Past Papers Nature of Business

Which industry sector does a retail business belong to?

• Primary

• Quaternary

• Secondary

• Tertiary

Which of the following is true for a partnership?

• Unlimited Liability, Income Tax, Limited Succession

• Limited Liability, Income Tax, Perpetual Succession

• Unlimited Liability Company Tax, Limited Succession

• Limited Liability, Company Tax, Perpetual Succession

A business has discovered a new digital software and has decided to develop a range of smart products utilising this new technology. Which roles are this business playing?

• Innovation and Choice

• Technology and Invention

• Employment and Quality of Life

• Entrepreneurship and Provision of Goods & Services

A business has been taken to court for failing to pay their debts. This process is called:

• Cessation

• Liquidation

• Voluntary Administration

• Involuntary Administration

A business with 19 employees purchases items from overseas which they sell in their Sydney and Melbourne stores. What is their classification?

• A small global business

• A small national business

• A medium global business

• A medium national business

Which of the following statements is true?

• All stakeholders are shareholders

• All shareholders are stakeholders

• Some shareholders are stakeholders

• Not all shareholders are stakeholders

Which of the following is NOT a result of the growth stage of the BLC

• Increasing sales

• Low staff morale

• Need to hire new staff

• More management pressures

The management at a business has recently chosen to provide staff with Friday lunches as a new office ritual to boost staff morale. This relates to the internal influence of:

• Business culture

• Staff engagement

• Interpersonal skills

• Information resources

The local primary school is having to deal with extremely low staffing numbers this Friday due to an organised staff strike by the Australian Education Trade Union. Which element of the external environment is impacting this business?

• Legal

• Political

• Institutional

• Labour Market

The workers of the business are a part of which element of the internal environment?

• Product

• Resources

• Management

• Business Culture