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Year 10 Business - Topic 1 and 3 Flashcards | StudBud
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Year 10 Business - Topic 1 and 3
Year 10 Business - Topic 1 and 3
62 terms
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Business Studies
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Answers
1
Which type of employees are entitled to leave i.e. annual leave, sick leave?
part time
full time
casual
permanent
2
Which is not an employment arrangement
being called to attend work
workplace agreement
award
employment contract
3
You can be dismissed for…
for being yelled at
making a minor mistake
for showing an act of extreme violence
4
What type of business is owned by oneperson and they make all the decisions?
partnership
company
sole trader
franchise
5
whencan apply for an unfair dismissal claim?
12 months after beingdismissed
21days after being dismissed
Anytime afterdismissal
6
The three key players in economy are
Businesses
Government
Households
Stock
7
What type of employee works 25 hours per week, the same shifts each week?
Full time employee
Casual employee
Part time employee
8
What are Assets?
The owners’ investment in thebusiness
What the business owns
What the business owes
9
How quick do you have to apply for unfair dismissal?
3 weeks
2 weeks
1 week
10
How many hours does part time employee work for?
different hours each week
less than 35
more than 35
11
Work is...
not volunteer work
produces something of value to other people
is a very important aspect of society
is always paid
12
Which one of these is a liability:
Ladder recently bought
Rent for a shop
Cash register
A computer
13
Why keep financial records?
Less chance of fraud
In order to sell or grow/expand thebusiness
It is less likely for things to go wrong
all of the above
14
What is unlimited liability
When the business owners pay debts to a certainextent.
When the business owners are personally liableto pay debts
When the business owners pay no debt
15
What is the correct definition of opportunity cost?
Thecost of a purchase in terms of the amount of money
Cost of a purchase interms of alternative given up as result
Buyingan item when it is on sale
Buyingan item that is cheaper than it should be.
16
Causes for changes in work
globalisation
legislation
iphones
technology
17
Aliability is:
Anemployee
Something a company owes
Ashare owned in within your company
Somethingthat you own within your company
18
Someone has just finished university & looking for a job, what type of unemployment is this?
Seasonal
Cyclical
Frictional
Structural
19
Which of these is an asset?
Rent
Wages
Money in the bank
Creditor
20
Is the principal at Carey an
employer
employee
21
A sole trader is
ownedand operated by one person
ownedby a group of people
A company
22
If an employer needs to sack an employeewhat must they do first:
Givethem a documented warning
Call them and sack them and sending offtheir final pay check
Constructive dismissal
23
What is fixed term employment?
when an employee is employed for a period of time
when an employee is casual
when an employee is ongoing
when a persons employment is fixed
24
Which of these does CPI stand for:
Customer Personal enquiry
Consumer Price Index
Customer Private Insurance
Consumer Personal Institute
25
In a balance sheet which one of these instructions are incorrect:
Things you own are on the asset column
Owners Equity is Assets minus liabilities
Things you owe is on the liability side
Total Assets ishigher than Owners equity total
26
What type of employment is 'as required'?
fulltime
casual
parttime
27
What are three things a part time employee should know prior to commencing work
Start and finish times
How many tips they might receive
Days per week they are required
The number of hours to be worked per day
28
Households
Earn a wage or income, purchase goods andservices
Provide goods and services
Represents the interests in thecommunity
29
Which of the following is not considered areason for unfair dismissal?
being dismissed during probation
race
age
30
An employee is...
those who work for themselves
people who work for someone else
someone who provides work
31
Howlong is probation?
9 months
1 year
3 months
6 months
32
Which is not a type of E commerce
Consumer to consumer
employer to business
Business to business
Business to consumers
33
Can you hire full-time employees for a 6 month period only?
Yes
No
34
An employment contract is...
a negotiated agreement between employers and employees
a legal agreement between the employee and employer
the minimum rate of pay
a piece of paper
35
When an employee looses their job in a harsh, unjust or unreasonable manner it is:
fair dismissal
unfair dismissal
constructive dismissal
36
Whatis the target rate of inflation?
2-3%
6-7%
1-2%
4-5%
37
An employer is...
are people who work for someone else
someone who provides work and pays people for that work
those who work for themselves
38
Advantages of permanent employment
No end date
Can't be terminated
Entitlements
39
What does the CPI measure?
inflation rate
unemployment rate
interest rate
cash rate
40
What is permanent employment?
the same as casual employment
when employment has an end date
the same as fixed term employment
when an employment is ongoing
41
Ability to get on with tasks without someone having to check is which employability skill?
Problem solving
Self-management
Initiative
42
What isE Commerce?
a. Thebuying and selling of goods in a department store
a. e buying and selling of goods online
a. Makingcash transactions
43
What attributes do you need to be anentrepreneur?
lazy
not willing to put their ideas into action
risk taker
44
Which of these has a binding decision?
Mediation
All are binding
Conciliation
Arbitration
45
Employability skills include
Motivation
Innovation
Communication
46
Disadvantages of casual employment
No regular income
You can be terminated without notice
You don't need qualifications
47
Whichof the following had the least retail turn over from may 2008 - may 2013?
Department stores
Personal retail
Household goods
food
48
A company
is owned by one person
isowned by a group of people
49
Whatdoes 'GDP' stand for?
Global Department of Purchases
Gross Domestic Product
GrossDepartment of Purchases
GivenDepartment for Purchases
50
Whichof these doesn’t go on a balance sheet?
owners equity
profit
assets
liabilities
51
Whatis a creditor?
personwho owes money to a business
person or business to whom the business owes money
personor business who is in debt
person or business whom owes money to the business
52
What is the definitionof an entrepreneur?
someone who employs people to work for them
someone who is a hardworking business person
someone who is a company owner
someone who comes up with an original/creative business idea
53
What isthe correct definition of 'Inflation?
decrease in the price of goods and services
when a company goes through a series of improvements
company increases in net worth
rise in the generalgoods and services over a period of time
54
Is a casual & fulltime employee entitled to the same benefits working for the same organisation
Yes
No
Depends on the employment contract
55
Is a part time employee entitled to the same things as a full time employee
Yes
No
56
What is the definition of unfairdismissal?
when an employer decides to leave their company
when an employee is unlawfully terminated
Dismissedfrom the job in a harsh,unjust,unreasonable manner
57
A casual employee is:
A staff member who is on call for ashift
Apart time staff member
Astaff member who works a full time shift and gets benefits
58
What is an element thatisn’t apart of a swot analysis?
weaknesses
consumers
strengths
threats
59
Limited liability is when
the owners cannot be asked to contribute to debts
businesses cannot pay their debts
60
What does the balance sheet do?
Tell you the likelihood of Leonardo diCaprio gettingan Oscar
Gives an idea of how money is being spent in the business
Serves you your morning coffee
61
What does the profit and loss statement tell the owners of abusiness?
Informsthe owner of revenue earned and expenses incurred
Shows only the transactions made
Document that shows only the losses of a company
A document that shows the profit only
62
What is economics defined as?
how a society uses its resources to satisfy needs and wants
The study of how narwhalscan perform backflips.
The study of how money isused by the citizens of a country
The study of how thecurrency behaves.
