Accounting Multiple Choice Question – 31 August 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Which of the following is an asset of a firm?

Select ONE answer:

  1. Machinery owned by the firm.
  2. Money owed by the firm to one of its suppliers in respect of goods purchased on credit.
  3. An overdrawn balance on the firm’s bank account.
  4. The capital of the firm.

State one other type of asset that a business might have:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Accounting KS5 classes.

The answer is 1.because machinery is a resource from which benefits can be derived through use. 2 – Money owed by the firm to one of its suppliers is a liability. 3 – An overdrawn bank account is a liability. 4 – The capital of a firm is money owed by the business to the owners of the business.

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Economics Multiple Choice Question – 30 August 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Suppose the equilibrium wage is £10 per hour. An effective ________ would be set at ________
Select ONE answer:

  1. price ceiling; £10 per hour
  2. price floor; £8 per hour
  3. price floor; £12 per hour
  4. price ceiling; £12 per hour

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is a multiple choice question is suitable for Economics KS5 classes.

The answer is 3

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Economics Multiple Choice Question – 29 August 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

A price floor is …….

Select ONE answer:

  1. a price below which a seller cannot legally sell.
  2. a price above which a seller cannot legally sell.
  3. a price that creates a surplus of the good if it is set above the equilibrium price.
  4. both answers A and C are correct.

Explain what is primary market research data:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is a multiple choice question is suitable for Economics KS5 classes.

The answer is 4

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Economics Multiple Choice Question – 28 August 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

A rent ceiling results in a shortage. As a result, which of the following do you expect?

Select ONE answer:

  1. Discrimination as landlords choose their tenants, possibly based on race, age, or gender.
  2. The shortage will persist as long as the ceiling is in effect.
  3. A black market for apartments whereby higher rents are obtained through various other charges.
  4. All of the above would be expected.

Explain how the price mechanism works in the context of potential market growth:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is a multiple choice question is suitable for Economics KS5 classes.

The answer is 4

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Economics Multiple Choice Question – 27 August 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

When a deadweight loss occurs in a market, we can be certain that ..….

Select ONE answer:

  1. the market is a monopoly.
  2. there underproduction in the market.
  3. the entire society experiences a loss.
  4. taxes have been imposed in a market.

Explain how the price mechanism works in the context of niche markets:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is a multiple choice question is suitable for Economics KS5 classes.

The answer is 3

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Economics Multiple Choice Question – 26 August 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

The decrease in consumer surplus and producer surplus that results from an inefficient level of production is called the ….

Select ONE answer:

  1. external benefits
  2. big tradeoff
  3. external cost
  4. deadweight loss

Explain how the price mechanism works in the context of mass markets:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is a multiple choice question is suitable for Economics KS5 classes.

The answer is 4

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Economics Multiple Choice Question – 25 August 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

________ can prevent the efficient allocation of resources.

Select ONE answer:

  1. Competitive markets 
  2. Marginal cost
  3. The equilibrium price
  4. Price floors

Explain how firms respond to a change in demand:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is a multiple choice question is suitable for Economics KS5 classes.

The answer is 4

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