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WorksheetsPre Senior Business
Total questions: 12
Worksheet time: 6mins
Economics is?
How money works
A study of human and group activity related to work and the use of resources to achieve satisfaction
Keeping track of your money
How the world works
Personal economics are affected by government economics
True
False
Traditional economies have the following characteristics
farming using mechanical equipment, produce for raw materials for other industries, fewer workers
highly-trained specialised workers, increased production, more goods bought and sold with cash
subsistence farming, traditional methods of farming, provides the basic needs
Which of the following regulatory authorities in Australia manage the financial sector by controlling how much money is in the economy?
Reserve Bank of Australia
Australian Securities and Investment Commission
Australian Prudential Regulation Authority
Financial Planners Association
Developing economies have the following characteristics
farming using mechanical equipment, produce for raw materials for other industries, fewer workers
highly-trained specialised workers, increased production, more goods bought and sold with cash
subsistence farming, traditional methods of farming, provides the basic needs
Which of the following regulatory authorities in Australia regulates company and financial services laws to protect businesses, consumers, investors and lenders?
Reserve Bank of Australia
Australian Securities and Investment Commission
Australian Prudential Regulation Authority
Financial Planners Association
Modern market economies have the following characteristics:
farming using mechanical equipment, produce for raw materials for other industries, fewer workers
highly-trained specialised workers, increased production, more goods bought and sold with cash
subsistence farming, traditional methods of farming, provides the basic needs
Which of the following regulatory authorities in Australia aim to ensure that financial intermediaries always carry out their business so their customers' savings are safe and available when required or when agreed to?
Reserve Bank of Australia
Australian Securities and Investment Commission
Australian Prudential Regulation Authority
Financial Planners Association
The MAIN purpose of an profit organisation is (tick as many as you think are relevant)
Provide a good or service
Make profit
Be a good corporate citizen
Provide a community service
The MAIN purpose of a not-for-profit organisation is:
Make a profit
Serve the interests of the community
Be a good corporate citizen
Provide jobs for the unemployed
Advantages of being a sole trader are (tick as many as you think are relevant)?
Easy to set up
They are their own boss
Autonomy in decision making
Limited liability
Disadvantages of being in a partnership are (tick as many as you think are relevant)?
Each partner is personally liable for the debts of the business (unlimited liability)
Shared responsibilities and workload
Possibility of disputes
Complicated to sell the partnership or cease the partnership
