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Kjyhk; jtiz guPl;ir - 2022

Conducted by Field Work Centre, Thondaimanaru
FWC 1st Term Examination - 2022

tzpff;fy;tp -I Three Hours

32 E I
Business Studies - I Gr. 12 (2023)

Index Number: ………………

Instructions For office use only
 Answer all the questions
 Write your index number in the above blank For question paper – I
 Select the most appropriate answer and write its Question No. Marks
number on the dotted line when
answering questions, No 1 – 15 01 – 15
 Write brief answers for the questions No. 16 - 25 on
16 - 25
the given dotted lines
 Each question is allotted 2 marks Total

Part I

1. ……………………………….. are used to fulfill human needs and wants

1. Goods 2. Services 3. Goods and Services
4. Auxiliary Services 5. Limited resources (……..)

2. The name of the production that includes such as mining and quarrying, mineral resources, industrial
production, construction industry, electricity, gas heat and refrigeration is
1. Agriculture production 2. Industrial production
3. Primary production 4. Secondary production
5. Tertiary production (……..)

3. Following are the statements of five students regarding the ways of the basic classification of business
A – Trade and Business Services
B - Industry and Commerce
C – Industry and Trade
D – Industry and Business Services
E – Trade and Commerce
Who is the student who correctly mentioned the basic types of business classification?
1. A 2. B 3. C 4. D 5. E (……..)

4. Some of the business functions are given in the column “X” and the examples suitable for these
functions are given in column “Y”
X Y
1. Administration A – quality control
2. Production B – Advertisement
3. Marketing C – Preparing the files of employees
4. Finance D – Employees training
5. Human resources E – Investing Capital

Grade- 12 (2023) 1st term – 2022 F.W.C 1 Business Studies - I

 Select the correct answer that indicates the correct combination between the business fictions that are
shown in column “X” and the suitable examples in column “Y”
1. A, C, D, E, B 2. B, C, A, E, D
3. C, A, B, D, E 4. C, A, B, E, D
5. D, A, E, B, C (……..)

5. Statement A – When trade and auxiliary services are combined it is considered as commerce
Statement B – Tertiary production can be considered equal to business
From the above two statement,
1. Both statements are wrong
2. Statement “A” is correct, statement “B” is wrong
3. Statement “A” is wrong, statement “B” is correct
4. There is no relationship between the two statements
5. A and B are correct and A is described through B (……..)

6. The following are the statements of five students in connection with the changes taking place in the
present business environment
L – Generally it is compulsory to get the Covid 19 vaccination by all those who are above 60
years of age.
M – Internet services are developing on a huge scale during the Covid 19 pandemic
N – At present all the temple festivals and social events are prohibited due to the Covid 19
pandemic situation
O – Productions are blocked due to not getting supplies of raw materials through the suppliers
due to the Covid 19 pandemic
P – In the past few months the prices of goods and services are continuously rising
Which of the above students’ statement can’t be considered as a statement relevant to the environment
1. L 2. M 3. N 4. O 5. P (……..)

7. Business are fulfilling social responsibilities by involving in social welfare services towards the
1. Government 2. Society 3. Nation
4. Customers 5. Owners (……..)

8. The government interferes in business in several ways in connection with the successful running of
business and the government expects many things from the business. According to this the examples for
the ways of government interference is shown in the column “X” and the things expected by the
government are shown in column “Y”
X Y
A – Providing basic infrastructure facilities 1. Providing good quality services
B – Purchasing goods and services 2. Investing by more businesses
C – Involving similar business activities 3. Preparing the entry of unwanted businesses
D – Collecting production taxes and corporate taxes 4. Motivating sales and profits

Grade- 12 (2023) 1st term – 2022 F.W.C 2 Business Studies - I

 Select the correct combination between “X” and “Y”
1. A-1, B-4, C-2, D-3
2. A-3, B-1, C-4, D-2
3. A-4, B-3, C-2, D-1
4. A-1, B-2, C-3, D-4
5. A-2, B-4, C-1, D-3 (……..)

9. The following table provides the 4R concept of waste management and examples related to them.
Concepts Examples
(i) Recycle A – Reading letters on the computer screen instead of printing.
(ii) Replace B – Use of waste paper to make short notes.
(iii) Reduce C - Farming fishery resources by a business that engages in fishing industry.
(iv) Reuse D – Producing organic fertilizer using waste fruits and vegetables.
Based on the order of the concepts stated above, which option correctly matches with the examples?
1. A, D, B, C 2. B, C, A, D 3. B, D, C, A
4 D, C, A, B 5. D, A, C, B (……..)

