The four main resources available to a business are:

Human, Information, Physical, Financial

How does increased competition in a business environment benefit consumers?

Greater choice of goods and services

there is complete concentration by one firm in the industry

Which of the following best describes the concept of a business?

provide goods and services to satisy needs and wants

The tertiary industry involves

people performing a vast range of services for other people

Not all businesses acheive profitability in their first year. What's the reason for this

Costs of establishing the business, delaying return

Four common methods used to classify a business are

size, industry, legal structure, geographic locaion

Through which organisation are shares in public companies traded?

The Australian Securities Exchange

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The Nature of Business

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Questions 15

Answers

1
Which of the following is a motive for people to invest in a business aimed at increasing value
Employment
Innovation
Wealth creation
Entrepreneurship
2
The four main resources available to a business are:
Human, Information, Physical, Financial
Human, Information, Physical, Financial
Human, Information, Physical, Natural
Human, Capital, Information, Natural
3
How does increased competition in a business environment benefit consumers?
improving features on goods and services provided
Greater choice of goods and services
increasing employment opportunities
improving quality of life and standard of living
4
What is the name of businesses that are registered as seperate entitities from their owners
Private companies
Incorporated businesses
Unincorporated businesses
Sole traders
5
A monopoly is where
there is a larger number of buyers and sellers in the market
a small number of larger firms have control over the market
there is complete concentration by one firm in the industry
there is a large number of small firms that sell products
6
A disadvanatge of a business being registered as a sole trader could be
Limited liability
Unlimited liability
High taxes
High start up costs
7
Which of the following best describes the concept of a business?
to acheive a financial return to its investors
provide goods and services to satisy needs and wants
provide essential services to the community
to serve the interests of the community
8
What is the name given to the process of combining a range of inputs to develop a output
Value adding
Value benefit analysis
Value creation
Value chain analysis
9
Which of the following is a disadvantage of being registered as a sole trader
Low cost of entry
Legal requirements
Unlimited liability
Owned and operated by one person
10
The tertiary industry involves
services that involves the transfer of knowledge and data
services traditionally performed at home
taking raw materials and making it into a finished product
people performing a vast range of services for other people
11
Not all businesses acheive profitability in their first year. What's the reason for this
The skills and training of the entrepreneur
Costs of establishing the business, delaying return
Low number of competitors
The location of the business
12
Each year a public company must relseas a document of its financial performance. This is
A annual report
A shareholder report
A prospectus
A financial accounts summary
13
Steph works for Arnott's and prepares and mixes ingrediants for biscuits. She belongs in
A quaternary industry
A secondary industry
A tertiary industry
A primary industry
14
Four common methods used to classify a business are
business type, size, location, ownership
size, market share, legal structure, location
size, industry, legal structure, geographic locaion
ownership, size, location, industry
15
Through which organisation are shares in public companies traded?
The Stock Exchange Association
The Australian Market of Exchange
The Australian Securities Exchange
The Australian Stock Market

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