Accounting Multiple Choice Question – 17 January 2019

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

A business’s trial balance ……. ?

 

Select ONE answer:

  1. shows its financial position
  2. establishes whether its accounting records are correct
  3. list all of the entries in its double-entry accounting records
  4. is a list of all of the balances brought down in its double-entry accounting records

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

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Accounting KS5 classes.

The answer is 4 – 1 is the balance sheet; 2 even if the trial balance balances does not mean that it is free of accounting errors such as omission, compensating errors etc; 3 these are shown in the ledger accounts whereas the balances are in the TB.

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Economics Multiple Choice Question – 26 December 2018

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

Scarcity is represented on the production possibilities frontier by …… ?

Select ONE answer:

  1. the fact that there are only two goods in the diagram.
  2. technological progress.
  3. the amount of the good on the horizontal axis forgone.
  4. the fact there are attainable and unattainable points.

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

This multiple choice question is suitable for Economics KS5 classes.

The answer is 4

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Economics Multiple Choice Question – 25 December 2018

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

On the vertical axis, the production possibilities frontier shows ________ ; on the horizontal axis, the production possibilities frontier shows ________ ?

Select ONE answer:

  1. the quantity of a good; a weighted average of resources used to produce the good.
  2. the quantity of a good; the number of workers employed to produce the good.
  3. the quantity of a good; the price of the good.
  4. the quantity of one good; the quantity of another good.

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

This multiple choice question is suitable for Economics KS5 classes.

The answer is 4

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Economics Multiple Choice Question – 24 December 2018

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

Jane produces only corn and cloth. Taking account of her preferences for corn and cloth…….?

Select ONE answer:

  1. makes her production possibilities frontier straighter.
  2. does not affect her production possibilities frontier.
  3. makes her production possibilities frontier flatter.
  4. makes her production possibilities frontier steeper.

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

This multiple choice question is suitable for Economics KS5 classes.

The answer is 2

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Economics Multiple Choice Question – 23 December 2018

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

Which of the following statements regarding the production possibilities frontier is true?

Select ONE answer:

  1. Points on the frontier are less efficient than points inside the frontier.
  2. Points inside the frontier are attainable.
  3. Points outside the frontier are attainable.
  4. None of the above because all of the above statements are false.

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

This multiple choice question is suitable for Economics KS5 classes.

The answer is 2

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Economics Multiple Choice Question – 22 December 2018

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

Any production point outside the production possibilities frontier ……. ?

Select ONE answer:

  1. is attainable only if prices fall.
  2. is associated with unused resources.
  3. is attainable only if prices rise.
  4. is unattainable.

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

This multiple choice question is suitable for Economics KS5 classes.

The answer is 4

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Economics Multiple Choice Question – 21 December 2018

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

A production possibilities frontier does NOT illustrate ……. ?

Select ONE answer:

  1. attainable and unattainable points.
  2. the exchange of one good or service for another.
  3. the limits on production imposed by our limited resources and technology.
  4. opportunity cost.

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

This multiple choice question is suitable for Economics KS5 classes.

The answer is 2

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This work is licensed under a Creative Commons Attribution 4.0 International License.