Daniel's Trucking Service employs ten drivers. This business would be defined as

small business in the tertiary sector

A hierarchical pyramid management structure is best described as having

A long chain of command and a narrow span of control

What is the role of the New South Wales Department of Fair Trading

To protect consumer rights by regulating business behaivour

If the Aus. Gov't placed a tariff on the importation of Aus beef, the direct effect would be:

increase the price of imported beef

The correct order for the stages of the business life cycle is

establishment, growth, maturity, post maturity

A business structure with a narrow span of control suggests

there are few people reporting to one manager

Small business failure rates tend to increase during periods of

economic downswings characterised by falling demand

Two teachers formed a partnership business providing tutoring services. This is an example of

An unincorporated bus in the quaternary sector

Which of the following questions is true?

Sole traders are unincorporated with unlimited liability

Which of the following is an example of an internal influence on a business?

The business using obsolete technology

First stage in determining the financial capacity of a person wishing to start a business is:

assessing the entrepreneur's personal wealth

How did the classification of Qantas LTD change when it was privatised by the gov't?

Moved from public sector to private and became a pub company

The Work Health andSafety Act 2007

Entrepreneurship is best described as a person's:

willingness to take a well researched and educated risk

Inputs into the production process include

raw materials, management expertise, labour

The process of liquidation is best described as

selling all the assets of the business, converting to cash

The concept of the business environment refers to the

internal and external factors which may impact the business

Which of the following is a legal requirement for all businesses

Providing safe working conditions

The growth stage of the business life cycle is best characterised by:

