Business Revision Quiz

What are the 5 Sectors of the Australian Economy?

• Families, small business, banks, finance, imports

• Household, Business, Banks, Finance, Overseas

• Household, Business, Government, Finance, Overseas

• Household, Government, Council, Finance, Overseas

Answer explanation

Provide a definition of the Australian economy.

Evaluate responses using AI:

OFF

Answer explanation

The purpose of the Australian economy is to produce, distribute and consume goods and services within Australia.

What are services?

• Services are things you can touch.

• Intangible product. For example consulting or education.

• Services are things that aren't for sale.

• Services do not attract a Goods and Services Tax.

List 4 types of markets.

Evaluate responses using AI:

OFF

Answer explanation

1. Consumer markets

2. Industrial markets

3. Institutional markets

4. Reseller markets

What are goods?

• Products can only be imported into Australia.

• All products are subject to Capital Gains Tax.

• Product are intangible tings that cannot be touched.

• Goods are tangible products such as clothing, bicycles, or food.

What is meant by the term "consuming"?

Evaluate responses using AI:

OFF

Answer explanation

To use goods and services.

Which of the following terms is best matched to the term "buyer"?

• Seller

• Distributer

• Economist

• Consumer

Which of the following terms is best matched to the term "seller"?

• Producer

• Teacher

• Economist

• Consumer

Which of the following is a cause of opportunity cost?

• Too many choices

• Not enough spending money

• Not enough choices

• Too much spending money

TRUE or FALSE: the business sector refers to all the producers and distributers in the country?

• TRUE

• FALSE