TEC Assessment 7 Answers : TEC Question Answer Key 2024 | TEC Assessment Answers pdf | ( Basic Financial Terms )

 

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.

A)Finance
B) Governance
C) Maintenance
D) Dominance

ANSWER= (A) Finance

 

2. ___________ has multiple owners or partners, some of whom are also usually responsible for the day-to-day running of the business.

A) Friendship 
B) Presidentship
C) Partnership
D) Corporations

ANSWER= (C) Partnership

 

3. What is the primary objective of a business? 

A) Make money for investors by providing goods or services
B) Make money for retailers by providing goods for services
C) Make money for customers by providing goods or services
D) Make money for employees by providing goods or services

ANSWER= (A) Make money for investors by providing goods or services

 

Read More : TEC Assessment 8 Answers : TEC Question Answer Key 2024 | CSC TEC Assessment Answers | ( Accounting and Business Reporting )

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.

A) Liabilities
B) Equity
C) Partnership
D) Assets

ANSWER= (B) Equity

 

5. What are the key inputs of business? 

A) Labour
B) Land
C) Capital
D) All of the above

ANSWER= (D) All of the above

 

6.What is a corporation?

A) A separate legal entity with a large number of owners
B) A separate illegal entity with a large number of owners
C) Multiple owners or partners, some of whom are also usually responsible for the day-to-day running of the business 
D) All of the above.

ANSWER= (A) A separate legal entity with a large number of owners

 

7. What is the output of the business?

A) Goods
B) Services
C) Both of the above
D) Neither is correct

ANSWER= (C) Both of the above

 

Read More : TEC Assessment 9 Answers : TEC Question Answer Key 2021 | TEC Assessment Answers pdf | ( Marketing Education Handling Questions & Concerns )

8. What are the different forms of business?

A) Sole proprietorship, Friendship,Corporations
B) Sole proprietorship, Partnership, Corporations
C) Sole proprietorship, Partnership,Commemoratio
D) Sole presidentship, Partnership,Commemoration

ANSWER= (B) Sole proprietorship, Partnership, Corporations

 

9. Identify a non-example of accounting?

A) How much value in rupees of goods or services has the business sold
B) List of investments in land, facilities, buildings, etc. the business made
C) Costs the business incurred.
D) List and details of favourite customers

ANSWER= (D) List and details of favourite customers

 

10. What is a Sole proprietorship? 

A) A single owner who is also usually responsible for the day-to-day running of the business
B) A single employee who is also usually responsible for the day-to-day running of the business
C) A single retailer is also usually responsible for the day-to-day running of the business
D) A single partner who s also usually responsible for the day-to-day running of the business

ANSWER= (A) A single owner who is also usually responsible for the day-to-day running of the business

All TEC Final Exam Answer Key 2024 

• TEC Assessment 1 Answers -   Click Here

• TEC Assessment 2 Answers -   Click Here

• TEC Assessment 3 Answers -   Click Here

• TEC Assessment 4 Answers -   Click Here

• TEC Assessment 5 Answers -   Click Here

• TEC Assessment 6 Answers -   Click Here

• TEC Assessment 7 Answers -   Click Here

• TEC Assessment 8 Answers -   Click Here

• TEC Assessment 9 Answers -   Click Here

• TEC Assessment 10 Answers - Click Here

• FINAL Assessment Answers -  Click Here

• TEC Assessment Answers pdf- Click Here

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