Types of Businesses and Services Classification
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Questions and Answers

Which type of business involves the production of finished or semi-finished products?

  • Tertiary
  • Quaternary
  • Quinary
  • Secondary (correct)
  • In which type of business does the owner retain all the profit?

  • Sole Trader (correct)
  • Public Company
  • Partnership
  • Private Company
  • What type of business involves services traditionally performed at home?

  • Tertiary
  • Secondary
  • Quaternary
  • Quinary (correct)
  • Which type of business has easy capital raising but faces difficulties in decision-making with multiple owners?

    <p>Partnership</p> Signup and view all the answers

    What category of services involves the transfer and processing of information and knowledge?

    <p>Quaternary</p> Signup and view all the answers

    In which type of business is there separation between the individual and the owners, providing limited liability?

    <p>Private Company</p> Signup and view all the answers

    Which of the following is an advantage of an incorporated/limited liability business structure?

    <p>Easier access to capital through sale of shares</p> Signup and view all the answers

    Which of the following external factors would have the least direct influence on a business's choice of legal structure?

    <p>Advancements in production technology</p> Signup and view all the answers

    Which of the following institutions is responsible for regulating the financial conduct of companies and reviewing the legality of investments?

    <p>Australian Securities and Investments Commission (ASIC)</p> Signup and view all the answers

    What is the primary role of the Australian Competition and Consumer Commission (ACCC)?

    <p>Promoting fair competition and ethical business practices</p> Signup and view all the answers

    Which of the following internal factors would have the most significant impact on the size and structure of a business?

    <p>The type of products or services offered</p> Signup and view all the answers

    Which of the following statements about business location is true?

    <p>A good location is an asset that can lead to higher sales and profits.</p> Signup and view all the answers

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