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Role of business

Last updated about 5 years ago

16 questions

Note from the author:

Business Studies

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Question 1

1.

Recall the main activity of a business.

Question 2

2.

Describe the relationship between revenue, operating expenses and profit.

Question 3

3.

Calculate which of the following businesses has made a profit.
a) Sally’s Pet Shop has expenses of $2000 per week and revenue earned is $3500 per week.
b) Ben’s Gardening Supplies takes revenue of $6000 each week for a month, but has weekly expenses of $7000 the first week, $8000 the second and third week, and $3000 for the fourth week.

Question 4

4.

Evaluate the significance of the SME sector’s contribution to total employment within the Australian economy.

Question 5

5.

Outline the three ways in which businesses provide income.

Question 6

6.

Recall the correct term and complete the table below.

Question 7

7.

Define the term ‘choice’. Explain how businesses encourage freedom of choice.

Question 8

8.

Outline the role innovation plays within our economy.

Question 9

9.

Outline the role of the entrepreneur in our economic system.

Question 10

10.

Explain why people take risks.

Question 11

11.

Describe the two main risks associated with operating a business.

Question 12

12.

Identify the entrepreneurial characteristics that Yolanda Zurack, Bill Gates and Amanda Wong have in common.

Question 13

13.

Assess your own entrepreneurial ability by completing the following questionnaire.

Question 14

14.

How do businesses create wealth within the economy?

Question 15

15.

Identify the ways in which the wealth created by a business is redistributed.

Question 16

16.

Justify which is a more important contributor to a person’s quality of life — material or non-material benefits. Provide reasons for your answer.