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WorksheetsPrelim Business - Nature of
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
Which is not a function of a business?
a)
to innovate
b)
entrepreneurship
c)
Improve the environment
d)
wealth creation
2.
Which of the following is in the primary industry sector?
a)
A service business
b)
Acquisition of raw materials
c)
The transformation of a raw material into a semi-finished product
d)
an information based service
3.
Which of the following is in the quinary industry sector?
a)
A service business
b)
Acquisition of raw materials
c)
The transformation of a raw material into a semi-finished product
d)
an information based service
4.
A partnership is an incorporated business.
a)
True
b)
False
5.
An example of an internal influence on a business is?
a)
legislation
b)
the economy
c)
competition
d)
a product
6.
The third stage of the BLC is known as...
a)
establishment
b)
maturity
c)
renewal
d)
steady state
7.
Which of the following defines a merger?
a)
two business agreeing to join to form a new organisation
b)
one business buys another business
c)
a company sells their assets
d)
a business establishes from no pre-existing business
8.
The maximum amount of people in a partnership is commonly which of the following?
a)
10
b)
15
c)
20
d)
25
9.
Which of the following defines liquidation?
a)
a business voluntarily selling their assets
b)
an individual going into bankruptcy
c)
a business buying more assets
d)
a creditor selling off a business's assets
10.
True or False. The environment is a stakeholder in a business
a)
True
b)
False
11.
What are the five industry sectors?
a)
Tertiary, quaternary, senary, quinary, nonary
b)
secondary, quarternary, tertiary, primary, and quinary
c)
secondary, tertiary, primary, quarternary and biquinary
d)
denary, primary, secondary, teritary and quarternary
12.
Which are NOT characteristics of a partnership business?
a)
partners of between 2 and 20 people
b)
Has limited liability
c)
can have divided loyalty and authority of employees
13.
What is a franchise?
a)
buying the rights from another busienss to distibute its product under its name
b)
an individual or business that purchases another business
c)
a public company listed on the stock exchange
d)
multiple businesses owned by one person
14.
What are the characteristics of a 'boom' period?
a)
Higher levels of employment
b)
Wages are less likely to rise
c)
Levels of consumer spending decreases
d)
inflation may remain stable or fall
15.
Which is NOT a regulatory body in Australia?
a)
Office of Fair Trading
b)
NSW Court of Business Institutions
c)
Australian Competition and Consumer Commission
d)
Department of Environment, Climate Change and Water
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