Are You Ready For A Business Studies Quiz?

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Are You Ready For A Business Studies Quiz? - Quiz

Ready to flex your entrepreneurial muscles? Dive into the Business Studies Quiz – your backstage pass to the corporate world! Test your savvy in marketing, finance, and management. This quiz assesses your understanding of fundamental business concepts, from marketing strategies and financial principles to organizational management.

Each question is carefully crafted to challenge your knowledge and insights into the multifaceted world of business studies. Whether you're a budding entrepreneur or simply curious about the intricacies of commerce, this quiz provides an opportunity to delve into topics essential for navigating the business landscape.

Test yourself and unravel the complexities of marketing Read moretactics, financial decision-making, and the principles that drive successful businesses. Are you ready to test your business acumen?


Business Studies Questions and Answers

  • 1. 

    What is Out Sourcing?

    • A.

      People you pay inside the Company.

    • B.

      People you pay from outside the company.

    • C.

      Anybody you pay that works for you.

    Correct Answer
    B. People you pay from outside the company.
    Explanation
    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."

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  • 2. 

    How would you select staff to work in your business?

    • A.

      By how much money they have.

    • B.

      By their education level, if they are qualified for the job.

    • C.

      By race.

    • D.

      By how they look.

    Correct Answer
    B. By their education level, if they are qualified for the job.
    Explanation
    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.

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  • 3. 

    What does PAYG mean?

    • A.

      Pay as you plan.

    • B.

      Pay as you go.

    • C.

      Pay as you want.

    Correct Answer
    B. Pay as you go.
    Explanation
    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.

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  • 4. 

    What is the only reason a business does not need to register its name?

    • A.

      Business is named after the owner. 

    • B.

      Don't wish to make the company public.

    • C.

      The business is already in operation and is changing its name.

    • D.

      The name is used by another business. 

    Correct Answer
    A. Business is named after the owner. 
    Explanation
    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.

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  • 5. 

    What does the ACCC stand for?

    • A.

      Australian Current Consumer Corporation

    • B.

      Australian Competition and Consumer Commission

    • C.

      Australasian Corporation of Consumer Competition

    • D.

      Australian Consumer Compensation Commission

    Correct Answer
    B. Australian Competition and Consumer Commission
    Explanation
    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.

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  • 6. 

    What is the official trademark symbol?

    • A.

      (C)

    • B.

      TM

    • C.

      LTD

    • D.

      PTY

    Correct Answer
    B. TM
    Explanation
    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.

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  • 7. 

    What is the maximum amount an individual can be fined for breaking the trade practices act?

    • A.

      $250 000

    • B.

      $400 000

    • C.

      $120 000

    • D.

      $500 000

    Correct Answer
    D. $500 000
    Explanation
    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.

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  • 8. 

    What are two options in the selection process for staff?

    • A.

      Background checks and random phone calls.

    • B.

      Written tests and Application forms.

    • C.

      Application forms and Training.

    • D.

      Performance tests and home visits.

    Correct Answer
    B. Written tests and Application forms.
    Explanation
    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.

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  • 9. 

    What is a main source of employees for business?

    • A.

      Employee poaching

    • B.

      Word of mouth

    • C.

      Recruitment agencies

    • D.

      Online ads

    Correct Answer
    C. Recruitment agencies
    Explanation
    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.

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  • 10. 

    Written tests assesses:

    • A.

      Aptitude, intelligence and ability

    • B.

      Intelligence, ability and innovation

    • C.

      Creativity, innovation and intelligence

    • D.

      Ability, creativity and innovation

    Correct Answer
    A. Aptitude, intelligence and ability
    Explanation
    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.

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  • 11. 

    What are the 2 types of government that levy taxes to businesses?

    • A.

      State and Federal Government

    • B.

      Local Government and Federal Government

    • C.

      Julia (ranga) Gillard and Tony (The Budgie Smuggler) Abbot

    • D.

      Local and State Government

    Correct Answer
    A. State and Federal Government
    Explanation
    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.

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  • 12. 

    What is not a type of Business Tax?

    • A.

      Group Tax

    • B.

      Fringe Benefits Tax

    • C.

      Government Tax

    • D.

      Goods and Services Tax

    Correct Answer
    C. Government Tax
    Explanation
    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.

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  • 13. 

    If the group tax is aimed at the employees, does that mean it is directly taken from the wage or salary that they earn?

    • A.

      Yes

    • B.

      No

    Correct Answer
    A. Yes
    Explanation
    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.

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  • 14. 

    Supply is the prime function of the business because it provides the necessary items needed to run the business where it is finished goods or raw material.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    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.

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  • 15. 

    Distribution networks is the process of ______________________ .

    • A.

      Delivering the product to the customer.

    • B.

      Making the product available to those who wish to purchase it.

    • C.

      Receiving calls by customers for orders.

    Correct Answer
    B. Making the product available to those who wish to purchase it.
    Explanation
    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.

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  • Current Version
  • Feb 18, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Aug 17, 2010
    Quiz Created by
    JessicaDavis
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