Prelim Business Studies Revision

Question 1

Which of these is not a way to classify a business?

Accepted Answer

Business Name

Question 2

Which sector is Coles Supermarkets a part of?

Accepted Answer

Tertiary

Question 3

Which of the following areas does a business have direct control over?

Accepted Answer

Internal influences

Question 4

What is the main reason a business produces and sells a product or service?

Accepted Answer

To gain a profit

Question 5

What is a business plan?

Accepted Answer

A frame-work for decision making

Question 6

Which of the following is not a reason for global expansion?

Accepted Answer

Decrease manager stress levels

Question 7

Which of the following is not an essential management skill?

Accepted Answer

Trigonometry

Question 8

Which of the following is not a form of business takeover?

Accepted Answer

Merger

Question 9

Which of the following is a Quinary business?

Accepted Answer

Childcare

Question 10

A manager using an autocratic leadership style tends to.......

Accepted Answer

make all the decisions

Question 11

Which of the following is not a role of a business?

Accepted Answer

To cause environmental harm

Question 12

Which of the following is a part of the Post-Maturity Stage?

Accepted Answer

Decline

Question 13

What do we call the money a business receives as payment for its goods?

Accepted Answer

Revenue

Question 14

What does SME stand for?

Accepted Answer

Small to Medium Enterprise

Question 15

What business classification would a local takeaway store be?

Accepted Answer

Small

Question 16

Which of the following is a method of completing a situational analysis?

Accepted Answer

SWOT

Question 17

What does a balance sheet show?

Accepted Answer

Assets, Liabilities and Equity

Question 18

What is the correct order of the Business Life Cycle?

Accepted Answer

Establishment, Growth, Maturity, Post Maturity

Question 19

Which of the following is a characteristic of a private company?

Accepted Answer

The company is limited to having 2-50 shareholders

Question 20

What is a characteristic of a 'boom' period in an economy?

Accepted Answer

Wages Increase

Question 21

What remains after all expenses have been deducted from revenue?

Accepted Answer

Net Profit

Question 22

Which of the following best describes a business failure?

Accepted Answer

The business is unable to pay its liabilities when due.

Question 23

Which of the following is a Public Company?

Accepted Answer

Woolworths Ltd

Question 24

Which is not used to classify a business?

Accepted Answer

Increase in market share

Question 25

Which of the following is a threat in the SWOT analysis?

Accepted Answer

Increased competition in the industry

Question 26

A business that is ready to open and begin operation.

Accepted Answer

Turnkey

Question 27

When the owners of 2 separate businesses agree to combine their resources to create a new firm.

Accepted Answer

A Merger

Question 28

What are the 4Ps?

Accepted Answer

Product, Price, Promotion, Place

Question 29

What does the acronym SWOT stand for?

Accepted Answer

Strengths, Weaknesses, Opportunities, Threats

Question 30

Which of the following is an example of a short-term loan?

Accepted Answer

Overdraft

Question 31

Which abbreviation notifies stakeholders that the business offers Limited Liability?

Accepted Answer

Ltd

Question 32

The presentation of a business plan is usually completed in.....

Accepted Answer

Business Report Format

Question 33

What is the main cause of business failure according to surveys?

Accepted Answer

A downswing in the economy

Question 34

What is the name given to the brief overview of the whole business plan?

Accepted Answer

Executive summary

Question 35

A local business employs 34 people. What size is this business?

Accepted Answer

Medium

Prelim Business Studies Revision

Questions 35

Prelim Business Studies Revision

Questions 35