WILLIAM CAXTON COLLEGE

BILINGUAL EDUCATIONAL INSTITUTION

GRADE 2 BGU A - B Business and Management Quiz 2
FULL NAME: _______________________ DATE: _____________________________
A.- MULTIPLE CHOICE: 6/6
1. Business is a repeatable process that: (mark the incorrect statement)
a. At a price you are willing to pay b. makes no profit
c. satisfying staff and customers d. Creates and delivers something of value

2. One of the common objectives of business is:

a. Charging a very high price. b. Spending as much as possible
c. Not adapting to change. d. Profit Maximisation.

3. John D. Rockefeller founded what Oil Company in 1865?

a. Royal Dutch Petroleum b. Anglo-Persian Oil Company
c. Pacific Coast Oil Company d. Standard Oil Company

4. What was the system used for trading goods before money?
a. The Bartering System b. Trading cars
c. Selling Bicycles d. Using Bitcoin

5. Andrew Carnegie revolutionised the steel industry by

.
a. building big ships b. building oil refineries
c. finding a better way to produce steel d. building Lego castles.

6. John D Rockefeller built and bought Refineries thereby creating a

a. Port b. military base.
c. monopoly. d. McDonalds

B.-TRUE OR FALSE 6/6:

7. Offshore Technology explores the history of oil and gas. Today, oil and gas is an
International, multimillion dollar industry. (T )( F)

8. Currency first started off with bartering between 9000bc and 6000bc (T )( F)

9. The Chinese used Gold shaped coins in 1000bc (T )( F)

10. Roses are an Ecuadorian export product (T )( F)

11. Yuca is the most important Ecuadorian natural resource being exported. (T )( F)

12. A renewable resource is a natural resource which cannot be restored

with natural processes and does end. (T )( F)
 C.- FIND THE MISSING WORD: 6/6 :

Half American Materials researcher England Murex

analyses Polish British producer the base Accounting
Almost All Russian Pacific recording Financial Accounting Spindletop

13. The Industrial Revolution refers to the greatly increased output of machine made goods that
, england in the middle 1700s.
began in ____________________________

14. The purpose of ____________________is

accounting to provide the means of guiding and controlling
the business activities.

15. Bookkeeping is the art and science of ______________________

recording business transactions in a
systematic manner.

16. Accounting on the other hand processes, ________________________

analyses and interprets the
data for the purpose of meeting the requirements of different users.

the base
17. Bookkeeping however, serves as _____________________________ for accounting.

18. The branches of Accounting are ______________________, Cost Accounting and

financial accounting
Management Accounting.

D. Give the Meaning of the following terminology : 6/6 :

1. Wants. _a necessary requirement duty

______________________________________________________________________________

_______________________________________________________________________________

2. Needs. ______________________________________________________________________________
is an individual or business that purchase another company goods or services

_______________________________________________________________________________

is an individual or business that purchase another company goods or services

3. Customer. __________________________________________________________________________

___________________________________________________________________________________________
a person who buys and uses up goods
4. Consumer. _________________________________________________________________________

___________________________________________________________________________________________

5. T Accounts. an informal term of a set of financial recors that uses double entry bookeping
________________________________________________________________________

__________________________________________________________________________________________

The Double Entry system. the system in wich the accounts are
6. The Double Entry system. _______________________________________________________
manteined in a book

_______________________________________________________________________________________