In this post, you will practice for the chapter on business organization which is an important area for exams. So here we go with the first question of our chapter business organization.
Q1. An organization is a group of people who has __?
- Common goal
- Separate goal
- double goal
- different goal
Q2. Organization is differ in term of,
Select three appropriate term.
- Activity
- Legal status
- control and ownership
- Only profit organization
- Only non-profit organization
Q3. Limited corporations and partnerships in the United Kingdom are founded under the ___Company Law.
- IASB
- IFRS
- UK
- UN
Q4. Transforms raw materials into finished, saleable products with the use of equipment and labor, This is the definition of?
- Manufacturing sector
- Extractive Sector
- Construction Sector
Q5. This industry is involved in the making of bridges, skyscrapers, and highways, this is the definition of?
- Manufacturing sector
- Extractive Sector
- Construction Sector
Q6. This industry buys finished goods and sells them to the general population. This is the definition of?
- Manufacturing sector
- Extractive Sector
- Construction Sector
- Retailing/Distribution Sector
Q7. American Express is an example of ?
- Extractive Sector
- Construction Sector
- Retailing/Distribution Sector
- Service sector
Q8
___ organizations that make a profit are also known as value profit making organizations such as Sole traders, Partnerships, Private limited, Public limited.
- Not For Profit Organizations
- Public Sector Organizations
- Co-operatives
- commercial Sector
Q9. Which organizations do not exist to produce money; rather, they exist to help society or the environment.
- Not For Profit Organizations
- Public Sector Organizations
- Co-operatives
- commercial Sector
Q10. The government owns or has control over these entities. They work for the people’s benefit. Select the correct option.
- Not For Profit Organizations
- Public Sector Organizations
- Co-operatives
- commercial Sector
Q11. An organization or association whose facilities and services are jointly owned and administered by those who use them. Select the correct option.
- Not For Profit Organizations
- Public Sector Organizations
- Co-operatives
- commercial Sector
Q12. The organization is owned and controlled by a single person Is known as?
- Partnership
- Co-operatives
- Sole trader
- Limited companies
Q13. The power and authority of a business are legally separated in limited businesses. This line belongs to?
- Partnership
- Co-operatives
- Sole trader
- Limited companies
Q14. Owned by Friends and family and Provided funds by founders, this belongs?
- Private company
- Public company
- Co-operatives
- Sole trader
Q15. When 2 or more persons pool their resources to own and manage a firm collectively, they form a___?
- Partnership
- Co-operatives
- Sole trader
- Limited companies
Answers
- Common goal
- Activity, Legal status, control and ownership
- UK
- Manufacturing sector
- Construction Sector
- Retailing/Distribution Sector
- Service sector
- commercial Sector
- Not For Profit Organizations
- Public Sector Organizations
- Co-operatives
- Sole trader
- Limited companies
- Private company
- Partnership
General FAQS
What is the mean of F1 in ACCA?
F1 is the 5th paper in ACCA which means accountant in business. In this paper, students learn every basic of a business including its structure and process of managing things within the organization.
How many hours student should study for passing the F1 ACCA exam?
The answer to this question is not specified because students can pass the exam with a study of 4 to 5 hours daily or can not pass the exam even by studying 10 hours a day. The important thing is that passing the exams on the bases of hours is not necessary but the important factor is studying effectively matters a lot in passing all the exams of ACCA. If students want to pass the exam, they must aware of how to study effectively and how to use other resources for passing the exam. By using other resources and practice students can pass the exam with good marks.
Remember that “Business organization” is a very important chapter from the exam point of view, Practice and read the notes as well which are available on the site.
Read other notes for FBT
Chapter 2: Stakeholders
Chapter 3: Business Environment In Political and Legal Factors