Year 11 Business Studies Preliminary Practice Exam

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• Which option best describes involuntary cessation?
• What percentage fail in the 3rd year?
• Define Change.
• Which term best describes items expected to be converted to cash within the next year?
• Secondary industry involves:
• Which statement about resistance to change is true?
• Which industries are part of the Tertiary industry?
• Define Redundancy.
• Which option is NOT a pricing method?
• Assets should always equal Liabilities on a balance sheet.
• Which of the following is NOT a classification type for a business?
• Which statement best defines retained profits?
• Which financing options are available to a Partnership?
• Define Non-Current assets.
• If a business buys too many assets, what is the advised approach?
• Which term describes debts that will be repaid after more than 12 months?
• Which two sections of a SWOT analysis are positive?
• Which statement about fixed and variable costs as production increases is correct?
• List the five components that are typically shown in a basic income statement.
• Which expression correctly represents total costs?
• In the production process, what does 'Transformation' describe?
• Which are examples of internal trends?
• A Sole Trader is
• Define Overdraft.
• What are Common Law Contracts?
• A target market is
• A business turning wood into furniture belongs to which industry?
• Which of the following is a typical health regulation for food handling?
• What percentage of actively trading businesses are SMEs?
• Cash flow projections describe?
• Which statement is true about SMEs and innovation?
• Define Retrenchment.
• Forecasts (Projections) are defined as what?
• Define E-Commerce.
• Define Strategic Thinking?
• Which concept is a "Shared sense of direction"?
• A statement about small business size: small businesses typically have 1-19 employees.
• Common Law Contracts are typically used for which group of employees?
• Which are described as ways of over-extending resources?
• Redundancy is defined as what?
• Which of the following is NOT a listed way to manage change effectively?
• What are the two ways sales can be checked?
• Which statement about establishment options is true?
• Which stakeholder group holds ownership rights in a company?
• Which statement best defines resource allocation?
• How often is a Balance Sheet typically prepared?
• Which statement best describes SMEs' employment role?
• Which statement best describes a vision statement?
• What is a vision statement?
• Which statement best describes the purpose of employer superannuation contributions?
• Which of the following is not a component of SWOT?
• Define Economies of Scale.
• Interdependence in business refers to the mutual dependence that the four business functions have on each other.
• In the production process, what are 'Inputs'?
• Which internal factor is under management control?
• What are the two forms of Voluntary Separation?
• How often is a Cash Flow Statement typically prepared?
• To reduce reliance on debt when financing is excessive, which option should be chosen?
• Which term best fits 'An alteration in the business and work environment' ?
• Under limited liability, is the owner personally liable for business debts?
• Which of the following is an establishment option?
• In a franchise arrangement, who benefits from using the brand name of the franchisor?
• When a company purchases too much stock, what should be done?
• Which statement correctly describes a distribution channel where goods move directly from producer to consumer?
• Which is an economic contribution of SMEs?
• Quaternary industry refers to:
• Superannuation in the workplace refers to what?
• Which are forms of product differentiation?
• Floating involves raising money through the sale of shares on which exchange?
• What are the two ways good managers can use the limited resources of the business to best achieve goals?
• Which of the following are activities involved with Operations?
• Which industry includes services that used to be performed in the home?
• Which size category corresponds to 20-199 employees?
• Which stakeholders include the wider community affected by business actions?
• What is a business plan?
• Which of the following represents market conditions among the seven critical issues in business success and failure?
• PAYG stands for which concept?
• Who owns a public business enterprise?
• A Partnership is
• Define Current assets.
• Who owns a private business enterprise?
• Which are the two social goals?
• Which of the following is NOT an external influence on a business?
• Tertiary industry encompasses:
• Which statement is a true economic contribution of SMEs?
• What are the 3 main factors that influence the choice of legal structure?
• A large business is typically characterized by which legal structure?
• Which term means a business is forced to stop production?
• Is owner’s equity an asset or a liability?
• What does targeting a mass market mean?
• Which channel involves selling directly from the producer to the consumer with no intermediaries?
• How long are operational objectives for?
• Which statement best describes variable costs?
• Which option is a method to increase staff involvement?
• Which of the following is NOT one of the three types of employment contracts listed in the material?
• Which statement best defines E-Commerce?
• Geographic segmentation divides people by
• Which option is NOT an establishment option?
• Which option lists the six main types of stakeholders?
• What is the correct equation for COGS?
• Which term describes when a business decides to stop production?
• Which description matches a Sole Trader?
• Which two items are used to calculate Gross Profit?
• Which of the following describes SMART goals?
• Which statement correctly identifies the four stages of the business life cycle?
• Which are the four main business functions?
• Primary industry is best described as:
• Which of the following is an internal influence on a business?
