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WorksheetsYear 8 Economics and Business Revision
Total questions: 25
Worksheet time: 13mins
Name
Class
Date
1.
A consumer can be defined as
a)
the final user of goods and services
b)
someone who loves to eat
c)
someone who makes goods and services
d)
someone who consumes a lot
2.
A cooperative is
a)
a business that is owned and operated by the group of people that it serves
b)
a business with one operator
c)
a business which sells shares on the ASX
d)
a business operated by the public
3.
A corporation is
a)
a business owned by the government
b)
a corporate business
c)
a business owned by shareholders
d)
a business owned by corps
4.
A franchise is
a)
where a business is owned by shareholders
b)
where a business sells the rights to distribute its products under its name to other individuals or businesses
c)
where a business sells its products to other businesses
d)
where businesses merge to create one big business
5.
A target market is
a)
a market available at target
b)
a group of people who all buy the exact same goods and services
c)
a group of producers who have similiar interestes and therefore join in a partnership business
d)
a group of customers with similar characteristics towards which a business has decided to aim its marketing efforts and its products
6.
ACL stands for
a)
Australian Consumer Law
b)
Australian Competition Law
c)
Australian Consumption Law
d)
A Cool Law
7.
ACCC stands for
a)
Australian Competition and Consumer Commission
b)
Australian Consumer and Consumption Commission
c)
Australian Commision of Consumers
8.
Unlimited liability is
a)
where a business owner is personally responsible for all the debts of their business
b)
where shareholders suffer the losses of business debt
9.
Voluntary standards are
a)
standards that suppliers agree to comply with that are not compulsory or legally enforceable
b)
the standards applied to volunteers
c)
standards that are voluntary
10.
A sole proprietorship is
a)
a business that is owned and operated by one person
b)
a sole business
c)
a business that only has one customer
d)
a business that is owned and operated by shareholders
11.
Australian Consumer Law aims to
a)
decreases the profits of businesses
b)
stop businesses from charger high prices to consumers
c)
make sure that every transaction between buyers and sellers is fair to both parties.
d)
sue businesses and consumers
12.
Which of the following is NOT illegal under Australian Consumer Law?
a)
Bait advertising
b)
Misleading conduct
c)
Referral selling
d)
Discount sales
13.
Which of the following is not a consumer guarantee?
a)
products must match samples
b)
products must be fit for purpose
c)
products must last for at least 1 year
d)
products must be of acceptable quality
14.
Consumers have a responsibility to
a)
bring their own bag
b)
tip the business
c)
keep the good purchase in its packaging
d)
pay for the item they agreed to purchase
15.
Price fixing is when
a)
businesses price fix to the lowest price possible
b)
businesses agree to set identical prices for their products
c)
businesses fix their prices and never change them
d)
business charge double the normal price
16.
Predatory pricing is when a business
a)
acts as a predator
b)
deliberately sets its prices at such a low level that its competitors cannot match them
c)
sets its prices to well above the normal price
d)
deliberately sets its prices at a higher level than its competitiors
17.
It would be against the ACL for the only two banks in Australia to merge
a)
True
b)
False
18.
Inspections of restaurants are carried out by
a)
the ACCC
b)
local councils
c)
Consumer fair trading authorities
d)
the chef
19.
A sole proprietorship receives all the profit and suffers all of the losses
a)
False
b)
True
20.
A scam can be defined as
a)
phone calls made from other countries asking for money
b)
an email from someone who is not who they say they are
c)
any fraudulent activity used to trick an unsuspecting person into giving money or personal details
21.
a)
phishing
b)
romance
c)
lottery
d)
advance fee
22.
a)
romance
b)
advance fee
c)
phishing
d)
charity
23.
Target markets are defined by
a)
age, gender, income and ethnicity
b)
demographics, behavioural, psychographic and geographic characteristics
c)
characteristics
24.
A phishing scam aims to
a)
pretend to be a competition
b)
get your money
c)
catch fish
d)
gain your personal information
25.
An advantage of buying a franchise is
a)
being granted an instantly recognisable business name
b)
profits
c)
be able to choose the goods and services you sell
d)
unlimited liability
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