Podcast
Questions and Answers
What is the core function of a business according to the text?
What is the core function of a business according to the text?
- To sell products and services to consumers
- To provide employment opportunities for people
- To generate as much profit as possible
- To transform inputs into outputs and add value to raw materials (correct)
What is the key difference between goods and services according to the passage?
What is the key difference between goods and services according to the passage?
- Goods are tangible while services are intangible (correct)
- Goods are sold in markets while services are not
- Goods are perishable while services are durable
- Goods involve conversion/transformation while services do not
Which of the following factors does the text NOT mention as influencing the value of a service?
Which of the following factors does the text NOT mention as influencing the value of a service?
- The time taken to perform the service
- The brand reputation of the service provider (correct)
- The level of knowledge/expertise/qualification/degree of specialization
- The convenience of the service
What is the key difference between goods and services according to the passage?
What is the key difference between goods and services according to the passage?
Which of the following is NOT mentioned in the text as a factor influencing the value of a service?
Which of the following is NOT mentioned in the text as a factor influencing the value of a service?
What is the purpose of adding value to a product or service?
What is the purpose of adding value to a product or service?
What is a major advantage of being a Sole Trader?
What is a major advantage of being a Sole Trader?
Which type of business structure has the disadvantage of needing to carry all losses?
Which type of business structure has the disadvantage of needing to carry all losses?
What distinguishes a Private Company from a Public Company in terms of liability?
What distinguishes a Private Company from a Public Company in terms of liability?
Which type of business structure has the advantage of shared workload and responsibility?
Which type of business structure has the advantage of shared workload and responsibility?
What characteristic of a Sole Trader makes it less expensive to operate compared to other structures?
What characteristic of a Sole Trader makes it less expensive to operate compared to other structures?
Which type of business structure has the advantage of growth potential?
Which type of business structure has the advantage of growth potential?
What is the main function of a liquidator?
What is the main function of a liquidator?
Who can initiate the liquidation process of a company?
Who can initiate the liquidation process of a company?
What happens to a company's debts during liquidation?
What happens to a company's debts during liquidation?
Who is responsible for scrutinizing the reasons behind a company's failure during liquidation?
Who is responsible for scrutinizing the reasons behind a company's failure during liquidation?
What is the final step that a liquidator takes in regard to a company during liquidation?
What is the final step that a liquidator takes in regard to a company during liquidation?
When can ASIC be involved in the liquidation process of a company?
When can ASIC be involved in the liquidation process of a company?
Which of the following is NOT a characteristic of a complex decision-making process in a large business?
Which of the following is NOT a characteristic of a complex decision-making process in a large business?
Which of the following is an example of a global business or transnational corporation (TNC)?
Which of the following is an example of a global business or transnational corporation (TNC)?
What is the MAIN importance of small businesses to the Australian economy, according to the text?
What is the MAIN importance of small businesses to the Australian economy, according to the text?
Which of the following is a characteristic of a local business, according to the text?
Which of the following is a characteristic of a local business, according to the text?
Which of the following is NOT mentioned in the text as an importance of small businesses to the Australian economy?
Which of the following is NOT mentioned in the text as an importance of small businesses to the Australian economy?
What is the main difference between a national business and a global business/transnational corporation (TNC), according to the text?
What is the main difference between a national business and a global business/transnational corporation (TNC), according to the text?
Which of the following is NOT a type of resource mentioned in the text?
Which of the following is NOT a type of resource mentioned in the text?
Which management style is associated with increased positivity, creativity, and productivity?
Which management style is associated with increased positivity, creativity, and productivity?
What is the main challenge businesses face during the Growth stage of the business life cycle?
What is the main challenge businesses face during the Growth stage of the business life cycle?
What percentage of businesses fail within the first year of trading during the Establishment stage?
What percentage of businesses fail within the first year of trading during the Establishment stage?
What is the main difference between Voluntary Administration and Liquidation?
What is the main difference between Voluntary Administration and Liquidation?
Which of the following is a strategy businesses can use during the Maturity stage to gain a competitive advantage?
Which of the following is a strategy businesses can use during the Maturity stage to gain a competitive advantage?
What is the main factor contributing to business decline and cessation according to the text?
What is the main factor contributing to business decline and cessation according to the text?
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