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Nature of Business

Total questions: 87

Worksheet time: 47mins

Name
Class
Date
1.
A business is
a)
an organisation that makes a profit by selling goods and services
b)
an organisation that produces goods and services in order to make a profit
c)
an organisation which competes with similar organisations for consumer dollars
d)
an organisation that produces goods and services but their intention does not have to be to make a profit
2.
A business invents a new product
Which role of businesses is is demonstrating?
a)
Innovation
b)
Profit
c)
Wealth Creation
d)
Employment
3.
A business invents a new product
Which role of businesses is is demonstrating?
a)
Choice
b)
Profit
c)
Wealth Creation
d)
Income
4.
A business contributes a percentage of their sales to charity
Which role of businesses is is demonstrating?
a)
Choice
b)
Profit
c)
Quality of life
d)
Income
5.
Which of the following roles of business are not directly linked
a)
Income and employment
b)
Wealth creation and profit
c)
Innovation and choice
d)
Profit and quality of life
6.
A business in Dee Why has a website, allowing them to sell products all over the world. What is their classification according to geographical spread?
a)
Local
b)
National
c)
Global
d)
Transnational
7.
A business has 199 employees. According to the ABS, they are a 
a)
Small business
b)
Moderate business
c)
Medium business
d)
Large business
8.
A mine operates in which industry sector?
a)
Primary
b)
Secondary
c)
Tertiary
d)
Quaternary
9.
A farm operates in which industry sector?
a)
Primary
b)
Secondary
c)
Tertiary
d)
Quaternary
10.
A car manufacturer operates in which industry sector?
a)
Primary
b)
Secondary
c)
Tertiary
d)
Quaternary
11.
A private college operates in which industry sector?
a)
Quinary
b)
Secondary
c)
Tertiary
d)
Quaternary
12.
A bank operates in which industry sector?
a)
Quinary
b)
Secondary
c)
Tertiary
d)
Quaternary
13.
A telecommunications company operates in which industry sector?
a)
Quinary
b)
Secondary
c)
Tertiary
d)
Quaternary
14.
K-Mart operates in which industry sector?
a)
Quinary
b)
Secondary
c)
Tertiary
d)
Quaternary
15.
A lawnmowing business operates in which industry sector?
a)
Quinary
b)
Secondary
c)
Tertiary
d)
Quaternary
16.
Which industry sector does a restaurant not operate in?
a)
Quinary
b)
Secondary
c)
Tertiary
d)
Quaternary
17.
A clothing store in Warringah Mall with 20 employees is
a)
A small tertiary business
b)
A medium tertiary business
c)
A small secondary business
d)
A medium secondary business
18.
Which of these businesses sells shares on the ASX?
a)
Woolworths Ltd
b)
Westlink Constructions Pty Ltd
c)
Johns & Sons Plumbing
d)
Mel's Hairdresser
19.
A shortage of workers with the skills needed by a business is part of this element of the external environment
a)
Markets
b)
Social
c)
Political
d)
Institutional
20.
The ACCC is investigating a business. Which element of the external environment is influencing them?
a)
Markets
b)
Social
c)
Political
d)
Institutional
21.
The company tax rate is reduced. The impact of the external environment is
a)
A positive political effect
b)
A negative political effect
c)
A positive economic influence
d)
A negative economic influence
22.
A clothing store has lost sales because people are no longer interested in the style of clothing they have. Which element of the external environment is impacting on the business?
a)
Social
b)
Economic
c)
Geographic
d)
Markets
23.
A suburb has had a large increase in the number of young families. Local businesses are trying to find ways to appeal to these customers. The element of the external environment influencing these businesses is
a)
Geographic
b)
Markets
c)
Financial
d)
Social
24.
A recession would lead to many businesses losing sales. Which element of the external environment is this?
a)
Economic
b)
Financial
c)
Social
d)
Geographic
25.
A business is moving to a larger premises to increase their production. Which element of the internal environment have they changed?
a)
Product
b)
Location
c)
Business Culture
d)
Management
26.
A business finds a new supplier. Which element of the internal environment have they changed?
a)
Product
b)
Resources
c)
Business Culture
d)
