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Nature of Business
Nature of Business
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Answers
1
When two or more people decide to go into an
unincorporated
business together
Sole trader
Private company
Partnership
Public company
2
What is the name of the below graph?
Business economic cycle
Boom/bust cycle
Business life cycle
Economic cycle
3
Which influence is likely affecting you if not many people walk past and visit your store?
Management
Resources
Location
Product
4
The costs for the business of providing a good or service
Choice
Profit
Operating expenses
Risk
5
A business which is
NOT
a different legal entity to its owners gives them
Unlimited liability
Limited liability
6
A business in the
primary
industry
Producers raw materials
Provides services such as education
Provides information processing services
Provides domestic services
7
A sole trader can go out of business when
Chooses to close
The owner dies
All of the above
Declared bankrupt
8
What is an entrepreneur?
The amount of money left after all expenses are paid
Someone who comes up with an idea for business + acts on it
Someone who comes up with an idea for business
The total cost of running a business
9
What is corporate social responsibility goal?
focuses on profit
goals of individual owner(s)
aims to benefit the community
doing what is ethical or right
10
A business in the
primary
industry
Provides domestic services
Provides information processing services
Provides services such as education
Producers raw materials
11
Which of the following is
NOT
a stakeholder of a business?
Someone who has never shopped at your store
Customers
Business competitors
Employees
12
When a business is forced to close by a court order
Voluntary cessation
Involuntary cessation
13
SME stands for
Small-Medium Employer
Small-Massive Enterprise
Simple-Medium Enterprise
Small-Medium Enterprise
14
Which of the following is
not
an external influence on business?
Legal
Management
Competitive situation
Social tastes
15
When a new unique product is made for the first time
Revenue
Innovation
Invention
Incredible
16
The overall summary of a business report is called
Introduction
Executive summary
Conclusion
Recommendations
17
The process of converting a company's assets into cash is known as
Cessation
Liquidation
Stakeholders
Bankruptcy
18
When one person decides to go into an
unincorporated
business
Sole trader
Private company
Public company
Partnership
19
When an existing product/service is developed to be better than a previous version
Revenue
Incredible
Innovation
Invention
20
The part of a business report where you comment on what should be done is called
Conclusion
Executive summary
Recommendations
Introduction
21
What is a financial goal?
aims to benefit the community
focuses on profit
doing what is ethical or right
goals of individual owner(s)
22
When two or more people decide to go into an
incorporated
business together
Public company
Private company
Sole trader
Partnership
23
Which influence relates to the demographics of people of the area?
Geographical
Politcal
Social
Financial
24
When a business is declining and is almost broke, it is facing...
Liquidation
Maturity
External factors
Cessation
25
When a business decides to sell shares on the ASX
Public company
Sole trader
Private company
Partnership
26
Which of the following is
not
an internal influence on business?
Business culture
Location
Economy
Product
27
At which point of the cycle is the economy starting to show signs of slowing down?
Depression
Boom
Bust
Downswing
28
Which influence is likely affecting you if you are wasting money on things you don't need?
Location
Management
Product
Resources
29
The phase when a business starts to change after many years of constant sales
Post-Maturity
Establishment
Maturity
Growth
30
A business which is a
different
legal entity to its owners is
Incorporated
Unincorporated
31
If a business has 78 employees, it is classified as:
Small
Large
Micro
SME
32
At which point of the cycle are employment and wages are usually high?
Boom
Depression
Bust
Upswing
33
Profit is
Things required to live
Expenses incurred as part of running a business
The money left after expenses are paid
Things you would like to have
34
Which influence relates to the increase of taxes on business?
Financial
Social
Politcal
Geographical
35
The total amount of money received by a business for a good or service
Operating Expense
Profit
Income
Revenue
36
When a business is closed by choice of the owner(s)
Voluntary cessation
Involuntary cessation
37
What is a personal goal?
goals of individual owner(s)
aims to benefit the community
doing what is ethical or right
focuses on profit
38
What is the name of the below graph?
Business economic cycle
Business life cycle
Economic cycle
Boom/bust cycle
39
What is a social goal?
doing what is ethical or right
goals of individual owner(s)
aims to benefit the community
focuses on profit
40
Which influence is likely affecting you if you aren't selling something people want?
Product
Management
Resources
Location
41
What is a monopoly?
When a few large businesses dominate the market
When one business controls the market
When businesses try to make their product unique
When all businesses sell the same thing
42
If a business has 3 employees, it is classified as:
Small
Micro
SME
Large
43
At which point of the cycle are prices usually at their lowest?
Upswing
Bust
Depression
Boom
44
What is an oligopoly?
When all businesses sell the same thing
When businesses try to make their product unique
When a few large businesses dominate the market
When one business controls the market
45
Which of the below is an example of an INPUT for a t-shirt?
Packaging boxes
Cotton thread
The finished t-shirt
Surf shop
46
The phase when a business has just started and is finding its feet
Maturity
Growth
Post-Maturity
Establishment
47
What is perfect competition?
When one business controls the market
When businesses try to make their product unique
When a few large businesses dominate the market
When all businesses sell the same thing
48
The phase when a new business starts to have an increase in sales
Maturity
Post-Maturity
Establishment
Growth
49
Which of the following should be included in a business report?
Pictures/graphs
Bold and italics
Page numbers
Bullet points
50
A business in the
quinary
industry
Provides information processing services
Producers raw materials
Provides domestic services
Provides services such as education
