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Nature of Business Flashcards | StudBud
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Nature of Business
Nature of Business
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#Natureof business
Flashcards
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Questions
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Answers
1
Which legal structure of a business is incorporated
private company
partnership
sole trader
both private and public company
2
Why is being up to date with politics important for businesses
Indicator for change of laws or policies
likelihood of change indicates how to react -business sucess
Who to vote for the best outcome
3
How are businesses classified according to size?
Office, local, national, global
Big, little, tiny, middle
Partnership, sole trader, public and private company
Large, medium, small, micro
4
Em works to prepare and mix ingredients in making biscuits. Which industry does Em work for?
Tertiary
Quaternary
Primary
Secondary
5
Which one of these aren’t part of the ‘external factors’ of a business
Political
Business culture
Legal
6
What percent of the employees in the business workforce are private employees
80%
75%
65%
7
An enterprise is just another name for a business.
False
True
8
Which of the following terms best describes the risk-taking element of business people?
Innovators
Entrepreneurs
Investors
Capitalists
9
Which is a legal business that is owned and operated by between 2 and 20 people?
Franchise
Sole Trader
Partneship
Company
10
Market Share is defined as proportion of:
total market sales the business has compared to competitors
company that has branches in other countries
price on the ASX
sales in a industry
11
The best definition of liquidation is:
increasing profit of business
starting a business
winding up a business
growing a business
12
Which of these is NOT an external influence on business?
economic
Competitive situation
Geographic
Privatisation
13
SME is a:
Small Medium Enterprise
Sony Music Entertainment
Significant Military Equipment
Society of Mining Engineers
14
Which describes
secondary industry
?
services that have traditionally been performed in the home
taking a raw material and making it into a finished product
Services that involve the transfer/processing of knowledge
15
Select all the business traders that have unlimited liability
Partnership
Sole trader
Public company
Private company
16
What one of these aren’t a classification by business
industry sector
location
Size
Incorporated
17
Is a competitive situation an external or internal influence on businesses?
External
External
18
Which of the following best describes the concept of profit?
Funds returned to investors in the business
Money returned to the businesses creditors
Funds remaining after all costs have been covered
Funds remaining after government taxes have been paid
19
A business is not classified by:
Size
legal structure
profit
geographical location
20
Which of these is NOT an external influence?
Economic
Institutional
Financial
Location
21
As a business expands it moves from an unincorporated structure to an incorporated structure
false
true
22
What is cessation?
The selling of a business
The closing of the business
The changing of the businesses owner/s
23
What are the 4 stages of a business life cycle?
Growth, renewal, steady state, decline
Establishment, growth, maturity, post-maturity
post-maturity, growth, maturity, establishment
introduction, retirement, promotion, death
24
A business in the tertiary sector provides:
Production associated with natural resources
A vast range of services
Services that involve processing of information
Services traditionally performed at home
25
What are the classifications by the legal structure?
Sole trader, partnership, private company, public company
Individual, together, public, private
26
The franchisor grants the rights and provides the business structure
True
False
27
A micro business is a business that sells only miniature products.
False
True
28
Jo purchases shares in a public company. What is the name given to the income receive?
Yield
Return on investment
Profit
Dividend