economies of scale and increasing no. of staff

How could an Aus. business expand internationally

By merging with an business operating overseas

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Business Studies

77 termsStudBud Administration139 plays

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Questions 77

Answers

1
Larissa produces low fat chocolate bar in response to concerns about childhood obesity.
Geographical
Social
Technological
Legal
2
Refer to the image
Over Extended
Under capitalised
Over Capitalised
Under extended
3
Read the image
Future generations
Government
Employees
Owners
4
The most appropriate type of finance a retail store could source to finance additional stock
Leasing
Mortgage Finance
Trade credit
Debentures
5
Daniel's Trucking Service employs ten drivers. This business would be defined as
small business in the tertiary sector
small business in the quaternary sector
micro business in the quaternary sector
micro business in the tertiary sector
6
Which of the following businesses is partially privatised?
Qantas
Aus Post
ABC Television
Telstra
7
Which of the following are external stakeholders of a business?
Government, society, lenders
Environment, creditors, managers
Shareholders, suppliers, unions
Managers, employees, owners
8
Term to describe an individual, group or institution that has a vested interest in the bus is
employee
shareholder
stakeholder
customer
9
An example of a quality control tool in operations is
stock turnover analysis
invoicing
product testing
bar coding
10
Which adviser would give the least reliable information in terms of the problem currently faced
A management consultant
An accountant
The previous owner
The bank manager
11
The process of cessation for a sole trader is best illustrated by which sequence?
C
A
B
D
12
A hierarchical pyramid management structure is best described as having
A long chain of command and a narrow span of control
A short chain of command and a narrow span of control
A long chain of command and a wide span of control
A short chain of command and a wide span of control
13
What is the role of the New South Wales Department of Fair Trading
Ensure employees are provided a safe and working environment
To protect consumer rights by regulating business behaivour
Regulate financial markets ensuring market integrity
Promote competition which benefits consumers and businesses
14
Refer to the image
Monopoly
Oligopoly
Perferct Competition
Monopolistic Competition
15
Refer to the image: What is the value of the cost of goods sold (COGS)?
$40 000
$130 000
$60 000
$90 000
16
REFER
30 000
60 000
40 000
50 000
17
If the Aus. Gov't placed a tariff on the importation of Aus beef, the direct effect would be:
increase the price of imported beef
increase the price of Aus beef
lower the price of Aus beef
lower the price of imported beef
18
Which part of the marketing mix includes the strategy of branding?
Price
Promotion
Place
Product
19
The correct order for the stages of the business life cycle is
introduction, growth, maturity, post maturity
introduction, establishment, post maturity, maturity
establishment, maturity, post maturity, growth
establishment, growth, maturity, post maturity
20
A business structure with a narrow span of control suggests
there are few people reporting to one manager
There are many people reporting to one manager
there are many levels of management
there are a few levels of management
21
Read the image
Intermediate Market
Mass Market
Consumer Market
Industrial Market
22
An example of a quaternary business is a
retail business
nursing home
bank
restaurant
23
Small business failure rates tend to increase during periods of
economic downswings characterised by increasing demand
economic upswings characterised by falling demand
economic upswings characterised by increasing demand
economic downswings characterised by falling demand
24
A cash outflow for a business would be
Debtor Payments
Interest Reciepts
Creditor payments
Sales
25
Which aspect of business operations does the local gov't regulate?
WHS
Trade Practices
Fair Trading
Zoning
26
Refer to the image
Leave Loading
Long Service Leave
Holiday Leave
Superannuation
27
Two teachers formed a partnership business providing tutoring services. This is an example of
An unincorporated bus in the quaternary sector
An unincorporated bus in the quinary sector
An incorporated business in the quinary sector
An incorporated business in the quaternary sector
28
Which of the following questions is true?
Sole traders are unincorporated with unlimited liability
Partnerships are incorporated with limited liability
Public companies are incorporated with unlimited liability
Private companies are unincorporated with limited liability
29
Method of segmentation used when people are divided into groups according to attitude and value
Psychographic segmentation
Demographic Segmentation
Geographic Segmentation
Behaviouristic segmentation
30
Which of the following businesses have unlimited liability?
Spears Ltd
Harvey and Sons
Jones P/L
Burke and Burke
31
Which of the following is an example of an internal influence on a business?
The introduction of a new tax
The business using obsolete technology
Interest rate increases.
Changes in consumer tastes
32
First stage in determining the financial capacity of a person wishing to start a business is:
developing cashflow projections for the business
assessing the entrepreneur's personal wealth
analysing the expected profitability of the business venture
sourcing any available external funds
33
A technique used to schedule the stages of a particular task to identify periods of overlap is
Computer aided designs
Total Quality Management
Gantt Charts
Supply Chain Management
34
What is the cash balance for the business on the first day of May?
$15 000
$27 000
$8 000
$33 000
35
A written document detailing the long term goals and strategies of a business is called a
Business Plan
Operational Plan
Resource Pla
Situational analysis
36
How did the classification of Qantas LTD change when it was privatised by the gov't?
Moved from private sector to public and became a pri company
Moved from private sector to public and became a pub company
Moved from private sector to public and became a pri company
Moved from public sector to private and became a pub company
