Business - Unit 1 Exam Revision

A sole trader is the simplest form of legal ownership.

• True

• False

There are 3 types of environments which impact a business.

• False

• True

STEEPLE analysis stands for

• social, technological, economic, environmental, political, legal & ethical

• social, technological, economic, environmental, political, loyalty & ethical

• Social, terminology, ethical, equality, policy, legal & economy

• ethical

• personal

A vision and mission statement are part of the strategic planning process.

• True

• False

A partnership has between

• a. 1 - 2 owners

• b. 2 - 20 owners

• c. 2 - 50 owners

• d. Both B and C

Which environment does a business have some degree of control over:

• External environment

• Macro Environment

• Internal Environment

A government owned corporation can be defined as

• A. a commonwealth entity including Australia Post, Snowy Hydro and Defence housing Australia.

• B. Established by Government in response to a need in the community.

• C. Owns commercial businesses in energy, water, rail & ports.

• D. Providing a service and product with an aim of making a profit whereby profits are distributed to owner/s or shareholders.

• E. Both B & C.

The business life cycle consists of 5 stages.

• False

• True

The internal business environment consists of

• Organisational culture

• Owner/s and management

• Employees

• Organisational structure

• All of the above

A profit based business provides services and products to customers and profits are distributed to owner/s or shareholders.

• True

• False