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Business Studies - Preliminary - Topic One Flashcards | StudBud
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Business Studies - Preliminary - Topic One
Business Studies - Preliminary - Topic One
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Multiple choice questions from Topic One - Nature of Business
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Answers
1
A person who takes risks to begin a new business venture is called a
financier
innovator
employer
entrepreneur
2
Which of the following is false in relation to why business are important to the economy.
They create imports, which generates income.
They contribute to the GDP of the country.
They provide employment for the country they operate in
They satisfy consumer wants and needs
3
Which of the following is not an example of a Political Influence
Paid parental leave
Automated Computer design
Labour market reforms
Introduction of a GST
4
Which of the following would be an example of a business in the secondary industry?
Heritage Hotel
Bryant Mining Co
Ron's Wood Turning and Cabinets
Canberra Legal Aid
5
Which of the following is an example of voluntary business cessation.
Retirement of the owner
Administration
Liquidation
Bankruptcy
6
Which of the following is not a factor that contributes to business decline.
Poor Business idea
Preparing a Business Plan
Uncontrolled growth
Poor Location
7
Which business entity is owned and operated by more than two people and has unlimited liability
Private Company
Partnership
Sole Trader
Public Company
8
Which of the following statements about profit is true
Profit is the reward that employees receive for work.
What money remains after expenses are deducted from sales.
Is the reward business owners receive for assuming risk
Profits encourage risk taking
9
Due to a recession sales across the fitness industry are down by 68%. This is an example of
A social influence
An Economic Influence
A Political Influence
An Institutional Influence
10
Which characteristics are undertaken by business' in the renewal stage of the Busin Life Cycle
Expansion, product innovation and increased costs.
Cost management, marketing, goal evaluation and rebranding.
Increase demand for labour, increasing profits, falling cost
Employee redundancy, management restructure, decrease sales
11
which of the following is the best definition of a stakeholder?
A group or individual who is affected by a business actions.
A person who has a financial stake in a business.
A group who own shares in a business.
Government departments who create laws which affect activies
12
Evidence of a contracting economy would which of the following indicators
Cost cutting, cautious consumers and a reduced borrowing.
High unemployment and high wage growth.
Increased spending and production + increased interest rates
Low unemployment and high wage growth
13
Which of the following is an example of a local business.
Bondi Fish and Chips
McDonalds
McGrath Real Estate Australia
Sony
14
which of the following is not an advantage of forming a Sole Trader
Less Government Regulation
Complete control by the owner
Low cost of entry and start-up
Personal (unlimited) liability of the owner.
15
In which phase of the business life cycle can complacency amongst management normally occur?
Establishment
Growth
Post maturity
Maturity
16
What type of business would "National Foods Pty Ltd" be
A Public Company
A Partnership
A Private Company
A Sole Trader
17
Which Australian legislation is designed to protect the interests of Business' and Consumers?
Consumer Affairs Act
Competition and Consumer Act
Small Business Act
Broadcasting and Television Act
18
Which of the following forms part of the external business environment?
Government Policies
Management structure
Employee motivation
Product design
19
Ecological sustainability is best defined as a business that can
successfully look after the environment where they operate.
offset carbon emissions through a trading scheme.
set an environmentally friendly goal and achieve it.
achieve growth without compromising future generations needs
20
Which of the following is not an internal influence on a business?
Customers
Business Culture
Resources
Location
