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Year 8 Business and Economics Exam Revision

Total questions: 65

Worksheet time: 40mins

Name
Class
Date
1.
A business partnership has ___________ who share the risks and the profits.
a)
One owner
b)
No more than three owners
c)
Two or more owners
d)
Five or more owners
2.

In which of the following would one person be responsible for all of the risks but also receive all of the profits?

a)

Corporation

b)

Sole Trader

c)

Partnership

d)

Dual owner business

3.
What do we call a person who is willing to take the risks of starting a business in order to make a profit?
a)
Proprieter
b)
Partner
c)
Entrepreneur
d)
Incorporater
4.
What is ONE advantage of a Partnership?
a)
Someone else can help with decisions, etc.
b)
Double taxes
c)
Disagreements
5.

Which is ONE disadvantage of Sole Trader?

a)

Less direct control

b)

Disagreements

c)

Hard to raise money

6.

What is ONE advantage of a Sole Trader?

a)

You make ALL the decisions

b)

Easy to raise money

c)

You have to share profits

7.
What is a business owned by stockholders/investors but operated by others?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
8.
What is a business owned and operated by two or more people?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
9.

What is income?

a)

It is your salary.

b)

It is the money you get in exchange for work, from the sales of good or property, as a profit from initial investments

c)

It is all the money you receive when you come into a new business

10.
Which of the following could be a franchise?
a)
restaurants
b)
 hotels
c)
retail stores
d)
All of above
11.
What is a franchise?
a)
Where a business sells the rights to their brand
b)
Where you have full control
c)
Where you keep all the profits
12.
True or False:  A Franchisee has total control of their business
a)
TRUE
b)
FALSE
13.
TRUE or FALSE - The Franchisee can benefit from using the brand name of the Franchise, as well as advertising and marketing
a)
TRUE
b)
FALSE
14.

Define Production

a)

The quantity, or amount, produced within a given time

b)

Making a product or providing a service

c)

The major on going activities of a business

d)

The people involved in production

15.
Trading something for something else - no currency involved
a)
demand
b)
barter
c)
goods
d)
market
16.
A person who buys goods and services
a)
consumer
b)
entrepreneur
c)
resource
d)
currency
17.
The using up of a resource
a)
scarcity
b)
supply
c)
services
d)
consumption
18.
another word for money
a)
barter
b)
economics
c)
currency
d)
price
19.
Something we pay for that we can touch
a)
goods
b)
services
20.
The place where goods and services are exchanged
a)
barter
b)
currency
c)
market
d)
resource
21.
Something we pay to use fora certain amount of time
a)
services
b)
goods
22.
The exchange of goods and services
a)
trade
b)
market
c)
economics
d)
consumer
23.
What is a need?
a)
Nothing
b)
Something you have to have to live
c)
Something you would like to have
d)
Ice cream
24.
What is a good?
a)
A need
b)
A baseball game
c)
Things people do for money
d)
Things that people make or grow
25.

What is a service?

a)

A job

b)

purchasing a plane ticker

c)

A need

d)

Something you do for another person

26.
What is a want?
a)
A person
b)
Something you would like to have but don't need to live
c)
Purple
d)
Something you need to live
27.
A person who makes goods or provides a service 
a)
goods 
b)
service producer 
c)
producer
d)
consumer 
28.
Which of the following is not a good?
a)
Clothes
b)
Food
c)
Dog Walker
d)
Toys
29.
Which of the following is not a service?
a)
Dry Cleaner
b)
Car Wash
c)
Clothes
d)
Babysitter
30.
Which of these is a need?
a)
car
b)
water
c)
video games
d)
candy
31.
Which of these is a want?
a)
Legos
b)
air
c)
water
d)
food
32.
A crew of men are hired to paint a new house.  They are providing a ____
a)
service
b)
product
c)
specialization
d)
good
33.
Who buys goods or services?
a)
Producers 
b)
consumers 
34.
This is a place where buyers go to find things they want or need. What is this place called?
a)
library
b)
market
c)
forest 
35.
Is shelter a want or a need?
a)
Need
b)
Want
36.

What is a circular flow model?

a)

Is a model of the economy in which the major exchange are represented as flow of money

b)

Is a flow of goods and services within the economy

c)

Is a flow of money and workers

37.