Management
27.
A business allows staff to finish working on Friday after lunch and the staff celebrate birthdays and spend time socially. Which element of the internal environment are they trying to influence?
a)
Product
b)
Resources
c)
Business Culture
d)
Management
28.
A business which is able to maintain their sales levels over a long period of time are in which stage of the BLC?
a)
Maturity
b)
Post Maturity Renewal
c)
Post Maturity Steady State
d)
Post Maturity Maintenance
29.
A business' sales are lowest during which stage of the BLC?
a)
Beginning
b)
Start up
c)
Establishment
d)
Maturity
30.
A partnership is an incorporated business.
a)
True
b)
False
31.
An example of an internal influence on a business is?
a)
legislation
b)
the economy
c)
competition
d)
a product
32.
The third stage of the BLC is known as...
a)
establishment
b)
maturity
c)
renewal
d)
steady state
33.
The maximum amount of people in a partnership is commonly which of the following?
a)
10
b)
15
c)
20
d)
25
34.
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
35.
True or False. The environment is a stakeholder in a business
a)
True
b)
False
36.
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
37.
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
38.
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
39.
Wealth is
a)
Profits and money
b)
A store of assets
c)
Income
d)
a word to describe how rich a person is
40.
The main goal of businesses is to 
a)
Produce profit
b)
Supply incomes to society
c)
Provide products to society
d)
Improve quality of life
41.
By helping them improve their health, a gym is demonstrating which role of business?
a)
Quality of life
b)
Profit
c)
Wealth Creation
d)
Innovation
42.
A person who has the ability to turn an idea into a profitable business is a(n)
a)
Manager
b)
Risk taker
c)
Entrepreneur
d)
Owner
43.
A business with 20 employees is 
a)
Small 
b)
Medium 
c)
Large
44.
A business with 200 employees is 
a)
Small 
b)
Medium 
c)
Large
45.
A business who imports products around the world to sell through their warehouse in Warriewood is
a)
Local
b)
National
c)
Global
46.
A Sydney Restaurant who opens a new version of their restaurant in Melbourne is
a)
Local
b)
National
c)
Global
47.
A mining company operates in which industry sector?
a)
Primary
b)
Secondary
c)
Quaternary
d)
Quinary
48.
A business in the food court of a shopping centre is operating in which 2 industry sectors?
a)
Primary and Quinary
b)
Secondary and Tertiary
c)
Quaternary and Secondary
d)
Tertiary and Primary
49.
A business which can sell shares on the ASX is a 
a)
Sole Trader
b)
Partnership
c)
Public Company
d)
Private Company
50.
An incorporated business which can invite new partners to buy into the business is a 
a)
Sole Trader
b)
Partnership
c)
Public Company
d)
Private Company
51.
A new designer, Amy Freeman, is naming her store and her brand after herself. Which legal structure could she use to avoid having to register her company name?
a)
Sole Trader
b)
Partnership
c)
Public Company
d)
Private Company
52.
Tolley Housecleaning Pty Ltd is 
a)
A private company with limited liability in the quinary sector
b)
A private company with unlimited liability in the quinary sector
c)
A public company with limited liability in the quinary sector
d)
A private company with limited liability in the tertiary sector
53.
If a soletrader goes bankrupt:
a)
Their limited liability means that the owners will need to sell their personal assets to repay the debts
b)
Their unlimited liability means that the owners will need to sell their personal assets to repay the debts
c)
Their limited liability means that the owners' personal assets are safe and only the debts of the business can be used to repay the debt 
d)
Their unlimited liability means that the owners' personal assets are safe and only the debts of the business can be used to repay the debt 
54.
If a business is classified as being quaternary, it is being classified according to its
a)
Size
b)
Geographic Spread
c)
Legal Structure
d)
Industry Sector
55.
A restaurant could be considered a primary industry if it
a)
Sold organic food
b)
Grew its own ingredients
c)
Purchased ingredients directly from a farm
d)
Operated in more than one city
56.

