Duplicate of The Nature of Business

Question 1

What contributes to the business environment?

Accepted Answer

Internal and external environment

Question 2

Which of the following is an example of an incorporated business?

Accepted Answer

Williamson Gardening Pty Ltd

Question 3

Kiddie Kare Pty Ltd childcare centre operates in which industry?

Accepted Answer

Quinary

Question 4

Which of the following best descibes the concept of a business? An organisation that...

Accepted Answer

provides various goods/services to cater for the community

Question 5

The reason why not all businesses achieve profitability in their first year is...

Accepted Answer

The cost of establishing a business can delay return

Question 6

What does limited liability mean?

Accepted Answer

The owner's liability for business debts is limited

Question 7

X Plastic has developed a new product to improve its plastic.Which business role is identified?

Accepted Answer

Innovation

Question 8

What is the motive for people to invest funds in a business?

Accepted Answer

Wealth creation

Question 9

Annie decides to open a local health food store In buiness terms, what would Annie be known as?

Accepted Answer

An entrepreneur

Question 10

Which of the following is NOT a business resource:

Accepted Answer

Competitors

Question 11

Which of the following is NOT an advantage of a sole trader legal structure?

Accepted Answer

Limited Liability

Question 12

What do business ethics relate to?

Accepted Answer

Fair and appropriate conduct within a business

Question 13

Type of external factor: Interest rates are low so businesses can afford to borrow and expand

Accepted Answer

Economic

Question 14

What is the main aim of research and development by business?

Accepted Answer

Innovation and hence better products

Question 15

A business' competitor is using new technology. To survive, the business could respond by:

Accepted Answer

All of the above

Question 16

Which of the following is NOT a major determinant on legal structure?

Accepted Answer

Size of business

Question 17

Which definition explains economies of scale?

Accepted Answer

Lower costs per unit of output

Question 18

A company has released new medication for arthritis. Which business role is demonstrated?

Accepted Answer

Quality of Life

Question 19

How does increased competition in the business environment benefit consumers?

Accepted Answer

Greater choice of goods/services offered

Question 20

A sole trader needs to raise finance for his business. Which of these is NOT appropriate:

Accepted Answer

Selling shares to the public

Questions 20