10. The main pillars of sustainable development is shown in column “X” and the things that businesses
should concentrate on, shown in column “Y”
X Y
A – Economic sustainable development 1. Maintaining human capital
2. Risk Management
B – Environment sustainable development 3. Full employment
4. Minimizing poverty
C – Social sustainable development 5. Production and consumption
6. Natural and Cultural Heritages

Select the correct combination between “X” and “Y”

1. A – 1,4 B – 5,6 C – 2,3
2. A – 3,5 B – 2,6 C – 1,4
3. A – 2,3 B – 1,5 C – 4,6
4. A – 4,6 B – 3,5 C – 1,2
5. A – 5,6 B – 1,4 C – 2,3 (……..)

11. In tax computation when a company sells a fixed asset the amount received in excess of the cost is
considered as a
1. Profit
2. Revenue
3. Capital reserve
4. Revenue gain
5. Capital gain (……..)

Grade- 12 (2023) 1st term – 2022 F.W.C 3 Business Studies - I

12. Some of the consumer rights and responsibilities are given below

A – Getting information
B – Social concern
C – Continuous participation
D – Choose
E – Fulfilling basic needs
F – Cooperation
G – Get consumer education
H – Environmental
concern
From the above, which of the following group includes only the consumer rights?
1. A, D, E, G 2. A, B, E, G 3. B, C, F, H
4. B, C, D, E 5. E, F, G, H (……..)

13. The main objective of the fiscal policy of the government is

1. To maintain the bank interest rate in a stable manner
2. To maintain the stability of price level of the national economy
3. To carry out government services continuously
4. To control the amount of money in use in the economy
5. To maintain the stability of the economy of country (……..)

14. Which of the following organization is established to protect consumers against unfair trade practices
and to respect the rights of the consumers
1. Central Environment Authority Board
2. Sri Lanka Environment Authority Board
3. Consumers Affairs Authority Board
4. Measurement units, Standards and service Department
5. Telecommunication Organizing Commission (……..)

15. What is the important factor that should be considered by consumers when making decisions
regarding the purchase of a good?
1. Needs and wants
2. Price and quality
3. Safety and durability
4. Social status and behavior
5. Income and attractiveness (……..)

Grade- 12 (2023) 1st term – 2022 F.W.C 4 Business Studies - I

 Answer the following questions No 16 to 20 by filling in the blanks with suitable word/words

16. a) Anything offered to the market which fulfills human needs and wants are known as

………………………… and the situation for the exchange of this is known as ………………………

b) The goods that are produced and distributed by the business are categorized into two types such as

…………………………………. And ………………………………

17. a) When calculating the “added value” of products ……………………………… value and

…………………………….. Value will be taken into consideration.

b) The resources that are obtained from ………………………….. productions are used as inputs in

………………………………….. productions

18. a) Introducing innovations are considered as …………………………… sustainable development

while wastage management is considered as ……………………………… sustainable

development.

b) …………………………………. and …………………………….. are the two types of stabilities

of an economic good of a government.

19. a) While production tax and customs duties are considered as ……………………………… taxes,

and corporate tax and capital gain tax are considered as ……………………………. Taxes

b) In open market operations the Central bank of Sri Lanka sells the securities such as

…………….......................... and ……………………….. through the commercial banks to the

public.

20. a) When the retail price of a product is erased and changed on its label is considered as over rule of

the consumer right of ……………………………. and the pesticides manufacturers publishing

warning regarding usage is considered as the consumer right of ………………………………..

b) While ……………………………. Foundation implements a quality mark in Sri Lanka through this

…………………………… issues quality certificates to the producer in Sri Lanka

 Answer the questions No 21 – 25 by writing the suitable answers in the spaces given

21. Name four resources required for a business

1. ………………………………………….………………………………………………………………
2. ………………………………………….………………………………………………………………
3. ………………………………………….………………………………………………………………
4. ………………………………………….………………………………………………………………

Grade- 12 (2023) 1st term – 2022 F.W.C 5 Business Studies - I

22. Mention the four stages of business evolution in the correct order
1.. ………………………………………………………………………………………………………
2. ………………………………………………………………………………………………………
3. ………………………………………………………………………………………………………
4. ………………………………………………………………………………………………………

23. How can customers as one of the task environment factors pose a threat to the business? Give four
examples?
1.. ………………………………………………………………………………………………………
2. ………………………………………………………………………………………………………
3. ………………………………………………………………………………………………………
4. ………………………………………………………………………………………………………

24. Give four impacts of the fiscal policy

1.. ………………………………………………………………………………………………………
2. ………………………………………………………………………………………………………
3. ………………………………………………………………………………………………………
4. ………………………………………………………………………………………………………

25. Write the name of the following signs that are used in wastage management.

(i) (ii)

……………………………………….… …………………………………………….

(iii) (iv)

…………………………………....…… ……………………………………………

Grade- 12 (2023) 1st term – 2022 F.W.C 6 Business Studies - I