Establishment of a business

Establishment of a business

11th Grade

10 Qs

quiz-placeholder

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Establishment of a business

Establishment of a business

Assessment

Quiz

Business

11th Grade

Medium

Created by

Amy Malone

Used 16+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A business which has 1-19 employees and/or annual turnover of less than $10 million is classified as:

Medium

Small

Micro

Large

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which one of the following is not a feature of 'opening a new business' as a pathway option:

All decisions are made by the business owner(s)

The level of risk is high with minimal historical data

The owner(s) has no control over the goods or services that are offered

It is a suitable pathway for entering a new niche market

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Boost Juice, Subway and Harvey Norman are examples of which pathway option:

Buy an existing business

Open a new business

Enter into a franchise agreement

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

'Goodwill' refers to:

The person who is granted the licence to run a franchise

A monetary value that reflects the reputation of a business

A smaller section of a larger market segment, focusing on a selected group of customers

A classification for a business which has 1-4 employees

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A feature of 'buying an existing business' pathway option is:

The business name, location, layout, equipment, staff, suppliers and stock are already established

The business owner owns the business under the guidance and licensing of the large business's head office

The business owner only needs to focus on attracting new customers to the business

The level of risk is high

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which one of the following statements is false:

Once business ideas have been tested and affirmed, a business proceeds to the start-up stage.

Internal environmental factors and external operating factors are introduced at the start-up stage.

There is a low level of risk in the start-up stage.

The start-up stage is when the business begins trading, after meeting all legal requirements and sourcing its finance.

7.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of the following questions are related to internal factors influencing financial decisions for a start-up business (select 2)?

How will the owner acquire financial knowledge and skills?

How do suppliers want to receive payments?

How will staff be trained in minimising business costs?

How do competitors receive payments in their business?

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