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Worksheets7ECB Term 2 Revision
Total questions: 25
Worksheet time: 2hrs 5mins
Explain 3 advantages of a Sole Trader
Explain 3 advantages of a Partnership
Explain 3 advantages of a company
Explain 3 disadvantages of a Sole Trader
Explain 3 disadvantages of a Partnership
Explain 3 disadvantages of a company
Explain the term Limited Liability
Explain the term Unlimited Liability
Sarah is a 16 year old student in year 10. She wants to get a job to start to save some money for her first car. What type of employment can Sarah get?
Full time
Part Time
Casual
Volunteer
Samuel and Michael want to start a business selling their crazy flavoured gum. Both Samuel and Michael have $5000 each to start their new business. What business structure suits them best?
Company
Partnership
Sole Trader
Volunteer
Which of these is not an economic sector
Government
Business
Home
Politics
Overseas
factors that influence the amount that buyers and sellers are willing to trade for is
Market
Profit
Market Forces
Percentage Mark Up
a fixed percentage increase to the price paid by a business for goods, to determine the selling price of those goods is
Profit
Taxes
Market Forces
Percentage Mark Up
Limited Liability is
where shareholders cannot lose more than their investment
where shareholders can lose more than their investment
where shareholders cannot buy more than their 50%
where shareholders cannot lose more than their 50% of their own property
These employees usually work an average of 38 hours each week.
Part time
Full time
Casual
Volunteer
Shareholders are part owners of a company
True
False
ACCC Stands for
Australian Country and Consumer commission
Australian Competition and Consumer commission
Australian Competition and Counter commission
Australian Customer and Consumer commission
A partnership is a business type that has only 1 owner
True
False
a business that is owned and operated by one person
Partnership
Sole Trader
Company
Shoe Shop
What are things we desire, but arent necessary for survival or to meet the basic standard of living in a community
Wants
Needs
Goods
Services
What are things that are essential for our survival or to meet the basic standard of living in a community
Goods
Services
Needs
Wants
Choose 1 sector of the economy (home, business, finance, Overseas, government) and explain how it interacts with at least 2 other sectors
The point where supply meets demand is called the
Centre Point
Average
Equilibrium
Meeting Point
Money spent on exports to overseas country causes a what to our economy
Decrease
Increase
Leakage
Injection
A service is
activities that benefit a customer without supplying tangible products
activities that benefit a customer by supplying tangible products
activities that benefit a company by supplying tangible products
activities that benefit a company without supplying tangible products
