WorksheetsSmall Business and Economics - Medium
Total questions: 21
Worksheet time: 7mins
Name
Class
Date
1.
Most banks offer term deposits which are accounts which:
a)
A. Pay a higher level of interest but you must leave the funds with the bank for a set period of time e.g. 3, 6 or 12 months
b)
B. Pay a lower level of interest but you can withdraw the funds whenever you choose
c)
C. Pay a higher level of interest and you must add more deposits to the amount in the bank each 3, 6 or 12 months
d)
D. Pay a low level of interest and you must add more deposits to the amount in the bank each 3, 6 or 12 months
2.
Which of the following statements concerning superannuation is false?
a)
A. Superannuation is form of investment that everyone makes as they enter the workforce
b)
B. Your employer must put an additional amount, which is a set percentage of your wage into it each month
c)
C. You can access your Superannuation fund whenever you need
d)
D. You can make contributions to your Superannuation fund in addition to what your employer pays in for you
3.
An investor may take into account a range of factors when deciding whether or not to invest in a company. Factoring in whether the company is acting in the best interests of society and the environment are known as:
a)
A. Investment strategies
b)
B. Economic considerations
c)
C. Valuable considerations
d)
D. Ethical considerations
4.
Which of the following payment methods is NOT evidence in the belief that money is becoming less visible?
a)
A. Pay by phone
b)
B. Tap and go
c)
C. Cash sales only
d)
D. Online shopping
5.
Which one of the following people will be most advantaged/better off financially at the end of one year?
a)
A. Aaron who earns $100 per week but lives with his parents who pay for all his expenses
b)
B. Billy who earns $100 per week and who pays his parents $20 board per week but has no other expenses
c)
C. Candice who earns $200 per week but has expenses of $110 per week
d)
D. Darius who earns $300 per week but has expenses of $220 per week
6.
Which of the following people will be the most financially disadvantaged/worse off at the end of one year?
a)
A. Aaron who earns $100 per week but lives with his parents who pay for all his expenses
b)
B. Billy who earns $100 per week and who pays his parents $20 board per week but has no other expenses
c)
C. Candice who earns $200 per week but has expenses of $110 per week
d)
D. Darius who earns $300 per week but has expenses of $230 per week
7.
When people ask about a loan a bank will generally want to know what ‘assets’ they own – this refers to :
a)
A. Something their parents own which they might one day inherit
b)
B. Something they one day hope to buy
c)
C. Something owned or controlled that will provide economic benefits into the future
d)
D. Something only of personal but no financial value such as a photo of a dog
8.
Which of the following is NOT a recommended strategy to manage your personal finances effectively?
a)
A. Look for opportunities to increase your income
b)
B. Bet weekly on sporting teams which are based in Victoria
c)
C. Understand financial information and take control of financial decisions
d)
D. Maintain good financial records
9.
A tip to save money is to avoid impulse buying – this refers to:
a)
A. Buying items on the spur of the moment
b)
B. Only buying items on a shopping list
c)
C. Only buying items you have budgeted for
d)
D. Only buying items you have saved for
10.
Select the following incorrect statement concerning preparing your own personal budget for the next 12 months:
a)
A. A budget can help you to achieve your financial goals
b)
B. Budgets also provide a greater level of control over your finances
c)
C. Budgets require every item you will buy in the next 12 months to be specifically listed
d)
D. Budgets help keep control of expenses
11.
Consumers must make decisions when trying to satisfy their needs and wants. The key difference between a need and a want is that:
a)
A. Needs are goods and services that are desired but not necessary
b)
B. Wants are goods and services that are required
c)
C. Needs are goods and services we need to stay ‘on trend’ in comparison with others in society
d)
D. Wants are goods and services that are desired but not necessary
12.
Which of the following would NOT be a wise piece of advice concerning buying goods and/or services:
a)
A. Buying on impulse is ok as you can always return the item down the track.
b)
B. Consumers should compare brands before completing a purchase.
c)
C. Consumers should compare prices before completing a purchase.
d)
D. By saving towards a goal and then paying cash for an item, you are able to save on unnecessary interest fees and charges.
13.
Advertising plays a key role in consumer choices – the main purpose of effective advertising is to:
a)
A. Persuade consumers to think carefully before buying any product
b)
B. Persuade consumers that advertising is fun to watch and enjoy during ad breaks
c)
C. Persuade consumers to buy what a producer has to offer
d)
D. Persuade consumers to hum that annoying jingle they heard on the last advertisement
14.
Advertising can force some buyers to feel as though they must conform to peer group pressure – this term refers to:
a)
A. The added pressure to buy before a sale is over
b)
B. The added pressure to acquire an item which will improve their life
c)
C. The added influence of needing to just be like the smart good looking people in advertisements
d)
D. The added influence of people within a similar group such as a school, sports or other group
15.
There are a number of levels of protection of consumers in Australia today. Select the following INCORRECT example of consumer protection:
a)
A. Banks being allowed by the government to offer higher interest rates which in turn discourage purchases
b)
B. Cooling off periods on purchases
c)
C. Warranties
d)
D. Product standards
16.
Cooling-off periods refer to:
a)
A. Protection offered to purchasers of cooling equipment such as air conditioners and split systems
b)
B. Protection for retailers which allow them to cancel a deal if the purchaser is prepared and willing to pay more for the product than the advertised price
c)
C. Protection allowing a consumer the chance to cancel a particular consumer transaction at any time in the future
d)
D. Protection allowing a consumer the chance to cancel a particular consumer transaction within a set period of time
17.
Door-to-door sales refers to the method of selling whereby:
a)
A. Companies and retailers target certain suburbs with advertising brochures
b)
B. A salesperson visits a customer’s home with the intention of selling a particular product
c)
C. Companies and retailers sell products by cold calling over the phone
d)
D. Companies and retailers sell products by sounding car horns and playing music from mobile vans (such as ice-cream retailers)
18.
A sign near a cash register in a shop that states ‘No refunds or exchanges’ is:
a)
A. Fair enough
b)
B. Acceptable
c)
C. Illegal
d)
D. Rare
19.
An ombudsman may also be able to help a consumer where something goes wrong. An ombudsman is:
a)
A. An employee of a retailer who is asked to receive consumer complaints and inquiries
b)
B. An official appointed by the government whose job it is to investigate consumer complaints within a specific industry
c)
C. An official appointed by the government whose job it is to receive complaints and promptly ignore them
d)
D. An official appointed by the government whose job it is to investigate consumer complaints and then advise retailers on their rights
20.
Many stores, such as Target and Big W, go beyond the minimum required by law in regard to consumer refunds or exchanges. They do this because:
a)
A. They believe they are always in the wrong anyway
b)
B. They make such a profit it is not worth wasting time on individual complaints
c)
C. They do not want any complaints
d)
D. They see this as a marketing tool to encourage faith in consumers buying their products
21.
Which of the following would NOT count as revenue when preparing a budget for a gardening business:
a)
A. Income from customers for mowing lawns regularly
b)
B. Money paid to a fuel supplier for the business lawnmower
c)
C. Income for occasional rubbish removals from customer yards
d)
D. Money paid to the owner for landscaping advice
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