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WorksheetsRunning A Business Review
Total questions: 27
Worksheet time: 27mins
Someone who starts, operates and assumes the risk of a business venture in the hope of making a profit is known as ...
Agent
Employer
Employee
Entrepreneur
The collective name given to anything owned by a business, including its equipment, stock and cash is called ...
Assets
Income
Debtors
Inventory
Emma owns a cafe. Despite having $1000 in her bank account, Emma's bank allows her to write a cheque to her coffee supplier for $1500.
What type of loan had Emma's bank provided her?
Store Credit
Payday Loan
Bank Overdraft
Mortgage Loan
What is the amount remaining when the cost of goods sold is deducted from sales/revenue?
Assets
Liabilities
Net Profit/Loss
Gross Profit/Loss
The term distribution chain is best defined as ...
A person or business that makes goods
The ways of getting the product to the customer
A business that sells products directly to consumers
To buy products, via a catalogue, for delivery by mail
A store that sells a variety of products concentrating on food items, magazines and newspapers is referred to as ...
Supermarket
Specialty Store
Department Store
Convenience Store
When a company has become a separate legal entity from it's owners (shareholders) ...
Partnership
Incorporation
Franchise
Revenue
A business owned and operated by one person
Partnership
Franchise
Subsidiary
Sole Trader
The ability of a business to pay its debts on time.
Liquidity
Financial Solvency
Free-Trade Agreement
Owners Equity
The costs incurred in running a business ...
Expenses
Gross Domestic Product
Inclusions
Income
The coordination of the human, physical, financial and information resources to achieve the goals of a business
Leadership
Management
Promotion
Risk-Management
Which if the following is NOT an advantage of being self-employed ...
Being Your Own Boss - Independence
Employ Family Members
Possible Tax Advantages
Less Hours of Work
Which of the following is NOT a disadvantage of being self-employed ...
Income is Stable
Risk of Failure
Constantly Solving Problems
High Levels of Responsibility
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Timing
Shape, Weaknesses, Overheads, Threats
Strengths, Weaknesses, Opportunities, Threats
Strengths, Wages, Opportunities, Timing
Whats does Pty Ltd. stand for?
Propriety Limited
Pricing Limited
Properly Litigated
Primarily Lightened
What is the name of the business structure that is usually owned and operated by between 2 and 20 people.
Sole Trader
Private Company
Partnership
Public Company
Money put into the business by the owner is known as ...
Collateral
Investment
Equity
Dividends
Which of the following is NOT an advantage of equity ...
Cheaper than borrowing
Tax free
If you lose the investment than you have only lost your savings
No interest paid every month
Which of the following is NOT a level of government ...
Federal
County
State
Local
Which of the following is the Federal Government NOT responsible for
Aiding by Any Pollution Controls
PAYG Income Tax and Fringe Benefit Tax
Collection of GST
Provisions for Employee Superannuation
Which of the following is the State Government NOT responsible for ...
Provision of Employee Entitlements
Not Engaging in Misleading or Deceptive Advertising
Adequate and Non-Deceptive Labeling of all Foodstuffs and Clothing
The Size, Shape and Location of Business Signs
Which of the following is Local Government NOT responsible for ...
Determining Land Zoning and Approving New Development Applications
Not Engaging in Anti-Competitive Practices
Parking Regulations, Especially Fire Prevention Facilities
Health Regulations, Especially the Safe Handling of Food.
How long is the time frame that decides whether or not an asset or liability is current?
12 Months
2 Years
6 Months
5 Years
Which of the following is NOT a current asset?
Cash
Inventory
Trademarks
Short-term Deposits
Which of the following is NOT a Non-Current asset?
Prepaid Expenses
Property
Bonds & Stocks
Patents
The accounting equation used to determine the value of assets is:
Assets =
Liabilities + Taxable Income
Liabilities + Owner's Equity
Net Worth + Owner's Equity
Net Worth + Liabilities
The accounting equation used to determine Net Worth is:
Net Worth =
Owners Equity / Liabilities
Liabilities + Assets
Principle Interest x Assets
Assets - Liabilities
