Business Studies Preliminary NSW KHS

Question 1

What is the main aim of research and development by business?

Accepted Answer

Innovation and hence better products

Question 2

Which industry is this from? FARMING

Accepted Answer

Primary

Question 3

The most common type of business entity in Australia is a:

Accepted Answer

sole trader

Question 4

Which of the following is an internal stakeholder of a business?

Accepted Answer

Employees

Question 5

Which of the following is an example of a government enterprise?

Accepted Answer

Sydney Trains

Question 6

A finished product is one that is not ready for customers to buy and use

Accepted Answer

False

Question 7

A product is a good or service that can be bought or sold

Accepted Answer

True

Question 8

How would Buddy's Doggy Day Care Pty Ltd be best classified?

Accepted Answer

Private company

Question 9

A Public company is classified as:

Accepted Answer

Incorporated

Question 10

Which industry is this from? TOURISM

Accepted Answer

Quinary

Question 11

The profit equation is:

Accepted Answer

Sales - expenses = profit

Question 12

X Plastic has developed a new improvement to it's product. Which business role is identified?

Accepted Answer

Innovation

Question 13

How may a business cope with rapid growth in the growth phase of the business lifecycle?

Accepted Answer

Expand the business

Question 14

Complacency amongst management normally occurs in the:

Accepted Answer

post-maturity phase

Question 15

Businesses DO NOT generate income for:

Accepted Answer

consumers

Question 16

Which industry is this from? HOSPITALITY

Accepted Answer

Quinary

Question 17

The reason why not all businesses achieve profitability in their first year is...

Accepted Answer

The cost of establishing a business,can delay a return

Question 18

Which industry is this from? PROPERTY

Accepted Answer

Quaternary

Question 19

The importance of business to the Australian economy DOES NOT include:

Accepted Answer

insurance products for drivers

Question 20

A Sole trader is classified as this:

Accepted Answer

Unincorporated

Question 21

Which of the following is a financial goal for a business?

Accepted Answer

Increase market share

Question 22

Which industry is this from? CAR MANUFACTURERS

Accepted Answer

Secondary

Question 23

How does increased competition in the business environment benefit consumers?

Accepted Answer

Greater choice of goods/services offered

Question 24

Which industry is this from? CHILDCARE

Accepted Answer

Quinary

Question 25

Which industry is this from? COMPUTING

Accepted Answer

Quaternary

Question 26

Rebecca opens a local health food store In business terms, what would Rebecca be known as?

Accepted Answer

Entrepreneur

Question 27

Which industry is this from? FINANCE

Accepted Answer

Quaternary

Question 28

What do business ethics relate to?

Accepted Answer

Fair and appropriate conduct within a business

Question 29

Which industry is this from? FORESTRY

Accepted Answer

Primary

Question 30

Research and development improves products.

Accepted Answer

True

Question 31

Which industry is this from? SOLICITORS

Accepted Answer

Tertiary

Question 32

Which of the following is a characteristic of a boom period in the business cycle?

Accepted Answer

Increased investment by a business

Question 33

What is the motive for people to invest funds in a business?

Accepted Answer

Wealth creation

Question 34

Which is FALSE. Small businesses have:

Accepted Answer

< 50 employees

Question 35

Which industry is this from? TELECOMMUNICATION

Accepted Answer

Quaternary

Question 36

What is the legal nature of a sole trader?

Accepted Answer

Unlimited liability

Question 37

A Public company is classified as:

Accepted Answer

Incorporated

Question 38

Which of the following best describes the concept of a business? An organisation that...

Accepted Answer

provides various goods/services to cater for the community

Question 39

Which industry is this from? EDUCATION

Accepted Answer

Quaternary

Question 40

Which industry is this from? MUSEUM

Accepted Answer

Tertiary

Question 41

Quality of life refers to the holidays business owners get to take

Accepted Answer

False

Question 42

A company has released new medication for arthritis. Which business role is demonstrated?

Accepted Answer

Quality of Life

Question 43

Which of the following is not a factor influencing the choice of legal structure for a business

Accepted Answer

Gender

Question 44

Which industry is this from? TOURISM

Accepted Answer

Quinary

Question 45

Which of the following are characteristics of partnerships?

Accepted Answer

Unlimited liability, partnership 2 - 20, mgmt. negotiation

Question 46

A business is:

Accepted Answer

goods & services sold for a profit

Question 47

Low cost of entry is an advantage for a limited liability company

Accepted Answer

False

Question 48

Boost releases a new food range for high end buyers, this would relate to which business role?

Accepted Answer

Choice

Business Studies Preliminary NSW KHS

Questions 48

Business Studies Preliminary NSW KHS

Questions 48