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- 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
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