Business Profile - Quick Quiz

14 Questions
Business Profile - Quick Quiz

This quiz will provide you feedback on your level of understanding relating to the Business Profile, which will be the first section in your business plan. Each question has multiple choice questions, ou may choose only one answer.

Sample Question

A business which acquires trading stock to sell to resellers is classified as a:

Service provider

Wholesaler

Retailer

Manufacturer

Number of Questions:

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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. 
    • 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