37
Read the image
The WorkplaceRelations Act 1996
The Equal EmploymentOpportunity Act 1987
The Work Health andSafety Act 2007
The WorkersCompensation Act 1987
38
Refer: If the variable cost is $4 per unit, at what level of production will the bus break even
7000
6000
5000
8000
39
Which of the following is a type of monetary benefit, whichis sometimes offered to employees to
A parking space
Education expenses
Share options
Private medical insurance
40
Read the image
Product Structure
Geographic Structure
Functional Structure
Market Structure
41
Entrepreneurship is best described as a person's:
willingness to take a well researched and educated risk
desire to develop new ideas and methods
Self Drive and determination to achieve personal goals
willingness ot be accountable for their own decisions
42
Read the image
Retirement
Resignation
Redundancy
Retrenchement
43
Inputs into the production process include
raw materials, management expertise, labour
labour, capital equipment, regulations
capital equipment, production, raw materials
management skills expenses, raw materials
44
The process of liquidation is best described as
an owner choosing to wind up business
making an application to the court to recover debts
selling all the assets of the business, converting to cash
appointing an administrator to manage finacnes
45
A term describing a business' inability to meet its operating cost due to a lack of finance is
Over subscribing
Under capitalisation
Under subscribing
Over capitalisation
46
The concept of the business environment refers to the
natural environment surrounding the business
internal and external factors which may impact the business
employer, employees, and factors external to the business
all the inputs employed by the business
47
Which of the following is a legal requirement for all businesses
Benchmarking performance
Inducting new staff
Providing safe working conditions
Developing a code of conduct
48
Financial statement that describes thefinancial stability of a business at a point in time is
A profit and loss Statement
A cash flow statement
A revenue statement
A balance sheet
49
The growth stage of the business life cycle is best characterised by:
negative profit and increasing sales
product deletions and increasing competition
economies of scale and increasing no. of staff
increase in no. of staff and new produce launches
50
How could an Aus. business expand internationally
By buying overseas-made products from an Aus. Importer
By reducing costs in overseas manufacturing plants
By sending management to an overseas conference
By merging with an business operating overseas
51
Refer to the image: What is the value of net profit
$60 000
$70 000
$40 000
$90 000
52
Which of the following is an example of promotion for a new line of shampoo?
Advertising it as as adding shine and volume to hair
Creating a brand name
Packaging in environmentally friendly bottles
Making it available only in hair salons
53
A monopoly market structure is: (don't even think about the game board)
C
B
D
A
54
An act governing the conduct of businesses in dealings with consumers and other businesses
Anti Discrimination Act 1977
Fair Trading Act 1987
Trade Practices Act 1974
Competition and Consumer Act
55
Andre manages a factory that makes shoes called Shoe Shop Pty Ltd. What is its classification?
Private company operating in the secondary industry
Private company operating in the tertiary industry
Public company operating in the tertiary industry
Public company operating in the secondary industry
56
Read the image below
Business is able to beneift from economies of scale
Business will not be concerned if strike action is taken
Lowers his cost of warehousing and storage
Business can react quicly to any increase in demand
57
What gov't body is responsible for the administration of the Trade Practices Act 1974 (Cwlth)?
Dept of Fair Trading
ASIC
Environmental Protection Authority
ACCC
58
What action would the RBA take to boost economic activity?
Implement fiscal policy and lower interest rates
Implement monetary policy and raise interest rates
Implement fiscal policy and raise interest rates
Implement monetary policy and lower interest rates
59
An example of a social goal of a manufacturing business is:
provide an increasing number of jobs for the local workforce
increasing the market share of the business
exporting products overseas to increase sales
maximising the return of profit to the shareholders
60
The act of selling the accounts receivable of a business to improve cash flow is referred to as
Leverage
Factoring
LEasing
Gearing
61
Ethics in business refer to
C
A
D
B
62
Refer to the image
Product Strategy
Price Strategy
Promotion Strategy
Place Strategy
63
Refer to table: Which toy business has the highest level of gearing? (ratio of debt:equity)
C
D
A
B
64
The business aims to provide an environ friendly service for all customers. Example of
Executive Summary
Prime Function of a Business
Mission Statement
Financial Goal
65
REFER
Strength
Opportunity
Weakness
Threat
66
Refer to the table: What is the value of gross profit
$160 000
$60 000
$100 000
$80 000
67
Refer to the image
Patent
Trademark
Design
Copyright
68
Which stage of the HR cycle involves a businesscontribution to a employee’s superannuation fund
Separation
Acquisition
Maintenance
Development
69
The sequence of planning from senior levels to lower levels involves:
B
A
D
C
70
Affirmative action legislation requires to employers to:
B
D
A
C
71
REFER
Contingency Management Approach
Classical–bureaucratic approach
Behavioural Management Approach
Classical Scientific Approach
72
Refer
Strategic plans
Operational plans
Short term plans
Tactical plans
73
Methods of short-term borrowing include:
Mortgage, bank overdraft, short-term loan
Debenture, bank overdraft, venture capital
Bank overdraft, commercial bill of exchange, promissorynote
Commercial bill of exchange, promissory note, debenture
74
Read the image
Society and employees
Employees and shareholders
Shareholders and customers
Customers and society
75
Which of the following statements about women entrepreneurs are true?
B
D
C
A
76
A state government tax levied on business is
GST
Capital Gains Tax
Payroll tax
PAYG
77
A current asset is best described as:
C
A
D
B

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