Take A Quick Quiz On Business Profile!

14 Questions | Total Attempts: 4144

SettingsSettingsSettings
Please wait...
Take A Quick Quiz On 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