Nature of Business - Role and Type of Business

Question 1

This term refers to what remains after business expenses have been deducted from sales revenue

Accepted Answer

Profit

Question 2

Corner stores, mechanics and hairdressing salons are usually known as

Accepted Answer

Small Businesses

Question 3

Anyone can buy shares in a private company.

Accepted Answer

False - Only people invited to become shareholders can

Question 4

Typical businesses using a partnership structure

Accepted Answer

Veterinarians

Question 5

Name the term for each owner's liability being the amount of money invested in the business

Accepted Answer

Limited Liability

Question 6

This term refers to part of a business's profit paid to shareholders

Accepted Answer

Dividend

Question 7

Telstra, Woolworths, BHP Billiton and Westfield are examples of

Accepted Answer

Public Companies listed on the ASX

Question 8

Newsagents, corner stores and hairdressers usually have this type of geographical spread

Accepted Answer

Local

Question 9

People like Bill Gates and Richard Branson are known as

Accepted Answer

Entreprenuers

Question 10

This is what workers receive by workers, usually on a weekly basis for services provided

Accepted Answer

Wage

Question 11

One benefit of being a sole trader is

Accepted Answer

Low cost of entry

Question 12

This term refers to people who start and operate a business in the hope of making profit

Accepted Answer

Entreprenuer

Question 13

These are the number of people working in a medium sized company

Accepted Answer

20-199 Employers

Question 14

This term refers to fixed amount of money paid on regular basis usually fortnightly or monthly

Accepted Answer

Salary

Question 15

This term refers to part owners of a company

Accepted Answer

Shareholders

Question 16

This terms means creating a new product or improving an existing product

Accepted Answer

Innovation

Question 17

Hotels, Motels, Restuarants, Online Clothing Retailers are typically known as

Accepted Answer

Medium Businesses

Question 18

The process of transferring the ownership of a government business ot the private sector

Accepted Answer

Privatisation

Question 19

Large companies tend to have what type of legal structure?

Accepted Answer

Public Company

Question 20

This term refers to the money a business receives as payment for its products

Accepted Answer

Revenue

Question 21

How many people tend be apart of a partnership business?

Accepted Answer

Between 2 and 20

Question 22

Qualitative measurements of businesses are

Accepted Answer

Numbers Based Data

Questions 22