Business Studies-Topic 1 Introduction to Business 1/2

Question 1

A WANT is something I would like to have but is not a necessity

Accepted Answer

TRUE

Question 2

An example of a THROUGHPUT is

Accepted Answer

marketing

Question 3

Capital intensive means business will have NO employees in comparison to machinery

Accepted Answer

false

Question 4

A public company is a separate legal entity from its owners and is owned by shareholders

Accepted Answer

true

Question 5

a sole trader is the simplest form of legal structure for a company

Accepted Answer

true

Question 6

The process of INPUTS + THROUGHPUTS= OUTPUTS is called

Accepted Answer

value chain

Question 7

Wealth is the gathering of assets - debts owed

Accepted Answer

true

Question 8

An example of an INPUT is

Accepted Answer

raw materials

Question 9

Government enterprises are established to provide essential services to the community

Accepted Answer

true

Question 10

Business is important to the economy of Australia because it is

Accepted Answer

A producer, employer and creator of wealth

Question 11

quality of life is an indicator of well being and other factors

Accepted Answer

true

Question 12

A PROFIT is the total revenue of a business without anything taken out

Accepted Answer

FALSE

Question 13

Business creates wealth by

Accepted Answer

growing, employing people and using machinery

Question 14

A small business has more than 50 people

Accepted Answer

false

Question 15

A large business has more than 150 people

Accepted Answer

true

Question 16

The tertiary sector consists of service industries

Accepted Answer

true

Question 17

Labour intensive means there is a large number of employees compared to machinery

Accepted Answer

true

Question 18

An example of OUTPUT is produced goods and services

Accepted Answer

TRUE

Question 19

A subcategory of the tertiary sector are quaternary and quinary industries

Accepted Answer

true

Question 20

A GOOD is an intangible non physical thing

Accepted Answer

FALSE

Question 21

A secondary producer processes raw materials through manufacturing or construction

Accepted Answer

true

Question 22

business is also responsible for innovation, choice for consumers and entrepreneurship

Accepted Answer

true

Question 23

Quality of life is the same as standard of living

Accepted Answer

false

Question 24

A SERVICE is a tangible physical thing I can touch

Accepted Answer

FALSE

Question 25

A private company has shared which are publicly traded on the stock exchange

Accepted Answer

false

Question 26

A business is an organisation that produces goods and services, at a profit, to satisfy wants

Accepted Answer

TRUE

Question 27

A primary producer uses natural resources

Accepted Answer

true

Question 28

A partnership is where people come together to compete against government enterprises

Accepted Answer

false

Business Studies-Topic 1 Introduction to Business 1/2

Questions 28

Business Studies-Topic 1 Introduction to Business 1/2

Questions 28