TEC Assessment 7 Answers
Basic Financial Terms
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TEC Exam Questions and Answers: Basic Financial Terms
1._________________ is about planning for the uncertain future and deciding what kind of investments should the business make.
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Finance
Governance
Maintenance
2. ___________ has multiple owners or partners, some of whom are also usually responsible for the day-to-day running of the business.
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Friendship
Presidentship
Partnership
3. What is the primary objective of a business?
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Make money for investors by providing goods or services
Make money for retailers by providing goods for services
Make money for customers by providing goods or services
4. ___________is a way for a business to raise capital but there is no obligation to repay entities that provide capital. Instead, entities are given ownership of the business.
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Liabilities
Equity
Partnership
5. What are the key inputs of business?
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Labour
Land
Capital
6.What is a corporation?
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A separate legal entity with a large number of owners
A separate illegal entity with a large number of owners
Multiple owners or partners, some of whom are also usually responsible for the day-to-day running of the business
7. What is the output of the business?
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Goods
Services
Both of the above
8. What are the different forms of business?
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Sole proprietorship, Friendship,Corporations
Sole proprietorship, Partnership, Corporations
Sole proprietorship, Partnership,Commemoratio
9. Identify a non-example of accounting?
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How much value in rupees of goods or services has the business sold
List of investments in land, facilities, buildings, etc. the business made
Costs the business incurred.
10. What is a Sole proprietorship?
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A single owner who is also usually responsible for the day-to-day running of the business
A single employee who is also usually responsible for the day-to-day running of the business
A single retailer is also usually responsible for the day-to-day running of the business
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