Hastings Boys' Year 11 Business Studies 1.1 revision

Question 1

The Warehouse Ltd and Auckland International Airport are public companies

Accepted Answer

True

Question 2

Companies can be public or privately owned

Accepted Answer

True

Question 3

An income statement lists

Accepted Answer

income, expenses and profit (or loss made)

Question 4

What is primary research?

Accepted Answer

collecting new data, first hand

Question 5

What is a mixed economy?

Accepted Answer

Free market and government intervention in economy

Question 6

What is the key Māori Business Concept for Level 1?

Accepted Answer

Pūtake

Question 7

Which of the following is NOT a barrier to communication?

Accepted Answer

email

Question 8

Liquidity is the ability of a business to pay its day to day expenses and current liabilities

Accepted Answer

False, True

Question 9

What are the factors of production

Accepted Answer

Land, labour, capital and enterprise

Question 10

Internal finance is money generated from outside sources such as banks or finance companies

Accepted Answer

False

Question 11

Which of the following does the Human Rights Act (1993) NOT cover discrimination against

Accepted Answer

Height

Question 12

What is the current NZ minimum wage rate for 'starting out' workers

Accepted Answer

$12.80

Question 13

A public sector business is accountable and controlled by

Accepted Answer

the government

Question 14

Do sole traders and partnerships have limited liability?

Accepted Answer

No

Question 15

There are three main types of business structures, what are they?

Accepted Answer

Partnership, sole trader, company

Question 16

What percentage of businesses in NZ are considered to be small businesses (2017 data)?

Accepted Answer

97%

Question 17

An entrepreneur is a person who organises, operates and assumes the risk for a business

Accepted Answer

True

Question 18

Which of the following is NOT a characteristic of an entrepreneur?

Accepted Answer

money

Question 19

How many employees should a small business have?

Accepted Answer

up to approximately 20

Question 20

What activity happens in the secondary sector of the economy?

Accepted Answer

Use resources from primary sector to make manufactured goods

Questions 20