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Business Studies Module 1 Flashcards | StudBud
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Business Studies Module 1
Business Studies Module 1
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#business studies
Flashcards
21 cards
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Questions
21
Answers
1
Which method classifies a business as a public company?
Size
Geographical spread
Legal structure
Industry sector
2
Which of the following jobs would an employee likely receive a wage?
a permanent employee of a business
childcare worker
doctor
teacher
3
An example of a service is...?
a Lite n Easy dinner
a house
a cleaner
a car
4
Which method classifies a business as a micro-business?
Geographical spread
Industry sector
Size
Legal structure
5
Duopoly refers to...?
two sellers dominating the market
a few sellers dominating the market
many products being available
a single seller dominating the market
6
What is a product?
A thing
A good or service that can be bought or sold
Things such as cars, food, houses and furniture
The result of effort
7
Monopoly refers to...?
a few large firms dominating the market
a board game... duh!
two sellers dominating the market
a single seller with complete control over an industry
8
What does production refer to?
when you produce something
goods and services
the activities undertaken by a business to create product
how much wood would a wood chuck chop if a wood chuck......
9
Oligopoly refers to....
two sellers dominating the market
one seller dominating the market
a few sellers dominating the market
a wide variety of different products available
10
What is the equation for profit?
P = GST - profit
P = revenue - wages
P = revenue - operating expenses
P = operating expenses - tax
11
Why would innovation in business be profitable?
it teaches people to be creative
you can look smart in front of your boss
it allows for the establishment of new companies like Uber
it satisfies a consumer need that is currently not satisfied
12
Which of the following jobs would an employee likely receive a salary?
swim instructor
construction worker
waiter
teacher
13
Which method classifies a business as tertiary?
Geographical spread
Industry sector
Legal structure
Size
14
If it weren't for _____ we would still be listening to gramophones instead of digital music
history
cassettes, walkmans, CDs
research and development within companies
Apple
15
What does this pie graph represent?
Smartphone profit
Smartphone revenue
Smartphone market share
Smartphone entrepreneurship
16
How do you spell the word that was the focus of the previous question?
Entreprenuer
Entrepreneur
Entreprenor
Ontrayprenoor
17
Who is an entrepreneur?
one who entrepreneurs
one who starts a business
one who inherits the family business
one who starts up a new business in the face of many risks
18
Why can entrepreneurship be risky?
the labour required is hard to find
the market is untapped
the market doesn't need the good or service
you have to be inventive
19
What does enterprise mean?
Enterprise is just another name for a business
Enterprise means not much
Enterprise means a disagreement between two companies
Enterprise means a bargaining chip
20
SMEs make up about 98% of all Australian business? What is a SME?
Small to middle enterprise
Small to medium enterprise
Sizeable medium entertainment
Sand man enter
21
Which method classifies a business as global?
Legal
Size
Geographical spread
Industry sector
