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Final Year 9 Commerce Revision Flashcards | StudBud
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Final Year 9 Commerce Revision
Final Year 9 Commerce Revision
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Year 9 end of year Commerce Revision
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
What is the function of an Income Statement?
Calculate gross profit and net profit/loss
Indicate a business liquidity
List Assets, Liabilities & Owners Equity
List creditors & debtors
2
What is not a function of a credit bureau?
Records previous defaults on loans
Records fraudulent business practices
Decides who should not be given a loan?
Records details of current credit accounts
3
What is Socialism?
System where economic resources are community owned
Having lots of friends
Activities undertaken on Twitter and Facebook
A dictatorship where one person holds all the power
4
How can the Constitution be changed?
Vote by the Prime Minister
By holding a Referendum
Employing a dictator to over through the government
Vote by Members of Parliament
5
What Level of Government is responsible for Roads, Railways and Health
State Government
Malcolm Turnbull
Federal Government
Local Government
6
An advantage of becoming a franchise is .....
Investment risk is lower for the franchisee
Contracts may favour the franchisor
Being able to buy lunch at McDonalds
Profits are shared with the franchisor
7
What is the Constitution?
Rules & Regulations of our school
System of government where political power lies with people
Document setting out how a country will be governed
Document on which voters record their vote
8
Which of the following is NOT a reason why an investor would loose money
Inexperienced in stock market trading
They regularly check returns and performance
Economic conditions change
Received poor advice
9
Which of the following is NOT a demographic factor?
Gender
Location
Age
Lifestyle
10
Royalties, Dividends and Commissions are types of ....
Profts
Incomes
Wages
Salaries
11
The difference between private and public companies, is that public have been incorporated
No such thing as incorporation
True
Only sole traders & partnerships are incorporated
False
12
Which of the following are responsibilities of the Federal Government
Misleading & Deceptive conduct
Taxation & GST collection
Health & safe handling of food
Pollution controls
13
Another word for purchasing equities is purchasing .....
Liabilities
Inventories
Shares
Debts
14
Define liquidity
The ability of a business to pay debts on time
A business that sells liquids
The fluidity of a business
Having enough money to buy lunch at the canteen
15
What area of Government is responsible for Sewerage and Town Planning
State Government
Local Government
Head of Social Sciences
Federal Government
16
In an Autocracy government .....
The state owns everything
There is usually a dictator
Laws are no longer enforced
People vote in an election
17
What are the names of the two houses of Federal Parliament
Cabinet & the Governor
House of Representatives and the Senate
Roseby & Cowper
Legislative Assembly & Legislative Council
18
An example of product in a Niche Market is ....
Wheelchairs
Sports Equipment
Chocolate bars
Juices & Smoothies
19
Workers Compensation and Occupational, Health & Safety are the responsibility of?
Federal Government
State Government
Head of our School
Local Government
20
What do the letters ASIC stand for?
Australian Standards in Commerce
Australian Savings and Income Commission
Australian Securities Investments Commission
Australian Securities and Income Corporation
21
What is a guarantor?
Someone who guarantees to repay debt if the borrower doesn't
A promise you make to repay a debt
The bank from which you borrow money
A teacher who promises you will pass Commerce
