What is the best definition of profit

The money a business has left after paying all its costs

What is the best definition of inflation

the increase in prices of goods and services over time

To make profit, a business must

Increase sales but keep costs as low as possible

What is the best definition of ‘demand’.

The desire and ability of consumers to purchase goods and services

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9 WOB Business and Economics basics

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Questions 17

Answers

1
The main collector of information or data on the Australian economy is
Commonwealth Bank
Treasury
RBA
ABS
2
In the musical "Wicked," what is the name of Elphaba's best friend?
Madame Morrible
Nessarose
Dorothy
Glinda
3
Which one is not an example of one of Australia’s main exports?
Iron ore and Coal
Education services
Tourism
Cars
4
Which one is not one of the main roles of business?
Use resources such as labour
Produce goods and services
Provide loans for investment
Pay income and wages
5
Australia’s current unemployment rate at February 25 is
4.5
4.2
4
5
6
What does "Raise your ya ya ya" mean
have fun
boost your mood
Bring your A-game
All the above
7
Which artist sings the song "Bad Guy"?
Ariana Grande
Selena Gomez
Taylor Swift
Billie Eilish
8
Which one is not one of the five sectors in the circular flow model of income
Supermarkets
Firms or Business
Households or Consumers
Overseas
9
Who is the author of the "Percy Jackson" series?
Rick Riordan
J.K. Rowling
Suzanne Collins
J.R.R. Tolkien
10
What is the best definition of profit
Money borrowed that must be repaid, usually with interest
The money a business has left after paying all its costs
the amount of money needed to produce goods or services
The total income a business earns from selling its goods or services
11
The world's richest man, Elon Musk, estimated wealth at Feb 2025 is
384 US Billion
250 US Billion
520 US Billion
100 US Billion
12
Which Australian city is known for its underground homes and opal mining?
Darwin
Alice Springs
Coober Pedy
Hobbiton
13
What is the best definition of inflation
The percentage charged on a loan or paid on savings
the increase in prices of goods and services over time
Money spent on goods and services
Goods and services sold to other countries
14
To make profit, a business must
Design and implement a marketing campaign regardless of the expense
Offer prices below the cost of production
Borrow to expand the amount of goods they can produce
Increase sales but keep costs as low as possible
15
GDP measures which one of the following economic indicators
Wages
Employment
Economic growth
Inflation
16
What is the best definition of ‘demand’.
A plan for how to spend and save money.
How much produces makes of each good or service
The desire and ability of consumers to purchase goods and services
The rivalry between businesses to attract customers and achieve higher sales
17
This is a picture of the offices of the now 3rd largest company in the world which is
Amazon
Google
Apple
Tesla

9 WOB Business and Economics basics Flashcards | StudBud