Business Challenge Pre-Round

A person can be fined for leaving their car engine running while parked in Australia.

• True

• False

What is the marketing mix?

• Price, product, promotion, packaging

• Advertising, branding, sales, location

• People, place, price, product

• Product, price, place, promotion

What legal structure has unlimited liability in Australia?

• Sole Trader

• Public Company

• Private Company

• Trust

What are the three main types of financial statements in accounting?

• Balance Sheet, Tax Return, Cash Report

• Balance Sheet, Income Statement, Cash Flow Statement

• Income Summary, Cost Report, Trial Ledger

• Profit Statement, Expense Log, Budget Sheet

What does the accounting equation represent?

• Assets = Revenue + Expenses

• Assets = Liabilities + Equity

• Equity = Cash + Revenue

• Liabilities = Income – Profit

The Australian legal drinking age is 21 years old.

• True

• False

Which of the following is a liability?

• Office Furniture

• Company Revenue

• Bank Loan

• Owner’s Equity

What type of account is "Accounts Payable"?

• Revenue

• Asset

• Liability

• Equity

What does the Australian Consumer Law protect against?

• False or misleading advertising

• Employee wage disputes

• Unfair business competition

• International trade restrictions

Which of the following is an external factor affecting business operations?

• Staff motivation

• Government regulations

• Business location

• Marketing strategies