What happened to collateral if debt is not paid.
22. What are the 5 ethical and legal issues facing business/entrepreneur
23. Give 5 consequences of unethical and illegal practices
24. What is a business plan
25. What are the 5 features of a business plan
26. Give 3 benefits of a plan
27. What is the purpose of a business plan. Also give 5 things it will analse.

LEGAL ASPECTS OF A BUSINESS

1. Define contract
2. Differentiate between formal and informal contract.
3. Differentiate between simple and speciality contract.
4. Describe the charactristc of a simple contract.
5. Describe the characteristics of a specialty contract.
6. Distinguish between offer and invitation to treat or trade.
7. What is a discharge of contract
8. List methods of discharge
9. Explain why documentation is necessary in business transactions.
10. Explain instruments of payments and identify some.
11. Explain documentary letter of credit.
12. Differentiate between insurance and assurance.
13. Explain the concept of “pooling of risks”
14. Evaluate the principle of insurance.
15. What are the main categories of insurance
16. List policies of life insurance
17. List types of non- life insurance
18. List ways in which the insurance industry benefits trade
19. What is the role of insurance.

PRODUCTION
1. Distinguish between production and productivity
2. Identify the factors of production of goods and services, define them and state its benefits
3. Indentify the industries developed from the natural resources of Caribbean territories.
4. Explain the importance of productivity
5. Distinguish between labour fource and labour supply
6. List the factors that affect the efficiency of labour
7. Define migration and outline internal and external effects.
8. Explain the role of capital in production
9. Differentiate among types of capital
10. Classify the types and levels of production
11. Define and describe the characterisitcs of the cottage industries.
12. State 5 benefits of cottage industry operations
13. Define linkage industry and give examples
14. Why are linkages important
15. Outline the factors that determine the location of a business.
16. Outline the functions of small businesses
17. State 3 advantages and disadvantages of small businesses
18. Explain how a business grows internally and externally
19. Explain the effects of growth on a business
20. Describe the economic and social implications of technological development
MARKETING
1. Identify and define the main marketing activities
2. Distinguish between market and marketing
3. Describe marketing mix
4. Define and state the reasons for market research
5. What are the types of market research
6. Describe the factors that influence consumer behaviour
7. Identify factors affecting packaging
8. Describe the methods of promoting sales
9. Identify the main types of market structures
10. Define: cash, credit, hire purchase layaway, cosignemnt, and cash and trade discount.
11. Identify the techniques of sellling
12. Define consumerism and give some of the exploitations
13. State 5 rigths of consumers
14. State 5 responsibilities of consumers
15. List the factors of consumer organization
16. Outline the role of customer service
17. Describe the forms of customer service
18. Explain the concept of intellectual property rights
LOGISTICS AND SUPPLY CHAIN
1. What is logistics
2. What is supply chain operations
3. Explain the 7 components of logistics
4. What are 5 activities involved in supply chain operations
5. Showcase 3 ways a distribution chain can go
6. Differentiate between intermodal and multimodal.
7. List the 6 ways of transport and give their advantages and disadvantages
8. State 3 transport documents
9. Describe the the 4 roles of transport in marketing
10. What is the importance of transport in domestic, regional and foreign trade.
11. What are advantanges and disadvantages of of supply chain operations
12. What are 4 impacts of logistic and supply chain operations on the competitiveness of
business
13. Differentiate between a second party, third party and fourth party logistics provider.
14. What are 5 problems likely to be encountered in distributing
15. Outline 5 measures to mitigate problems in distribution
16. Give some impact of IT on logistics and supply chain operations
17. What is a portnet and give 4 benefits
18. What is a logistics hub, and give 4 of what it will include.
BUSINESS FINANCE
1. State 5 financial institutions
2. State 5 services offered by financial institutions
3. State the functions offered by financial institutions
4. Describe the role of the central bank
5. State the functions of the central bank
6. Describe the relationship between the central bank and the commercial banks
7. Describe the relationship between the central bank and the commercial banks
8. Outline ways used by individuals to manage personal income
9. `Differentiate between savings and investments (definitions and forms)
10. State 5 sources of short term financing
11. State 5 sources of long term financing
12. State 5 personal sources of capital for setting up a business.
13. State and define the types if bookkeeping systems.
14. What is the purpose of income statement
15. What is the purpose of balance sheet
16. What is the purpose of cash flow statement
17. Define stock market
18. State 5 functions of the stock market
19. State 3 risks and three benefits of the stock market
20. Differentiate between bulls, bears and stags.
21 What is cross listing
ROLE OF GOVERNMENT IN AN ECONOMY
1. Describe 5 responsibilities of a government in an economy
2. Give 4 reasons why protect the environment
3. State 4 ways in which business protect the environment
4. State 3 ways in which government regulates business activities
5. Give 3 things consumers should be protected from
6. Describe 4 agencies that “protects” consumers
7. State 5 protection laws
8. Define hire purchase law
9. Define price controls
10. Define zoning laws
11. Define taxation in retrospect to pollution
12. Define waste disposal
13. What is taxation
14. Give 4 characteristics of taxes
15. What is the purpose of taxation
16. What is direct taxes
17. Describe 4 types of direct taxes
18. What are indirect taxes
19. Describe 4 types of indirect taxes
20. State 3 types of taxation
21. Define progressive taxation
22. Define regressive taxation
23. Define proportional taxation
24. Describe 4 types of government assistance offered to businesses
25. What are the purpose of government research and information centres
26. Describe 4 social services provided by government
TECHNOLOGY AND THE GLOBAL BUSINESS ENVIRONMENT
1. Define business technology
2. What is the role of technology in business
3. Describe 3 ways in which technology has influenced banking and commerce
4. Describe what The World Bank does
5. What are the 5 agencies of the world bank
6. What are 3 impact these have on the Caribbean
7. State 4 benefits of technology to business
8. State 4 consequences of unethical use of ICT
9. State 3 specialist applications
10. State 4 digital communication technologies
11. State 4 ways in which technology can improve business
12. What is national income
13. Describe the circular flow of income
SOCIAL ACCOUNTING AND GLOBAL TRADE
1. Define standard of living
2. State 5 factors that determine a country’s standard of living
3. Differentiate between standard of living and quality of life
4. Give 3 alternative measures of the standard of living
5. What impact does national income have on standard of living and quality of life
6. Define economic growth and give 4 ways economic growth can be generated
7. Explain negative growth
8. Explain growth without development
9. Explain economic development
10. What is gross domestic product (GDP)
11. What is gross national product (GNP)
12. Define per capita GNP and calculate it
13. State 5 reasons for and importance of international trade
14. Give 3 advantages and disadvantages of Int. Trade
15. Define Int. Trade
16. Define comparative advantage
17. Define absolute advantage
18. State 2 Impact Int. Trade on the Caribbean
19. What are the 6 stages of economic integration
20. Explain Caribbean Community Common Market (CARICOM) and give its objectives.
21. Explain the Organization of American States (OAS) and its impact on the caribbean
22. Explain the Caribbean Single Market and Economy (CSME) give objectives of CSME
and state the impact
23. Explain the World Trade Organization (WTO), give its objectives and its impact on the
Caribbean
24. Explain the Caribbean Development Bank and give its objectives
25. Explain International Monetary Fund (IMF), its activities involved and its impact on the
Caribbean
26. Explain 4 economic and social problems in the Caribbean
28. Describe 3 possible solutions to economic social problems