What is the function of a labor market?

a)

Is the working place

b)

Is the place where workers and employees interact with each other

c)

Is the economy

d)

Is the government

38.

Two markets in the economy consist of

a)

Business and household

b)

Primary sector

c)

Secondary sector

39.

refers to printed or minted (hammered coins- it has its own seal) money.

a)

Currency

b)

Wealth

c)

Coin

d)

Profit

40.

An area of study where we look at the production, distribution, trade and consumption of goods and services to satisfy our needs and wants.

a)

Market Distribution

b)

Goods and Services

c)

Supply and Demand

d)

Economics

41.

A system where goods and services that are produced can be delivered to consumers and also deciding on pricing

a)

Market Distribution

b)

System of Distribution

c)

System of Economics

d)

System of Production

42.

The total of all consumers in the economy is called;

a)

LABOUR SECTOR

b)

GOVERNMENT SECTOR

c)

OVERSEAS SECTOR

d)

HOUSEHOLD SECTOR

43.

The total number of producers in an economy is called;

a)

LABOUR SECTOR

b)

GOVERNMENT SECTOR

c)

BUSINESS SECTOR

d)

HOUSEHOLD SECTOR

44.

The entire group of organisations that receive deposits and lend money is called;

a)

LABOUR SECTOR

b)

GOVERNMENT SECTOR

c)

FINANCIAL SECTOR

d)

HOUSEHOLD SECTOR

45.

Refers to both producers and consumers who operate outside of Australia is called;

a)

LABOUR SECTOR

b)

GOVERNMENT SECTOR

c)

OVERSEAS SECTOR

d)

HOUSEHOLD SECTOR

46.

The role that the Australian federal, state or territory and local governments have in the economy i.e. Taxes is called;

a)

LABOUR SECTOR

b)

GOVERNMENT SECTOR

c)

OVERSEAS SECTOR

d)

HOUSEHOLD SECTOR

47.

The financial sector can give loans for investments.

a)

True

b)

False

48.

The business sector includes imports and exports;

a)

True

b)

False

49.

The government sector provides welfare and other services to the overseas sector.

a)

True

b)

False

50.

How many types of markets are there?

a)

1

b)

2

c)

3

d)

4

51.

Which of the following is not a type of market?

a)

Overseas

b)

Labour

c)

Stock

d)

Retail

52.

Where employers wants to buy skills or efforts of suitable employees..

a)

Labour market

b)

Retail market

c)

Online Market

d)

Financial Market

53.

Large companies divide their ownership into thousands of shares, which can be bought and sold through the stock market

a)

True

b)

False

54.

Which one is NOT a strategy for a business to determine prices?

a)

Percentage mark up

b)

Following the prices set by other sellers (matching or lower price)

c)

A retail price by manufacturer (as a guide)

d)

Asking for customer opinion

55.

Which of the following is NOT a government body that enforces consumer laws?

a)

New South Wales Fair Trading

b)

Consumption and Production Services Australia

c)

Consumer Affairs Victoria

d)

Australian Competition and Consumer Commission

56.

Which of the following is an example of behaviour that is illegal under this law.

a)

Bait advertising

b)

Door selling

c)

Referral selling

d)

Online advertising

57.

'no refund' signs are illegal

a)

True

b)

False

58.

A consumer has the right to know and understand all terms and conditions of a business

a)

True

b)

False

59.

Which of the following is NOT a guarantee for a consumer?

a)

Perform as the instructions or advertisements imply

b)

Any item can be exchanged and/or refunded without the receipt

c)

Repairs and spare parts must be available within a reasonable time-frame

d)

Goods must match any sample or description provided to the buyer.

60.

If a business name has PTY LTD this means that it is a private corporation.

a)

True

b)

False

61.

A trust account is inexpensive and complex to set up.

a)

True

b)

False

62.

Which are the Target Market factors that determine buying behaviour?

a)

Demographic

b)

Location

c)

Competition

d)

All of the Above

63.

An impact of globalisation on the employer is;

a)

Cheaper labour overseas

b)

More incomes and profits

c)

Avoid retail store

d)

Potential to travel

64.

Which is NOT a major influence on a persons work life?

a)

Technology

b)

Work - life balance

c)

Globalisation

d)

Education

65.

Demographic relates to the population and includes age, gender, ethnicity, employment, income and education.

a)

True

b)

False

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