Production and Service Industry Concepts

Play an AI-generated podcast conversation about this lesson

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?

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?

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?

Goods are tangible while services are intangible Signup and view all the answers

Which of the following is NOT mentioned in the text as a factor influencing the value of a service?

The price of the service Signup and view all the answers

What is the purpose of adding value to a product or service?

To make the product or service more desirable to customers Signup and view all the answers

What is a major advantage of being a Sole Trader?

Complete control Signup and view all the answers

Which type of business structure has the disadvantage of needing to carry all losses?

Sole Trader Signup and view all the answers

What distinguishes a Private Company from a Public Company in terms of liability?

Limited liability Signup and view all the answers

Which type of business structure has the advantage of shared workload and responsibility?

Partnership Signup and view all the answers

What characteristic of a Sole Trader makes it less expensive to operate compared to other structures?

Complete control Signup and view all the answers

Which type of business structure has the advantage of growth potential?

Private Company Signup and view all the answers

What is the main function of a liquidator?

Investigating and reporting financial affairs to creditors Signup and view all the answers

Who can initiate the liquidation process of a company?

A company director or shareholder, creditor, or ASIC Signup and view all the answers

What happens to a company's debts during liquidation?

They are determined and paid to creditors Signup and view all the answers

Who is responsible for scrutinizing the reasons behind a company's failure during liquidation?

The liquidator Signup and view all the answers

What is the final step that a liquidator takes in regard to a company during liquidation?

Dissolve or deregister the company Signup and view all the answers

When can ASIC be involved in the liquidation process of a company?

When there are possible offences related to the company Signup and view all the answers

Which of the following is NOT a characteristic of a complex decision-making process in a large business?

Faster implementation due to fewer layers of management Signup and view all the answers

Which of the following is an example of a global business or transnational corporation (TNC)?

Woolworths Signup and view all the answers

What is the MAIN importance of small businesses to the Australian economy, according to the text?

Contribution to tax supporting essential public services and infrastructure Signup and view all the answers

Which of the following is a characteristic of a local business, according to the text?

Has a very restricted geographical spread, serving the surrounding areas Signup and view all the answers

Which of the following is NOT mentioned in the text as an importance of small businesses to the Australian economy?

Helps develop larger cities and metropolitan areas Signup and view all the answers

What is the main difference between a national business and a global business/transnational corporation (TNC), according to the text?

A national business operates within just one country, while a global business/TNC has a home base in one country but sells its products in other countries Signup and view all the answers

Which of the following is NOT a type of resource mentioned in the text?

Natural resources Signup and view all the answers

Which management style is associated with increased positivity, creativity, and productivity?

Democratic management style Signup and view all the answers

What is the main challenge businesses face during the Growth stage of the business life cycle?

Expanding too rapidly Signup and view all the answers

What percentage of businesses fail within the first year of trading during the Establishment stage?

33% Signup and view all the answers

What is the main difference between Voluntary Administration and Liquidation?

Voluntary Administration involves the appointment of an independent administrator, while Liquidation involves converting assets into cash. Signup and view all the answers

Which of the following is a strategy businesses can use during the Maturity stage to gain a competitive advantage?

Gain a competitive advantage by getting into niche markets Signup and view all the answers

What is the main factor contributing to business decline and cessation according to the text?

All of the above Signup and view all the answers

Production and Service Industry Concepts

Choose a study mode

Podcast

Questions and Answers

What is the core function of a business according to the text?

What is the key difference between goods and services according to the passage?

Which of the following factors does the text NOT mention as influencing the value of a service?

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?

What is the purpose of adding value to a product or service?

What is a major advantage of being a Sole Trader?

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?

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?

Which type of business structure has the advantage of growth potential?

What is the main function of a liquidator?

Who can initiate the liquidation process of a company?

What happens to a company's debts 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?

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 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?

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?

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 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 percentage of businesses fail within the first year of trading during the Establishment stage?

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?

What is the main factor contributing to business decline and cessation according to the text?

More Like This

Economic Sectors Quiz

Finnish Travel Service Production Activities Quiz

Producto Hotelero: Quiz y Flashcards para Aprender

Production Overview and Types