11 Business 2 Quiz

Henry has a farm with 19 employees. What is the classification of the business?

• Small, Primary

• Medium, Primary

• Small, Secondary

• Medium, Secondary

What is an Oligopoly?

• many firms sell similar but differentiated products

• complete concentration by one business in the industry

• small number of large businesses that dominate the market

• many businesses selling a product which cannot be differentiated

Natura Skincare Pty Ltd manufactures organic skincare products in Australia and outsources packaging to Singapore. They sell online and in major retailers across Australia, Europe, and North America. What is the legal structure, industry classification, and geographic spread of this business?

• Sole trader | Quaternary | National

• Private company | Secondary & Tertiary | Global

• Public company | Primary & Secondary | Global

• Partnership | Secondary | Local

Which of the following is an example of an external influence on a business?

• A company’s decision to change its pricing strategy

• A new government regulation affecting the industry

• A business restructuring its internal operations

• An employee training program implemented by the company

Which type of influence is ECONOMIC

• external

• internal

Angus is an employee at McDonalds. He makes $4/hour. What part of WIPES ICE Q is this?

• Income

• Wealth

• Choice

• Profit

Chloe owns a retail store in the Gold Coast, QLD, that ships across Australia. What is the classification, geographic spread and industry?

• Sole trader, local, tertiary

• Sole trader, national, tertiary

• Partnership, local, quinary

• Sole trader, local, quinary

What are the roles of a business?

• wealth, income, profit, employment, services (production of g +s), innovation, choice, entrepreneurship and risk , quality of life

• wealth, investment, profit, employment, services (production of g +s), innovation, choice, quality of life

• wealth, income, profit, employment, services (production of g +s), innovation, chance, quality of life

• wealth, income, profit, employment, status, innovation, choice, quality of life

What is the classification of a business

• industry, size, legal structure, geographic spread

• wealth, income, innovation, location

• market, competitive situation, political

• size, industry, institutional, location

Owen works at an investment firm called "6'7 Investing" he wants to start a group to ensure their worker rights are met, he should start a;

• Workers Club

• trade workers

• trade union

• workmates authority