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SARASWATI VIDYA NIKETAN

DIVALI 2013 (END OF TERM) FORM 5 PRINCIPLES OF BUSINESS

TIME: 2 HRS NAME OF STUDENT: …………………………………………………………

ANSWER ALL QUESTIONS.

1. CARICOM has decided to establish a Single Market and Economy for the Caribbean region.

(a) (i) Explain what is meant by ‘single market’ , as it relates to CARICOM. (3 marks)

(ii) State THREE aims of CARICOM. (3 marks)

(b) Outline THREE advantages of CARICOM’S Single Market and Economy. (6 marks)

( c) Identify ONE major economic problem faced by Caribbean countries and discuss a possible solution to
that problem. (4 marks)

(d) Identify ONE social service provided by the government of your country and explain how that social
service contributes to the economic development of your country. (4 marks)

TOTAL 20 MARKS.

2. Maria works at P.C. Garments. The company pays its workers every two weeks. Maria tries to save
regularly. She is saving to buy a refrigerator.

(a) (i) Identify ONE type of financial institution where Maria could put her savings. (1 mark)

(ii) State and explain TWO main features of the institution you identified in response to (i) above. (4
marks).

(b) Explain to Maria how she should budget so that she could save to buy the refrigerator. (2 marks)

(c ) Assume Maria needs the refrigerator to start a new business. Identify and discuss TWO sources from
which she could borrow. (4 marks)

(d) Assume Maria has been granted a loan. She is planning to buy the refrigerator from abroad. Identify and
explain the purpose of THREE trade documents she may require in the process of importing the refrigerator.
(9 marks)

TOTAL 20 MARKS.
3. Most Caribbean countries use ‘road transportation’ to do business locally.

(a) List THREE means of transportation, other than by road, that is used in the Caribbean. (3 marks)

(b) (i) Identify THREE problems associated with road transportation in the Caribbean. (3 marks)

(ii) Discuss TWO ways in which the problems associated with road transportation may be reduced. (4
marks)

(c ) Identify ONE method of transportation that is best suited to transport EACH of the following items, giving
ONE reason why EACH method is appropriate:

- Seafood traded internationally.


- Soft drinks and beers traded locally
- Oil traded internationally
- Large quantities of money transported locally. (8 marks)

(d) State TWO reasons why goods that are traded internationally should be insured. (2 marks)

4. (a) Define the term ‘contract’. (2 marks)

(b) State THREE differences between a simple contract and a speciality contract. (3 marks)

(c ) Give TWO examples of situations in which a speciality contract is required. (4 marks)

(d) Suggest a remedy for breach of contract. (1 mark)

TOTAL 10 MARKS.

THE END.

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