The process of liquidation is best described as

selling all the assets of the business, converting to cash

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

The business using obsolete technology

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

Which of the following is a legal requirement for all businesses

Providing safe working conditions

A hierarchical pyramid management structure is best described as having

A long chain of command and a narrow span of control

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

Lowers his cost of warehousing and storage

What action would the RBA take to boost economic activity?

Implement monetary policy and lower interest rates

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

To protect consumer rights by regulating business behaivour

The Work Health andSafety Act 2007

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

An unincorporated bus in the quaternary sector

How could an Aus. business expand internationally

By merging with an business operating overseas

A business structure with a narrow span of control suggests

there are few people reporting to one manager

An example of a social goal of a manufacturing business is:

provide an increasing number of jobs for the local workforce

Which of the following questions is true?

Sole traders are unincorporated with unlimited liability

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

small business in the tertiary sector

Andre manages a factory that makes shoes called Shoe Shop Pty Ltd. What is its classification?

Private company operating in the secondary industry

Inputs into the production process include

raw materials, management expertise, labour

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Questions 77

Answers

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

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