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WorksheetsYear 11 Business Unit 1 Quiz
Total questions: 25
Worksheet time: 14mins
What are the different types of businesses?
Small, medium, large
Sole proprietorship, partnership, private company, public company
Retail, wholesale, manufacturing
Local, national, international
Explain the difference between a sole trader and a partnership in business ownership.
A sole trader is a business owned and operated by one person, while a partnership is a business owned and operated by two or more people.
A sole trader is a business owned and operated by shareholders, while a partnership is owned and operated by a board of directors.
A sole trader is a business owned and operated by a group of people, while a partnership is owned and operated by one person.
A sole trader is a business owned and operated by the government, while a partnership is owned and operated by a private individual.
How does the economic environment impact businesses?
Consumer spending has no effect on businesses
Economic factors such as weather and climate change have no impact on businesses
Businesses are not affected by interest rates or inflation
Economic factors such as inflation, interest rates, and consumer spending can impact businesses by affecting their costs, borrowing ability, and customer demand.
Explain the concept of limited liability in business ownership.
Limited liability means the company can only have a certain amount of debt.
The owners are personally liable for all the company's debts and liabilities.
Limited liability only applies to small businesses.
The owners' personal assets are protected from the company's debts and liabilities.
What are the common aims of businesses in the private sector and the public sector?
Maximise profits, provide quality goods or services, and achieve long-term sustainability
Maximise losses, provide poor-quality goods or services, and achieve long-term bankruptcy
Minimise profits, provide low-quality goods or services, and achieve short-term sustainability
Maximise profits, provide average-quality goods or services, and achieve short-term success
What is the difference between internal and external stakeholders in a business?
Internal stakeholders are within the company, while external stakeholders are outside the company.
Internal stakeholders have no influence on the company's success
External stakeholders are only concerned with the company's internal operations
Internal stakeholders are not involved in decision-making
How does the political environment influence businesses?
Impact of sports events, celebrity endorsements, and entertainment industry
Changes in tax laws, trade policies, and government stability
Influence of social media, cultural norms, and consumer behavior
Changes in fashion trends, weather patterns, and technological advancements
The surrounding conditions in which the business operates are called....
Environments
Business contacts
Business Environments
Business Conditions
A stakeholder is ....
someone who has a stake in the business
someone who has an interest in the business and has different demands on the business
someone who holds a steak
someone who owns the business
Influences that come from within the business are in the
macro environment
external environment
operating environment
internal environment
The very beginning of the business life cycle before the business officially exists
Start-up
Seed
Growth
Maturity
True or false - entrepreneurs assess the viability of the business idea through a feasibility report, which looks at the businesses strengths, weaknesses, threats and opportunities.
True
False
After the business ideas viability has been tested, the business progresses into what is known as the...
Growth stage
Maturity stage
Start-up stage
Post-maturity
In the start-up phase
the business launches into the market
The business is making consistent income
Sales remain consistent because the market is saturated
entrepreneur creates a business plan
In what stage of the business life cycle does the business make consistent income and takes on new customers?
Seed
Start-up
Growth
Post-maturity
True or false - In the growth stage, entrepreneurs need to have good management skills because of new demands (new customers, increasing revenue and staff, competitor advantage), which can influence whether the business continue to grow or decline
True
False
In the maturity stage of the business life cycle
Sales remain consistent because the market is saturated
Businesses can remain at this stage for long periods of time
Business may experience growth in this stage, however sales will be stable
All of the above
In the post maturity stage, business can head in 3 directions...
Start-up, growth, maturity
Steady, renewal or decline
Growth, maturity, post-maturity
Steady, decline
True or false - In the post-maturity stage, businesses may stay the same, choose to make changes and enter renewal, or enter decline if change is unsuccessful.
True
False
The 3 distinct business environments include
Internal, Internal Operating, External Macro
Internal, External Operating, External Macro
Internal Macro, External Operating, External Macro
Customers, Suppliers, Competition and Interest Groups are part of the
Internal Business Environment
External Operating Business Environment
External Macro Business Environment
The external macro environment is made up of which elements
Socio-cultural
Scientific
Technological
Economic
Political
Which of the following is not one of the key business functions?
Finance
Research
Human Resources
Operations
Which of the following is a disadvantage of a partnership
start up costs are low
shared responsibility
owners are responsible for the debts of the business
tax is on the owners income
TRUE of FALSE
A public company has Pty Ltd at the end of it's name
TRUE
FALSE