Which is not a role of businesses?

a)

Entrepreneurship

b)

Profit

c)

Provision of goods and services

d)

Care for the environment

57.

Which industry sector is a restaurant not a part of?

a)

Quaternary

b)

Secondary

c)

Tertiary

d)

Quinary

58.

Excel Tutoring Pty Ltd is a

a)

Private company in the quaternary sector

b)

Private company in the quinary sector

c)

Public company in the quaternary sector

d)

Public company in the quinary sector

59.

John owns a lawn mowing business and invited his daughters to become part owners. The business has unlimited liability. The business has gone from a

a)

sole trader to a partnership

b)

sole trader to a private company

c)

partnership to a private company

d)

private company to a private company

60.

A business is finding it difficult to find skilled workers. Which element of the external environment is affecting them?

a)

Markets

b)

Institutional

c)

Political

d)

Economic

61.

After very high sales in the first month, a company purchased 100,000 fidget spinners but have difficulty selling them. Which part of the external environment is impacting the business?

a)

Social

b)

Geographic

c)

Competition

d)

Legal

62.

This is showing which element of the business environment?

a)

Economic

b)

Financial

c)

Social

d)

Geographic

63.

The ability of a business to access money is a part of which element of the business environment?

a)

Financial

b)

Economic

c)

Legal

d)

Political

64.

A business which has many competitors but cannot differentiate their product from them. The type of competition they face is:

a)

Perfect Competition

b)

Monopolistic Competition

c)

Oligopoly

d)

Monopoly

65.

A business which has many competitors but can differentiate their product from them. The type of competition they face is:

a)

Perfect Competition

b)

Monopolistic Competition

c)

Oligopoly

d)

Monopoly

66.

Which of the following is an oligopoly in Australia?

a)

Supermarkets

b)

Newsagents

c)

Bakeries

d)

Restaurants

67.

A business can choose who it employs. This is a part of which element of the internal business environment?

a)

Location

b)

Management

c)

Business Culture

d)

Resources

68.

The instructions for a furniture maker for how to build a bookshelf is part of which element of the internal business environment?

a)

Location

b)

Management

c)

Business Culture

d)

Resources

69.

Which element of the internal business environment is related to the general atmosphere of the workplace?

a)

Location

b)

Management

c)

Business Culture

d)

Resources

70.

Which statement is true

a)

All shareholders are stakeholders

b)

All stakeholders are shareholders

c)

Some shareholders are stakeholders

d)

Not all shareholders are stakeholders

71.

This diagram shows a

a)

Business Life Cycle

b)

Business Cycle

c)

Economic Cycle

d)

Economic Life Cycle

72.

Which of the following is not a skill of management

a)

People Skills

b)

Flexibility and adaptability to change

c)

Vision

d)

Strategic Thinking

73.

In business studies, the word which refers to the long term is

a)

Strategic

b)

Tactical

c)

Operational

d)

Foresight

74.

Net Profit = 1000

COGS = 1000

Expenses = 2000

Revenue = ?

a)

4000

b)

2000

c)

0

d)

-1000

75.

Revenue = 10 000

COGS = 3000

Expenses = 5000

Gross Profit =

a)

2000

b)

7000

c)

12000

d)

8000

76.

Expenses = 4000

Net Profit = 10000

Revenue = 18000

COGS and Gross Profit are

a)

COGS 4000, GP 14000

b)

COGS 8000, GP 14000

c)

COGS 4000, GP 6000

d)

GOGS 14000, GP 4000

77.

Revenue = 6000

COGS = 3000

Expenses = 4000

Net Profit = ?

a)

-1000

b)

0

c)

1000

d)

5000

78.

Revenue = 16500

Expenses = 5900

Net Profit = 7800

COGS = ?

a)

2800

b)

8200

c)

6400

d)

4600

79.

Gross Profit = 40000

COGS = 75000

Expenses = 40000

Revenue = 115000

Net Profit = ?

a)

0

b)

80000

c)

8000

d)

7500

80.

A sole trader has...

a)

Unlimited liability, ABN number and perpetual succession

b)

Limited liability, no perpetual succession

c)

Unlimited liability, an ABN number and no perpetual succession

d)

Limited liability, ABN and no perpetual succession

81.

A partnership has...

a)

Unlimited liability, equal skill levels, company tax

b)

No company tax, unlimited liability, ranging skill levels, conflict

c)

Conflict and ranging skill levels, no company tax and limited liability

d)

No company tax, unlimited liability, equal skill levels and non conflict

82.

Companies involve,

a)

Limited liability (shareholders are legally responsible for all debts to company), perpetual succession, no directors

b)

Limited liability (most money shareholders are legally responsible for is the value of their shares), no perpetual succession, directors

c)

Limited liability (directors are responsible for all debts), perpetual succession, directors

d)

Limited liability (most money shareholders are legally responsible for is the value of their shares), perpetual succession, directors

83.

Mosman has a large demographic of elderly people. Which external influence is this?

a)

Political

b)

Geographic

c)

Competition

d)

Social

84.

Factors leading to decline

a)

Technology, competition, management, economic/financial decline, demand, cost

b)

Employment, wealth, business culture, political, social, shareholders

c)

Company tax, technology, strategies, post-maturity, geographic

85.

Bankruptcy is..

a)

No ability to continue advertisements

b)

Asking for more money from banks

c)

Runs out of money for production

d)

Doesn't haven't have finial ability to repay debts

86.

What does a voluntary administrator do?

a)

Appointed to salvage the bus by reviewing it

b)

Shuts down business as soon as possible

c)

Lends the business money

d)

Takes over and becomes the owner

87.

An incorperated company in Brookvale appoints a voluntaru administrator is help them out, but before going into liquidation think they still have a chance of success. What do they do?

a)

Voluntary banjruptcy

b)

Receivership

c)

Renewal

d)

Mature State

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