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Nature of Business
Nature of Business
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Answers
1
What is an entrepreneur?
The total cost of running a business
Someone who comes up with an idea for business
Someone who comes up with an idea for business + acts on it
The amount of money left after all expenses are paid
2
The name for the income received by shareholders
Royalties
Dividends
Downpayment
Profit
3
What is an oligopoly?
When businesses try to make their product unique
When one business controls the market
When all businesses sell the same thing
When a few large businesses dominate the market
4
The process of converting a company's assets into cash is known as
Bankruptcy
Cessation
Liquidation
Stakeholders
5
The stage when a business is attempting to find regular customers
Establishment
Maturity
Growth
Post-Maturity
6
Other words for money are
Income
Cash
Funds
Capital
7
At which point of the cycle are prices usually at their lowest?
Depression
Boom
Upswing
Bust
8
A business is likely to experience a cash flow shortage during during which stage?
Establishment
Post Maturity
Maturity
Growth
9
What is a monopoly?
When all businesses sell the same thing
When one business controls the market
When a few large businesses dominate the market
When businesses try to make their product unique
10
When does a sole trader cease operations?
The owner dies
Chooses to close
All of the above
Declared bankrupt
11
What is a the main goal of a business?
focus on profit
aims to benefit the community
goals of individual owner(s)
doing what is ethical or right
12
When two or more people decide to go into an
unincorporated
business together
Private company
Sole trader
Partnership
Public company
13
A business which is
NOT
a different legal entity to its owners gives them
Unlimited liability
Limited liability
14
If a business has 10 employees, it is classified as:
Large
Micro
Medium
Small
15
The costs for the business of providing a good or service
Profit
Operating expenses
Risk
Choice
16
What is perfect competition?
When all businesses sell the same thing
When businesses try to make their product unique
When one business controls the market
When a few large businesses dominate the market
17
When an existing product/service is developed to be better than a previous version (eg iphone 12)
Invention
Innovation
Revenue
Incredible
18
Which influence is likely affecting you if not many people walk past and visit your store?
Location
Product
Management
Resources
19
Profit is
Expenses incurred as part of running a business
The money left after expenses are paid
Things required to live
Things you would like to have
20
Which of the below is an example of an INPUT for a t-shirt?
The finished t-shirt
Cotton thread
Surf shop
Packaging boxes
21
When a business is forced to close by a court order
Voluntary cessation
Involuntary cessation
22
When a business decides to sell shares on the Australian share market
Partnership
Sole trader
Public company
Private company
23
Which of the following is
NOT
an external influence on business?
Competitive situation
Social tastes
Legal
Management
24
The total amount of money received by a business for a good or service
Revenue
Profit
Operating Expense
Income
25
What is the name of the below graph?
Economic cycle
Business life cycle
Business economic cycle
Boom/bust cycle
26
When two or more people decide to go into an
incorporated
business.
Partnership
Private company
Public company
Sole trader
27
A example of horizontal integration is
A cafe buying another cafe
A cafe buying a bakery
A cafe buying a clothing shop
28
When one person decides to go into an
unincorporated
business
Private company
Sole trader
Public company
Partnership
29
At which point of the cycle are employment and wages are usually high?
Bust
Upswing
Depression
Boom
30
A business in the
primary
industry
Provides services such as education
Manufacturing furniture
Provides domestic services
Producers raw materials
31
The two main reasons for business decline.
Mismanagement and overcapitalisation
Mismanagement and undercapitalisation
32
Which of the following is
NOT
a stakeholder of a business?
Business competitors
Customers
Employees
Someone who has never shopped at your store
33
A business is selling something people do NOT want. What is this influence?
Management
Product
Location
Resources
34
When a new unique product is made for the first time (eg the first iPhone)
Revenue
Invention
Innovation
Incredible
35
The correct order of the business life cycle
Growth, establishment, post-maturity and maturity
Establishment, growth, maturity and post-maturity
Post-maturity, maturity, growth and establishment
Maturity, growth, establishment and post-maturity
36
If a business has 3 employees, it is classified as:
Large
Micro
SME
Small
37
When a business is declining and is almost broke, it is facing...
Liquidation
External factors
Cessation
Maturity
38
Which of the following is
NOT
an internal influence on business?
Location
Economy
Product
Business culture
39
The stage when a business starts to reinvent itself in the hopes of increasing sales once more
Growth
Establishment
Post-Maturity
Maturity
40
SME stands for
Small-Massive Enterprise
Small-Medium Employer
Small-Medium Enterprise
Simple-Medium Enterprise
41
Which influence relates to the demographics of people of the area?
Geographical
Social
Politcal
Financial
42
A business in the
quinary
industry
Producers raw materials
Provides services such as education
Provides domestic services
Provides information processing services
43
A business in the
secondary
industry
Manufacturing furniture
Provides domestic services
Provides services such as education
Producers raw materials
44
Which is NOT one of the four elements of business culture
Rituals, rites and celebrations
Management
Symbols
Values
45
At which point of the cycle is the economy starting to show signs of slowing down?
Bust
Boom
Downswing
Depression
46
A business which is a different legal entity to its owners is
Incorporated
Unincorporated
47
The stage when a new business starts to have an increase in sales
Growth
Establishment
Maturity
Post-Maturity
48
When a business is closed by choice of the owner(s)
Voluntary cessation
Involuntary cessation
