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Business Revision Quiz

Total questions: 70

Worksheet time: 2hrs 41mins

Name
Class
Date
1.

What are the 5 Sectors of the Australian Economy?

a)

Families, small business, banks, finance, imports

b)

Household, Business, Banks, Finance, Overseas

c)

Household, Business, Government, Finance, Overseas

d)

Household, Government, Council, Finance, Overseas

2.

Provide a definition of the Australian economy.

4 lines
3.

What are services?

a)

Services are things you can touch.

b)

Intangible product. For example consulting or education.

c)

Services are things that aren't for sale.

d)

Services do not attract a Goods and Services Tax.

4.

List 4 types of markets.

4 lines
5.

What are goods?

a)

Products can only be imported into Australia.

b)

All products are subject to Capital Gains Tax.

c)

Product are intangible tings that cannot be touched.

d)

Goods are tangible products such as clothing, bicycles, or food.

6.

What is meant by the term "consuming"?

4 lines
7.

Which of the following terms is best matched to the term "buyer"?

a)

Seller

b)

Distributer

c)

Economist

d)

Consumer

8.

Which of the following terms is best matched to the term "seller"?

a)

Producer

b)

Teacher

c)

Economist

d)

Consumer

9.

Which of the following is a cause of opportunity cost?

a)

Too many choices

b)

Not enough spending money

c)

Not enough choices

d)

Too much spending money

10.

TRUE or FALSE: the business sector refers to all the producers and distributers in the country?

a)

TRUE

b)

FALSE

11.

What does "producing" mean?

4 lines
12.

What is the purpose of a "market"?

4 lines
13.

Which of the following options would help to overcome scarcity?

a)

More money for consumers.

b)

Increased production of goods and services to match demand.

c)

Less competition for businesses.

d)

Limit importing in the Australian economy.

14.

Provide a definition of a product.

4 lines
15.

What do buyers and sellers do in the business economy?

4 lines
16.

The Financial sector is made up of:

a)

Families, households and everyday consumers

b)

Banks, loan providers, and credit unions

c)

Local councils, state and federal governments

d)

The Australian Taxation Office

17.

TRUE or FALSE: are all citizens in Australia consumers?

a)

TRUE

b)

FALSE

18.

Which of the following does the Business Sector consist of:

a)

Producers

b)

Markets

c)

Consumers

19.

TRUE or FALSE: A rise in demand causes a rise in prices

a)

TRUE

b)

FALSE

20.

How do markets operate?

4 lines
21.

What is an economy?

4 lines
22.

Billy starts selling lemonade on his rural farm. He isn't getting any sales! Wy?

a)

No supply

b)

No demand

c)

Billy's lemonade is too sour

23.

Which level of government looks after your local area

a)

City Council

b)

State government

c)

Federal government

24.

What is inflation?

4 lines
25.

Which of the following is NOT an example of a producer in the market?

a)

Farmer

b)

Chef

c)

Factory worker

d)

Student

26.

Revenue - expenses =

(a)  

27.

The government consideres taxes as

(a)  

28.

What is the downside to opportunity cost?

4 lines
29.

What is the effect on prices if there is too much supply in the market?

a)

Prices are likely to increase

b)

Prices are likely to decrease

30.

TRUE or FALSE: high demand = high prices

a)

TRUE

b)

FALSE

31.

Write a definition of opportunity cost.

4 lines
32.

The household sector is made up of:

a)

Producers

b)

Consumers

c)

Markets

33.

TRUE or FALSE: inflation is when prices fall in an economy.

a)

TRUE

b)

FALSE

34.

Provide a quick definition of inflation.

4 lines
35.

What causes scarcity?

a)

Too much money in the market

b)

Too many products in the market

c)

Not enough production

d)

Too little demand for a product

36.

Which of the following is NOT one of the three levels of government?

a)

Federal Government

b)

State Government

c)

Local council

d)

Banks

37.

(a)   - Expenses = Profit

38.

Provide three examples of producers.

4 lines
39.

What is a consumer?

4 lines
40.

Which of the following factors typically impact on the price set for a good or service?

a)

Quality

b)

Demand

c)

Competition

d)

Pizza

41.

Which of the following ARE part of the Circular Flow of Money?

a)

Finance Sector

b)

Business Sector

c)

Finance Sector

d)

Antarctic Sector

e)

Overseas Sector

42.

Provide a definition for the term "exports."

4 lines
43.

TRUE or FALSE: unemployment occurs when someone who is willing to work doesn't have a paid job.

a)

TRUE

b)

FALSE

44.

TRUE or FALSE: government revenue (taxes) are allocated to support unemployment and public housing.

a)

TRUE

b)

FALSE

45.

List three public benefits the government spends tax money on.

4 lines
46.

Do consumers have rights?

a)

True

b)

False

47.

Businesses have a responsibility to ensure products and services are safe and fit for purpose.

a)

TRUE

b)

False

48.

ACCC Stands for Austrian Commission for Consumer Care.

a)

TRUE

b)

FALSE

49.

Why is Business Competition good for consumers?

4 lines
50.

TRUE or FALSE: Predatory pricing is an unfair business practice.

a)

TRUE

b)

FALSE

51.

Scammers can steal...

a)

Money

b)

Passwords

c)

bank details

d)

all of the above

52.

ACCC Stands for Australian Competition and (a)   Commission

53.

List three types of resources.

4 lines
54.

You've just purchased a faulty e-scooter. The store you purchased it from is refusing to provide a refund. According to Australian Consumer Law, what can you do next?

a)

Contact the Australian Consumer Law

b)

Leave a nasty review and chuck out the e-Scooter

c)

Contact the ACCC or a third party

55.

You've received an email from a Nigerian Prince asking for financial help. He promises he will pay you back, with extra to say thanks. Who is the Nigerian Prince REALLY?

a)

He's a real Nigerian Prince

b)

A scammer

c)

A regular citizen

d)

A polar bear

56.

List three types of markets and what they offer consumers

4 lines
57.

What are some factors that might influence a Juice Bar with the products they sell?

4 lines
58.

How would a recent increase in inflation, affect taxation revenue for the government?

4 lines
59.

TRUE or FALSE: Consumer guarantees do not apply fr purchases over $40,000.

a)

True

b)

False

60.

What is a guarantee?

4 lines
61.

Is misleading advertising legal in Australia?

a)

It's legal

b)

It's illegal

62.

How many steps are involved in the complaints process?

a)

2

b)

3

c)

4

d)

5

63.

TRUE or FALSE: in 2021 Australians lost more than $2 billion to scams?

a)

TRUE

b)

FALSE

64.

Australian Consumer Law (ACL) grants consumers rights - including warranties.

Do business warranties override consumer warranties provided by the ACL?

a)

Yes

b)

No

65.

Which of the following are consumer responsibilities?

a)

To know your rights as a consumer

b)

Be uninformed of a product and return it

c)

Read instructions and warning and fine print on a product

66.

Which of the following describes a right?

a)

The right to set prices for products sold in stores

b)

The right to demand free products from businesses

c)

The right to receive fair treatment and accurate information about products and services

d)

The right to refuse to pay taxes on purchased goods

67.

What do consumers want that businesses try and compete for?

a)

Price

b)

Quality

c)

Ocean Views

d)

Supply

68.

True or False: you are entitled to a refund if find that your NEW e-scooter is actually secondhand.

a)

True

b)

False

69.

All business must provide a product guarantee to their consumers.

Define a "product guarantee"

4 lines
70.

What is the different between a responsibility and a right?

4 lines

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