• A niche market is defined as
• What is the equation for assets?
• Marketing is defined as
• Which item is not listed among the seven critical issues in business success and failure?
• Which of the following is a valid list of external influences on a business?
• A marketing firm that sells advice to clients belongs to which industry?
• Which of the following is NOT a strategy to reduce resistance to change?
• The HR cycle stage when employees leave is called:
• Which statement best defines flexibility and adaptability to change?
• Quality control is best described as
• Which of the following are options used to ensure outputs meet customer expectations?
• Who is a Franchisee?
• Which form of communication includes non-verbal cues like body language and facial expressions?
• Which statement best defines E-Business?
• Which two components are listed as the core elements of a vision statement?
• Under unlimited liability, can personal assets be sold to pay debts?
• The three channels of distribution are
• Economies of scale are achieved when?
• Which two sections of a SWOT analysis are external?
• What are the 7 critical issues in business success and failure?
• What are the three types of goals?
• Define Owner's Equity.
• How can businesses lower costs?
• Market segmentation is defined as
• Which stakeholder group comprises the workforce of a business?
• What are modern award contracts?
• Which item is a cost commonly incurred by employers for employees?
• Horizontal integration is defined as:
• What are the two forms of communication?
• What are the three steps of the production process?
• Limited liability means
• When using teams, what are 2 things managers should be aware of?
• How long are Non-Current Liabilities held for?
• Stakeholders are best defined as:
• What is a BIS?
• Which two sections of a SWOT analysis are internal?
• What are the four stages of the HR cycle?
• Which four items do employment contracts contain?
• What is a Franchisor?
• What are the two primary forms of external business finance?
• In the post-maturity context, which term describes maintaining current performance without growth or decline?
• Which statement best describes fixed costs?
• What are the two forms of separation?
• Which option best describes voluntary cessation?
• A statement about Quality Improvement within Total Quality Management is true:
• Which of the following is NOT one of the seven roles of a business?
• Define an acquisition:
• What is defined as the business idea?
• The four P's of the marketing mix are
• Stamp duty is a tax collected by which level of government?
• Which skill involves balancing stakeholder interests?
• Which item would typically appear on a balance sheet rather than an income statement?
• Zoning regulations regulate what?
• Define Vision?
• What are two ways to sustain competitive advantage?
• Financial forecasting is defined as what?
• Which of the following is a reason for resistance to change?
• If a business is named after the owner's name, does it need to be registered?
• The four legal structures of Private Business Enterprise are
• Which is a skill related to adapting to change?
• What are the 4 ways of managing change effectively?
• Which of the following are examples of external trends?
• What are the two main parts of a balance sheet?
• In the post-maturity stage, which option is described as a possible path for a business?
• Which of the following is a financial goal?
• What is the formula for Gross Profit?
• Define E-Business.
• Which type of contract would apply to all employees in a specific business, such as a chain's workforce?
• What are Enterprise Agreements?
• Define a merger:
• Which two sections of a SWOT analysis are negative?
• Total Quality Management is best described as
• A focus on Economic, Environmental and Social performance is known as the triple bottom line.
• A Public Company is
• What are 3 forms of product differentiation?
• Which financing options are available to a Sole trader?
• What are the two types of trends?
• Who typically receives royalties in a franchise arrangement?
• Define revenue.
• Quinary industry refers to:
• GST is described as what in the taxation framework?
• Which industry includes services that involve transferring and processing information?
• A modern award contract typically applies to:
• What do vision skills do?
• Which of the following is a fixed cost?
• What percentage of an employee's salary is typically contributed to superannuation by an employer?
• Which term means selling business assets to pay debts?
• Who runs the franchise?
• Which item is an external trend?
• What does COGS stand for?
• A BIS is used to gather and analyze information. Which of the following describes a typical function of BIS?
• Which two types of liability exist in private business contexts?
• What does an income statement tell us?
• Which of the following is a main reason for business decline?
• Which term best describes a situation where a business is unable to pay its debts?
• Define communication skills?
• What are business objectives?
• What does SWOT stand for?
• Cost-Plus Margin means
• Management consultants are best described as?
• Demographic segmentation involves dividing people into groups based on
• Which are three methods of deciding how much to charge for a product or service?
• Which statement about break-even quantity is correct?
• Which of the following is NOT one of the five internal influences on a business?
• What is the definition of Finance in business terms?
• Which of the following is NOT a type of goal?
• Define Problem-Solving Skills?
• What does a Cash Flow Statement tell us?
• Which financial statement records the financial position of a business at a specific point in time?
• How long are strategic objectives typically planned to last?
• What does break-even analysis determine?
• Which of the following is a method to find a business idea?
• Geographical Spread in classifications refers to which aspect of a business?
• What does business debt refer to?
