What are the four types of business industries

Primary, Secondary, Tertiary and Quaternary

What is an advantage of being in a business partnership?

Funds and talents can be pooled together

What should businesses do to ensure they are successful during all stages of a business cycle?

Anticipate and adapt operations according to changes

What is a mixed market economy?

Private business and government contributing to economy

What should businesses do during a 'boom' period?

Expand to take advantage of additional economy activity

Why would someone want to buy an existing business?

Established customer base generating instant income

Choose a factor below that businesses may consider when choosing a location to set up business

Proximity to energy and transport

What is a silent partner?

Sharing some ownership of a business but play no active role

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Year 9 Business Studies: Business and Competitive Advantage

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Year 9 Business Studies (ACARA) Topic: Business and Competitive Advantage

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Questions 25

Answers

1
What are the four types of business industries
Primary, High School, Tertiary and Quaternary
Primary, Secondary, Tertiary and University
Primary, Secondary, Tertiary and Quaternary
Primary, Secondary, Tertiary and Manufacturing
2
What is the following definition an example of?
Market deregulation
Capital
Evaluating
Financial security
3
What type of questions are typically asked during customer feedback?
Customer summary
Closed questions
Short description
Open ended questions
4
What does the definition below relate to:
Benchmarking
Monetary Policy
Fiscal Policy
Gross Domestic Product
5
What is an advantage of being in a business partnership?
Use of established name, image and product
Full control of being your own boss
Funds and talents can be pooled together
Profits are added to government revenue
6
What should businesses do to ensure they are successful during all stages of a business cycle?
Anticipate and adapt operations according to changes
Stay consistent and make no changes
Close down the business during a decline period
Make changes to business structures when changes occur
7
Which of these is an Internal Business Environment
Business supplier
Ethics and values
Business competition
Business Structure
8
What is the following definition?
Proximity to energy and transport
External Business
Macroeconomic Management
Gross domestic product
9
What is a mixed market economy?
Business and international business contribute to economy
Only Government businesses contributing to the economy
Only businesses contribute to the economy
Private business and government contributing to economy
10
All businesses want a competitive advantage. Which of the following is NOT an advantage?
Customer satisfaction
Employee retention
Cost and profitability
Brand recognition
11
What should businesses do during a 'boom' period?
Expand to take advantage of additional economy activity
Increase the cost price of products to make a greater profit
Reduce costs and become more efficient to be competitive
Reduce cost prices and make more product
12
What is a social motive?
Diversify a product
Social Justice
Higher income
Profit
13
What does the 'O' in a SWOT Analysis stand for?
Operation
Offering
Opportunity
Organisation
14
Why would someone want to buy an existing business?
No unforeseen problems that could be inherited from business
Established customer base generating instant income
No goodwill to pay
Freedom to use own ideas in all areas of the business
15
Which is NOT a way businesses benchmark themselves against their competitor?
The industry average
Business success
Business profits
The market leaders
16
What is a personal motive?
Diversify a product
Profit
Community service
Control of own destiny
17
The 'Australian Red Cross' is what type of business?
Sole Trader
Profit Business
Government Business
Not-for-profit
18
Choose a factor below that businesses may consider when choosing a location to set up business
Proximity to energy and transport
Proximity to business sponsors
Proximity to major tourist attractions
Proximity to home
19
Which of these companies is a not-for-profit organisation?
SurfLife Saving Club QLD
Woolworths
McDonalds
Starbucks
20
What are the three motives for business?
Profit, Not-for-profit, Community
Personal, Financial, Social
Personal, Profit, Not-for-profit
Personal, Financial, Profit
21
What is a way of evaluating a business?
During a decline period
Industry groups
Benchmarking
Profit
22
Which of these terms is an external business environment?
Industry
Location
Product Type
Global economy
23
What is sole trader?
Business with two owners
Business that has purchased the right to run under a brand
A business run by the Government
A business with one owner
24
What is a financial motive?
Social Justice
Environmental sustainability
Freedom/Independence
Profit
25
What is a silent partner?
Individual who is responsible of and actively participates
Assets, resources and funds owned by an individual
Business partner that does not contributing financially
Sharing some ownership of a business but play no active role

Year 9 Business Studies: Business and Competitive Advantage Flashcards | StudBud