Are You Ready For A Business Studies Quiz?

The correct answer is to select staff based on their education level and qualifications for the job. This ensures that the individuals have the necessary knowledge and skills to perform their duties effectively. It also promotes fairness and equal opportunities for all candidates, regardless of their financial status, gender, or race. Selecting staff based on their education level and qualifications helps to create a competent and diverse workforce, which can contribute to the success of the business.

Outsourcing refers to the practice of hiring external individuals or companies to perform specific tasks or services that were previously handled by internal employees. These external individuals or companies are paid by the company to carry out the assigned work. Therefore, the correct answer is "People you pay from outside the company."

PAYG stands for "Pay as you go," which refers to a payment method where the user pays for a service or product as they use it. This means that instead of making a fixed payment in advance or committing to a long-term contract, the user only pays for what they actually consume. This method is commonly used in various industries, such as mobile phone plans or utility services, allowing users to have more flexibility and control over their expenses.

The explanation for the correct answer is that supply is indeed the prime function of a business. This is because supply involves providing the necessary items, be it finished goods or raw materials, that are required to run the business smoothly. Without a proper supply of these items, a business would struggle to operate effectively and meet the demands of its customers. Therefore, supply plays a crucial role in the functioning and success of a business.

The answer "Yes" suggests that group tax is directly taken from the wage or salary that employees earn. This implies that the tax is deducted from the employees' earnings before they receive their wages or salaries.

Recruitment agencies are a main source of employees for businesses because they specialize in finding suitable candidates for job vacancies. These agencies have access to a wide pool of talent and use various methods such as advertising, networking, and database searches to identify potential candidates. They also conduct screening and interviews to ensure that the candidates meet the requirements of the business. By utilizing recruitment agencies, businesses can save time and effort in the hiring process and increase the chances of finding qualified and suitable employees.

The official trademark symbol is "TM." This symbol is used to indicate that a particular word, phrase, logo, or design is a trademark and is protected by law. It signifies that the owner of the trademark has exclusive rights to use it in connection with their products or services. The "TM" symbol is widely recognized and used internationally.

The correct answer is "making the product available to those who wish to purchase it." Distribution networks refer to the process of ensuring that the product is accessible and available to customers who want to buy it. This involves activities such as warehousing, transportation, and inventory management, all aimed at getting the product to the right place at the right time. It is not specifically about receiving customer calls for orders or delivering the product to the customer, although these activities may be part of the overall distribution process.

A business does not need to register its name if it is named after the owner because in this case, the business name is already associated with the owner's legal identity. Since the owner is personally identified with the business, there is no need for separate registration.

Two options in the selection process for staff are written tests and application forms. Written tests are used to assess the candidate's knowledge and skills in a specific area relevant to the job. Application forms provide detailed information about the candidate's qualifications, experience, and suitability for the position. These options help employers gather essential information about the candidates and evaluate their suitability for the job before making a final decision.

The maximum amount an individual can be fined for breaking the trade practices act is $500,000. This suggests that the violation of the trade practices act is considered a serious offense and the law imposes a significant penalty to deter individuals from engaging in such activities.

The ACCC stands for the Australian Competition and Consumer Commission. This organization is responsible for promoting competition and fair trading in the Australian marketplace, as well as protecting the rights and interests of consumers. They enforce laws that prevent anti-competitive behavior and misleading or deceptive conduct by businesses, ensuring a level playing field for all market participants.

The correct answer is aptitude, intelligence, and ability. Written tests are designed to assess a person's aptitude, which refers to their natural ability or talent in a particular area. Intelligence is also evaluated through written tests, as they measure a person's cognitive abilities, problem-solving skills, and logical reasoning. Additionally, written tests assess a person's ability, which includes their skills and knowledge in a specific subject or field. Therefore, aptitude, intelligence, and ability are the key factors that written tests aim to evaluate.

The correct answer is State and Federal Government. State and Federal governments both have the authority to levy taxes on businesses. State governments typically impose taxes such as sales tax, income tax, and property tax, while the Federal government imposes taxes such as corporate income tax and payroll tax. These taxes are used to fund various government programs and services at both the state and national levels.

The given options list different types of taxes, including Group Tax, Fringe Benefits Tax, and Goods and Services Tax. However, "Government Tax" is not a recognized type of business tax. This could be due to the fact that the term "Government Tax" is too broad and does not specify a specific type of tax imposed by the government on businesses.