• If a business has too many employees, which organizational approach is recommended?
• Which component is included in SMART goals?
• Which are types of financial forecasting?
• What is the franchisor?
• Quality Assurance is best described as
• What is the acronym for external influences?
• Which of the following is NOT listed as a main type of federal tax in the material?
• Which option aligns with the recommended practice when facing high debt?
• If fixed costs are 50,000, selling price per unit is 25, and variable cost per unit is 15, what is the break-even quantity?
• Which statement about classifications is true?
• Which description matches a Partnership?
• Which strategy helps when there are too many assets?
• A company that collects, analyzes, and shares information as a service falls into which industry?
• What are the 2 key components of a vision statement?
• Which option best describes liquidation?
• What action should be taken if stock levels are too high?
• If Revenue is 800 and COGS is 575, what is the Gross Profit?
• Industry classification describes which sectors?
• What is the primary difference between small and large businesses as described in the material?
• To mitigate asset over-accumulation, which approach should a business take?
• Private shareholder shareholders are best described as:
• Which term describes starting new ventures and taking risks in business?
• Which item is listed as a personal quality?
• Technological changes would be categorized under which external influence?
• In business terms, liability refers to
• Which of the following is a set of four financial goals?
• If total revenue is calculated as price x quantity, which is an example of total revenue?
• Define an external influence.
• Define a Reactive reaction to change.
• Define a Proactive reaction to change.
• Retrenchment is defined as what?
• What is a Just In Time (JIT) System?
• In the production process, what does 'Output' refer to?
• Define Decision-Making skills?
• Define Floating.
• A small business typically has how many employees?
• What are the financing options available to a Private Company?
• In response to overstock, what is the recommended step?
• What are two ways a business can successfully achieve its goals?
• How long are Current Liabilities held for?
• Which of the following are causes of change?
• Having too many employees best resolves with which approach?
• What are the three levels of law typically recognized in many jurisdictions?
• What is a manager?
• What is the equation for total revenue?
• Which list contains all five industry types?
• What is a business goal?
• A large business typically has how many employees?
• What are the three types of employment contracts?
• What are the 3 steps after setting business goals?
• Which statement best defines an industry?
• What is the acronym for critical issues in business success and failure?
• What does geographical spread measure?
• Which term refers to a store that uses another company's name?
• A Private Company is
• Geographic location would be categorized under which external influence?
• Which of the following is a true statement about business roles?
• In the business life cycle, which stage comes after Establishment?
• Laws and regulations affecting a business fall under which external influence?
• Which statement best defines a business?
• Which action is recommended when a business is borrowing too much money?
• Do franchises have to pay royalties to the franchisor?
• What is the acronym commonly used for goals?
• What percentage of SMEs fail in the 1st year?
• What is the main type of State tax?
• Which description best defines sources of information?
• What is the equation for Quantity needed to sell to break even?
• Which of the following is included in the main sources of information?
• If you want to identify the cash inflows from customers during the period, which statement is most relevant?
• Unlimited liability means
• Which structure typically restricts shares to private investors and not the general public?
• What are the three forms of Involuntary separation?
• Which description matches overdraft?
• How long are tactical objectives typically planned to last?
• Which term describes debts due within the next 12 months?
• Which process involves appointing an independent person to operate the business in aim to get it out of debt?
• Which term describes the process of selling assets to pay debts?
• If fixed costs are 5000 and variable cost per unit is 2, and 4000 units are produced, total costs equal:
• How often is an Income Statement typically prepared?
• Which duration best describes operational objectives?
• Which option best describes voluntary administration?
• Which is a main role of SMEs?
• Which statement best describes aligning goals across categories of finance, social, and environment?
• Interpersonal skills are defined as what?
• Which of the following sets are the three financial statements used in reporting a business's finances?
• What are three ways of Development?
• What do budgets do?
• If changes occur in the production process and affect marketing, this demonstrates which concept?
• What are the 4 ways of over-extending resources?
• Undercapitalisation describes what situation?
• Approximately what percentage of businesses fail within the first three years?
• What is the environmental goal?
• Which item is an internal trend?
• Which set correctly lists the four elements of the marketing mix?
• Define competitive advantage.
• What best defines a Franchise?
• Which of the following is a risk of not complying with laws?
• Budgets primarily help management by indicating how the business's finances will be allocated.
• Which term is defined as "The ability to see the broader picture"?
• What are the financing options available to a Public Company?
• Which item is NOT one of the five steps of an income statement?
• What percentage fail in the 2nd year?
• Which of the following is NOT one of the 4 P's?
• What is trend analysis?
• What are the Causes of Change?
• Which are four ways managers can increase staff involvement?
• Which term is defined as "Skills needed to work and communicate with other people to understand their needs"?