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BM-U1: Starting Your Business - Business Models Flashcards | StudBud
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BM-U1: Starting Your Business - Business Models
BM-U1: Starting Your Business - Business Models
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Answers
1
A person who contributes financially but does not run the business is usually known as a(n) ...?
Hidden or recluse partner.
Trading or commercial partner.
Silent or sleeping partner.
Absent or mystery partner.
2
Franchising is the fastest area of business growth in Australia.
False
True
3
Which of the following is NOT a characteristic of proprietary (private) companies.
It must have "Pty Ltd" included as part of its business name.
The stock exchange does not list the company or sell its shares.
Must have at least one shareholder with a maximum of 50.
All employees are expected to be shareholders in the company.
4
Which of the companies listed is a proprietary (private) company?
Linfox Australia
Telstra
Wespac
Woolworths
5
Which of the following would be considered a benefit of purchasing an existing business?
Seller may offer advice and training.
Assessing goodwill can be over-evaluated.
Employees resent change to operations.
Previous owner's contacts can be lost.
6
What type of business is generally associated with advertising based websites, freemium, brokerages, and merchants?
Online
Import/export
Franchise
Social enterprise
7
Which of the following is NOT an aspect of a sole trader business?
A business owned and operated by one individual.
Operational responsibility resides with the owner.
The person who privides all the finance.
Employees share in the profits made by the business.
8
What do online, bricks and mortar, retail, manufacturing, and wholesale describe?
Types of business models
Types of methods to attract investment
Types of shopping experiences
Types of building structures
9
Which team won the inaugural AFLW grand final on the 25th March, 2017?
Brisbane Lions
Adelaide Crows
Melbourne Demons
Western Bulldogs
10
Which of the following statements are true.
Imports are goods produced in Australia and sold overseas.
Imports are goods produced overseas and sold in Australia.
Exports are goods produced overseas and sold in Australia.
Exports are goods produced in Australia and sold overseas.
11
What are the advantages online businesses have over bricks and mortar stores?
Avoid the cost of a physical store
Risk theft when making purchases
Difficult for customers to inspect products prior to purchase
Able to easily reach customers across the world
12
When might be a 'not-so-good' time to start a new business?
Recognition that there is a gap in the market.
Development of new products and services.
None of the above.
A well served market needs greater competition.
13
Which of the following are characteristics of a public listed company?
No restrictions on transfer of shares or raising money from the public.
A minimum of three directors (two of whom must live in Australia).
An audited financial report is required every year.
The word 'Limited' or 'Ltd' must be in its name.
14
How many owners can a partnership have?
A minimum of 2 and maximum of 10
A minimum of 2 and a maximum of 25
A minimum of 2 and no maximum
A minimum of 2 and maximum of 20
15
In business terms, what is goodwill?
The feelings you have when someone does something nice.
The fair distribution of a business after the owner dies.
A film about hunting for business opportunities.
The monetary value attached to a business' reputation.
16
Which of the following are considered UNINCORPORATED business entities?
Sole Traders
Public Corporations
Partnerships
Private Companies
17
What is a 'prospectus'?
A list of all the benefits a company offers customers.
A mining company's registered territory for its exclusive prospecting.
A legal document that provides company investment details.
The key financial documentation presented in the annual report.
18
Where did the two Melbourne football teams play the 2021 AFL grand final?
The GABBA, Brisbane, Qld.
Adelaide Oval, Adelaide, S.A.
MCG, Melbourne, Vic.
Perth Stadium, Perth, W.A.
19
Which of the following is the purchaser of the rights and model of a business?
Franchisor
Franchise
Franchisee
French
20
What is a business entity?
The team uniforms that identify the image and employees of a business.
An exclusive identity that is supplied to valued customers.
An identified business operation that is seperate from the owner.
The advertising brand that identifies a specific business.
21
What benefit does limited liability mean for a business that becomes incorporated?
Company debts are limited to the value investors have already paid.
No-one is liable for any debts incurred by the company's operations.
Owner's personal assets are used to pay company debt if required.
The letters "Ltd" are added to a company title as a badge of honour.
22
What does 'unlimited liability' mean for a sole proprietor?
Owner is personally responsible for all business debts.
The opposite of assets recorded on financial statements.
Continuing costs of running a business.
Untrained employees who incur unreasonable costs.
23
What does incorporation mean for a business?
An organisation process for all registered employees.
A legal process that defuses all liability amongst all company owners.
A company registration process to become a separate legal identity.
A process that organises business assets into one company.
24
Which of the following are considered INCORPORATED business entities?
Sole Traders
Private Companies
Public Corporations
Partnerships
25
Who is the 'franchisee'?
The business that buys the rights to a name, products and services.
The business that sells the rights to it's name, products and services.
26
What is a 'bricks and clicks' business?
Wellbeing is the main aim of the business
Online and in a store customer options
A business with a 'snappy/cool' name
A franchise store which has a website
27
Which of the following is NOT included in the purchase of a business?
Goodwill
Customers and suppliers
Business premises
Stock and equipment
28
What is a business model?
A written statement of a business' goals and objectives
Someone who models the products of a business
A detailed plan made from glue and popsticks
How a business operates to generate profit
29
Which sport is considered the most gender balanced activity played around the world?
Swimming
Field Hockey
Running
Tenpin Bowling
30
What do the owners become known as when a business decides to become incorporated?
Partners
Employees
Directors
Shareholders
