Take A Quick Quiz On Business Profile!

14 Questions | By Lisa_hocking | Last updated: Mar 22, 2022 | Total Attempts: 4595

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Did you know that a business profile is like a resume for your company? This quiz is focused on a business profile. For this quiz, you will want to know about trading stock, the easiest way to take ownership of a business. This authority regulates the companies and why objectives are imperative in business planning. This quiz will provide you an overview of what you need to know for having an impressive business profile.

Questions and Answers

1.

A business which acquires trading stock to sell to resellers is classified as a:
- A.
  
  Service provider
- B.
  
  Wholesaler
- C.
  
  Retailer
- D.
  
  Manufacturer
2.

The easiest ownership structure to set up and operate under is the;
- A.
  
  Sole trader
- B.
  
  Partnership
- C.
  
  Small company
- D.
  
  Joint venture
3.

The maximum number of partners allowed in a general business partnership is:
- A.
  
  2
- B.
  
  10
- C.
  
  20
- D.
  
  100
4.

The authority responsible for regulating companies is the:
- A.
  
  Australian Securities and Investments Commission
- B.
  
  Australian Competition and Consumer Commission
- C.
  
  Australian Taxation Office
- D.
  
  Federal Consumer Affairs Bureau
5.

The minimum number of shareholders required to operate a small proprietary company is:
- A.
  
  1
- B.
  
  2
- C.
  
  5
- D.
  
  50
6.

Which one of the following ownership structures is recongnised by law as a sperate legal entity?
- A.
  
  Sole trader
- B.
  
  Partnership
- C.
  
  Company
- D.
  
  None of the above
7.

Which of the following statements is correct?
- A.
  
  A sole trader has limited liability for business debts
- B.
  
  A company has limited liability for business debts
- C.
  
  Partners have limited liability for partnership debts
- D.
  
  Shareholders have limited liability for company debts
8.

Bill Smith and Tom Jones are in partnership together as automotive mechanics. Which of the following proposed business names for the partnership have to registered?
- A.
  
  Bill Smith & Tom Jones
- B.
  
  B. Smith & T. Jones
- C.
  
  Smith & Jones
- D.
  
  Smith, Jones & Co.
- E.
  
  None of the above
9.

Objectives are important in business planning because they:
- A.
  
  Determine business goals
- B.
  
  Prioritise business strategies
- C.
  
  Set a direction to follow
- D.
  
  Guarantee achievement of results
10.

An objective stated as 'to do my best" is unacceptable because it is not
- A.
  
  Clear and concise
- B.
  
  Measurable
- C.
  
  Attainable
- D.
  
  Challenging
11.

A business name is registered with which authority in Victoria?
- A.
  
  Office of Fair Trading
- B.
  
  Office of Consumer and Business Affairs
- C.
  
  Consumer Affairs Victoria
12.

ATO is normally recognised as meaning:
- A.
  
  Australian Taxation Office
- B.
  
  Automotive Travel Office
- C.
  
  At the Office
- D.
  
  All of the above
13.

One million dollars is written correctly in Australia currency as:
- A.
  
  $1,000,000:00
- B.
  
  $1000000.000
- C.
  
  $1,000,000.00
14.

GST should be charged by businesses that have revenue in excess of $75,000
- A.
  
  True
- B.
  
  False