Business Management Unit 2, AoS1

A vibrant classroom setting with students engaging in a quiz, surrounded by business management books and technology, warm lighting, a sense of learning and improvement

Business Management Quiz: Test Your Knowledge

Welcome to the Business Management Unit 2, AoS1 Quiz! This engaging quiz is designed to assess your understanding of key concepts in business management, including regulations, taxation, policies, and financial management.

With 28 multiple-choice questions, you can:

Evaluate your knowledge of important business practices.
Learn about essential compliance requirements.
Challenge yourself and improve your business management skills.

28 Questions7 MinutesCreated by AnalyzingBook234

A business name must be registered with ASIC when:

All of these.

The owner has an Australian Business Number (ABN) or an Australian Company Number (ACN).

Something is added to a name, such as ‘Pty Ltd’, ‘Motors’, ‘and Associates’ or 'and Co.'

The owner has searched the ASIC website to check the name is available.

The Australian Taxation Office (ATO) is the government body in charge of administering and collecting tax for the federal government. A business owner establishing a partnership or company must obtain a tax file number (TFN) for the business.

True

False

Companies pay a flat rate tax of 30 per cent for larger businesses or 27.5 per cent for businesses with a turnover less than:

$25 million

$50 million

$10 million

$5 million

Which activities are illegal according to the Competition and Consumer Act 2010 (Cwlth)?

False or misleading representations regarding goods or services.

Pyramid schemes

Offering gifts and prizes in connection with the supply of goods and services and then not providing them.

Unconscionable conduct.

All of the above

Which of the following is NOT related to Local Government regulations?

Parking regulations governing the number of parking spaces that need to be provided.

New development applications and alterations to existing premises.

A consumer's right to a refund for a faulty product.

Fire regulations, especially the provision of adequate fire-prevention facilities

Which level of government ensures compliance with health regulations under the Food Act 1984 (Vic)?

Federal (or Commonwealth) Government?

Local Government

State Governm

Why should a business owner have a separate personal bank account and a business account?

Because it is harder to monitor the financial performance and position of the business if it has a separate account to that of its owner.

It is easier to calculate business expenses such as bank fees, and revenue such as interest earned, which makes it less time consuming and costly to prepare tax returns for the business.

Budgeting refers to predicting or estimating the business’s financial performance for a given period in the future.

True

False

Which of the following is NOT an example of managing the cash flow of a business?

Keeping track of money that is owed to the business and chasing up outstanding debts.

Hiring accounts staff to ensure that customers are paying the full amount on time.

Not offering discounts to customers who pay cash or make payments early.

Withholding future supplies to customers who are late in paying their accounts or who have outstanding amounts owing.

Accounts receivable refers to the outstanding invoices or payments that a business has — the money that the business is owed by its customers. It represents cash waiting to come into the business.

False

True

Which of the following is NOT an example of Inventory Control?

Just In Time (JIT). This system ensures that the correct materials arrive just as they are needed for production.

Bar coding and computerised stock records

A crystal ball to 'vibe' the amount of stock in your warehouse.

Is this a reasonable justification for establishing record keeping strategies - Although maintaining accurate records can be a time-consuming and daunting task, having the right systems and strategies in place can cut down and simplify the workload significantly.

Yes

Which of the following are examples of source documents?

Cash register dockets.

Credit card or EFTPOS vouchers

Invoices

All of the above

A cash book normally consists of two sections, with cash receipts recorded on the left-hand side and cash payments recorded on the right.

True

False

Which of these is NOT shown on an Income Statement?

A summary of all the business’s cash receipts and cash payments; compiled from the receipt and payment source documents.

The amount of income or revenue earned.

The costs or expenses incurred in earning that revenue.

Whether a profit or a loss has been incurred in the period under review.

A Balance Sheet represents the net worth (equity) of the business. In other words, it shows the financial stability of the business.

True

False

The labour conditions involved in the manufacture, use, and disposal of materials is which type of CSR consideration?

Environmental.

Social.

Financial/economic.

A policy is a written set of broad guidelines to be followed by all employees when dealing with important areas of decision making. Which of the following outlines a reason a business would have policies:

To outline the step-by-step procedure for dealing with a workplace dispute.

To set the direction of the business and to determine standards of behaviour.

Which of the following is NOT an example of a procedure:

The process used to investigate an allegation of sexual harassment, bullying or discrimination.

How to arrange counselling for victims of sexual harassment.

The businesses policies to promote good practice and help ensure employees are working within the requirements of the law.

How to record the complaint.

Having a framework for consistent decision-making and clear actions in routine situations is an advantage of a business having policies and procedures.

True

False

Robotics and 3D printing is a technology associated with Administration and Smart Phones and live security camera footage is a technology associated with manufacturing.

True

False

A business owner must consider legislation when handling individuals’ personal information eg: The Privacy Act 1988 when managing a customer database.

True

False

Which of the following is NOT a pro of a business developing contacts with overseas suppliers.

Long lead times (the time taken between placing the order and the delivery of materials).

Materials from overseas suppliers are often less expensive than from local wholesalers.

Ability to source materials that are not available domestically.

Lower taxes and low trade tariffs due to free trade agreements.

An exporter is a local business that manufactures goods for overseas customers. Which of the following are benefits for a business owner in being an exporter?

Increase the business’s profit.

Spread the business’s risk.

Gain more local customers.

Educe depReduce dependence on the local market.

Business Management Unit 2, AoS1

Business Management Quiz: Test Your Knowledge

More Quizzes