Business Revision Quiz

What are the 5 Sectors of the Australian Economy?

• Families, small business, banks, finance, imports

• Household, Business, Banks, Finance, Overseas

• Household, Business, Government, Finance, Overseas

• Household, Government, Council, Finance, Overseas

Answer explanation

Provide a definition of the Australian economy.

Answer explanation

The purpose of the Australian economy is to produce, distribute and consume goods and services within Australia.

What are services?

• Services are things you can touch.

• Intangible product. For example consulting or education.

• Services are things that aren't for sale.

• Services do not attract a Goods and Services Tax.

List 4 types of markets.

Answer explanation

1. Consumer markets

2. Industrial markets

3. Institutional markets

4. Reseller markets

What are goods?

• Products can only be imported into Australia.

• All products are subject to Capital Gains Tax.

• Product are intangible tings that cannot be touched.

• Goods are tangible products such as clothing, bicycles, or food.

What is meant by the term "consuming"?

Answer explanation

To use goods and services.

Which of the following terms is best matched to the term "buyer"?

• Seller

• Distributer

• Economist

• Consumer

Which of the following terms is best matched to the term "seller"?

• Producer

• Teacher

• Economist

• Consumer

Which of the following is a cause of opportunity cost?

• Too many choices

• Not enough spending money

• Not enough choices

• Too much spending money

TRUE or FALSE: the business sector refers to all the producers and distributers in the country?

• TRUE

• FALSE